Allogene Therapeutics (NASDAQ:ALLO) Sets New 1-Year High – Should You Buy?

Shares of Allogene Therapeutics, Inc. (NASDAQ:ALLO) reached a new 52-week high on Wednesday . The company traded as high as $2.82 and last traded at $2.6750, with a volume of 645742 shares traded. The stock had previously closed at $2.62.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Citizens Jmp raised shares of Allogene Therapeutics from a “market perform” rating to an “outperform” rating and set a $5.00 price target for the company in a research report on Friday, January 9th. Piper Sandler increased their target price on shares of Allogene Therapeutics from $7.00 to $8.00 and gave the stock an “overweight” rating in a report on Friday, March 13th. Truist Financial raised shares of Allogene Therapeutics to a “strong-buy” rating in a report on Wednesday, March 25th. Wall Street Zen raised shares of Allogene Therapeutics from a “sell” rating to a “hold” rating in a report on Sunday, February 22nd. Finally, Canaccord Genuity Group reissued a “buy” rating and set a $14.00 target price on shares of Allogene Therapeutics in a report on Friday, March 13th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $8.56.

Allogene Therapeutics Price Performance

The company has a market capitalization of $647.23 million, a price-to-earnings ratio of -3.05 and a beta of 0.53. The stock’s fifty day simple moving average is $2.20 and its two-hundred day simple moving average is $1.66.

Allogene Therapeutics (NASDAQ:ALLO) last issued its earnings results on Thursday, March 12th. The company reported ($0.17) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.25) by $0.08. On average, sell-side analysts predict that Allogene Therapeutics, Inc. will post -1.28 EPS for the current year.

Insider Activity

In other news, CFO Geoffrey M. Parker sold 24,001 shares of the company’s stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $1.76, for a total transaction of $42,241.76. Following the completion of the transaction, the chief financial officer owned 1,252,795 shares in the company, valued at approximately $2,204,919.20. This represents a 1.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Zachary Roberts sold 35,700 shares of the company’s stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $1.77, for a total transaction of $63,189.00. Following the transaction, the executive vice president owned 581,166 shares of the company’s stock, valued at $1,028,663.82. This represents a 5.79% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 278,452 shares of company stock worth $534,053 over the last ninety days. Insiders own 13.20% of the company’s stock.

Hedge Funds Weigh In On Allogene Therapeutics

Several institutional investors have recently modified their holdings of ALLO. AQR Capital Management LLC bought a new position in shares of Allogene Therapeutics during the first quarter worth about $85,000. Goldman Sachs Group Inc. grew its position in shares of Allogene Therapeutics by 177.9% during the first quarter. Goldman Sachs Group Inc. now owns 5,853,974 shares of the company’s stock worth $8,547,000 after acquiring an additional 3,747,397 shares during the last quarter. Jane Street Group LLC grew its position in shares of Allogene Therapeutics by 578.7% during the first quarter. Jane Street Group LLC now owns 1,116,681 shares of the company’s stock worth $1,630,000 after acquiring an additional 952,158 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Allogene Therapeutics by 13.0% during the second quarter. Geode Capital Management LLC now owns 3,794,827 shares of the company’s stock worth $4,289,000 after acquiring an additional 435,389 shares during the last quarter. Finally, Rhumbline Advisers grew its position in shares of Allogene Therapeutics by 14.0% during the second quarter. Rhumbline Advisers now owns 209,336 shares of the company’s stock worth $237,000 after acquiring an additional 25,628 shares during the last quarter. Institutional investors own 83.63% of the company’s stock.

About Allogene Therapeutics

Allogene Therapeutics is a clinical-stage biotechnology company focused on developing allogeneic, or “off-the-shelf,” chimeric antigen receptor T-cell (CAR T) therapies to treat a range of hematologic malignancies and solid tumors. The company leverages gene-editing technologies to generate universally compatible engineered T cells, aiming to overcome the limitations of patient-specific CAR T approaches such as manufacturing delays, variable product quality and treatment resistance.

The company’s pipeline includes multiple allogeneic CAR T candidates targeting key antigens in blood cancers.