Allogene Therapeutics (NASDAQ:ALLO) Trading 6.2% Higher – What’s Next?

Shares of Allogene Therapeutics, Inc. (NASDAQ:ALLO) rose 6.2% during trading on Monday . The stock traded as high as $2.66 and last traded at $2.6350. Approximately 542,977 shares changed hands during mid-day trading, a decline of 91% from the average daily volume of 5,779,046 shares. The stock had previously closed at $2.48.

Analyst Upgrades and Downgrades

ALLO has been the topic of several research reports. Citizens Jmp upgraded shares of Allogene Therapeutics from a “market perform” rating to an “outperform” rating and set a $5.00 price target on the stock in a research report on Friday, January 9th. Truist Financial upgraded shares of Allogene Therapeutics to a “strong-buy” rating in a research report on Wednesday, March 25th. UBS Group initiated coverage on shares of Allogene Therapeutics in a research report on Wednesday, January 7th. They issued a “buy” rating and a $8.00 price target on the stock. Citigroup upgraded shares of Allogene Therapeutics from a “market perform” rating to an “outperform” rating in a research report on Friday, January 9th. Finally, Canaccord Genuity Group reiterated a “buy” rating and issued a $14.00 price target on shares of Allogene Therapeutics in a research report on Friday, March 13th. One 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 stock. According to MarketBeat.com, Allogene Therapeutics currently has a consensus rating of “Moderate Buy” and an average price target of $8.56.

Allogene Therapeutics Price Performance

The stock’s 50-day moving average is $2.20 and its 200-day moving average is $1.66. The stock has a market cap of $652.11 million, a price-to-earnings ratio of -3.08 and a beta of 0.53.

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

Insider Activity

In related news, CEO David D. Chang sold 47,763 shares of the firm’s stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $2.47, for a total transaction of $117,974.61. Following the sale, the chief executive officer owned 5,150,599 shares in the company, valued at approximately $12,721,979.53. This trade represents a 0.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Earl Martin Douglas sold 22,900 shares of the firm’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $1.76, for a total transaction of $40,304.00. Following the sale, the senior vice president owned 564,948 shares in the company, valued at approximately $994,308.48. This trade represents a 3.90% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 278,452 shares of company stock worth $534,053 in the last three months. 13.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Allogene Therapeutics

A number of hedge funds have recently made changes to their positions in ALLO. AQR Capital Management LLC acquired a new position in shares of Allogene Therapeutics in the 1st quarter valued at $85,000. Goldman Sachs Group Inc. boosted its holdings in shares of Allogene Therapeutics by 177.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 5,853,974 shares of the company’s stock valued at $8,547,000 after purchasing an additional 3,747,397 shares during the last quarter. Jane Street Group LLC boosted its holdings in shares of Allogene Therapeutics by 578.7% in the 1st quarter. Jane Street Group LLC now owns 1,116,681 shares of the company’s stock valued at $1,630,000 after purchasing an additional 952,158 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Allogene Therapeutics by 13.0% in the 2nd quarter. Geode Capital Management LLC now owns 3,794,827 shares of the company’s stock valued at $4,289,000 after purchasing an additional 435,389 shares during the last quarter. Finally, Rhumbline Advisers boosted its holdings in shares of Allogene Therapeutics by 14.0% in the 2nd quarter. Rhumbline Advisers now owns 209,336 shares of the company’s stock valued at $237,000 after purchasing an additional 25,628 shares during the last quarter. Institutional investors and hedge funds 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.