Allogene Therapeutics (NASDAQ:ALLO) Shares Gap Up – Time to Buy?

Allogene Therapeutics, Inc. (NASDAQ:ALLO) shares gapped up before the market opened on Monday . The stock had previously closed at $2.72, but opened at $4.09. Allogene Therapeutics shares last traded at $3.9990, with a volume of 44,505,226 shares traded.

Wall Street Analysts Forecast Growth

ALLO has been the topic of a number of recent research reports. Piper Sandler raised their target price on Allogene Therapeutics from $7.00 to $8.00 and gave the company an “overweight” rating in a research note on Friday, March 13th. Citigroup upgraded Allogene Therapeutics from a “market perform” rating to an “outperform” rating in a research note on Friday, January 9th. Wall Street Zen upgraded Allogene Therapeutics from a “sell” rating to a “hold” rating in a research note on Sunday, February 22nd. Truist Financial upgraded Allogene Therapeutics to a “strong-buy” rating in a research note on Wednesday, March 25th. Finally, Jefferies Financial Group initiated coverage on Allogene Therapeutics in a research note on Friday. They issued a “buy” rating and a $6.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have given a Sell rating to the stock. According to data from MarketBeat, Allogene Therapeutics currently has a consensus rating of “Moderate Buy” and an average target price of $8.30.

Allogene Therapeutics Stock Up 28.1%

The company has a market capitalization of $849.57 million, a P/E ratio of -4.04 and a beta of 0.53. The business has a 50 day simple moving average of $2.27 and a 200-day simple moving average of $1.69.

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

Insiders Place Their Bets

In other news, EVP Zachary Roberts sold 35,700 shares of the firm’s stock in a transaction on 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 directly owned 581,166 shares of the company’s stock, valued at approximately $1,028,663.82. This trade represents a 5.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Earl Martin Douglas sold 22,900 shares of the firm’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $1.76, for a total value of $40,304.00. Following the transaction, the senior vice president directly owned 564,948 shares in the company, valued at $994,308.48. This trade represents a 3.90% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 278,452 shares of company stock valued at $534,053 over the last three months. 13.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of ALLO. AQR Capital Management LLC acquired a new position in shares of Allogene Therapeutics during the first quarter valued at $85,000. Goldman Sachs Group Inc. grew its holdings in 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 period. Jane Street Group LLC grew its holdings in 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 period. Geode Capital Management LLC grew its holdings in 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 period. Finally, Rhumbline Advisers grew its holdings in 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 period. 83.63% of the stock is owned by institutional investors and hedge funds.

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.