Allogene Therapeutics (NASDAQ:ALLO) Price Target Increased to $8.00 by Analysts at Citigroup

Allogene Therapeutics (NASDAQ:ALLO) had its price objective hoisted by Citigroup from $7.00 to $8.00 in a research report released on Friday morning, Benzinga reports. Citigroup currently has a buy rating on the stock.

Several other research analysts have also weighed in on the company. Stifel Nicolaus increased their target price on Allogene Therapeutics from $4.40 to $4.60 and gave the stock a hold rating in a research report on Tuesday, May 14th. Piper Sandler assumed coverage on Allogene Therapeutics in a research note on Friday, May 31st. They issued an overweight rating and a $11.00 price objective on the stock. Truist Financial reiterated a buy rating and set a $14.00 target price (down previously from $17.00) on shares of Allogene Therapeutics in a report on Friday. HC Wainwright decreased their price objective on shares of Allogene Therapeutics from $10.00 to $9.00 and set a buy rating for the company in a research note on Thursday, May 16th. Finally, Canaccord Genuity Group reduced their target price on shares of Allogene Therapeutics from $35.00 to $14.00 and set a buy rating on the stock in a report on Thursday. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of Moderate Buy and an average price target of $9.96.

Allogene Therapeutics Stock Performance

NASDAQ ALLO traded down $0.04 during trading hours on Friday, hitting $2.32. 1,881,134 shares of the company’s stock were exchanged, compared to its average volume of 2,674,661. The firm has a market capitalization of $484.88 million, a P/E ratio of -1.30 and a beta of 0.85. The business’s 50 day moving average is $2.57 and its 200-day moving average is $3.40. Allogene Therapeutics has a 12-month low of $2.01 and a 12-month high of $5.78.

Allogene Therapeutics (NASDAQ:ALLO) last issued its quarterly earnings results on Monday, May 13th. The company reported ($0.38) EPS for the quarter, topping the consensus estimate of ($0.41) by $0.03. The firm had revenue of $0.02 million during the quarter, compared to analyst estimates of $0.01 million. Allogene Therapeutics had a negative net margin of 223,139.98% and a negative return on equity of 50.81%. Allogene Therapeutics’s revenue for the quarter was down 26.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.68) earnings per share. As a group, equities research analysts anticipate that Allogene Therapeutics will post -1.5 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Franz B. Humer sold 11,200 shares of the firm’s stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $2.34, for a total transaction of $26,208.00. Following the completion of the sale, the director now directly owns 255,253 shares in the company, valued at $597,292.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Franz B. Humer sold 11,200 shares of the stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $2.34, for a total value of $26,208.00. Following the completion of the transaction, the director now owns 255,253 shares of the company’s stock, valued at $597,292.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Arie Belldegrun acquired 1,724,137 shares of the company’s stock in a transaction on Thursday, May 16th. The shares were acquired at an average price of $2.90 per share, for a total transaction of $4,999,997.30. Following the completion of the acquisition, the director now directly owns 1,724,137 shares in the company, valued at $4,999,997.30. The disclosure for this purchase can be found here. 24.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Allogene Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of ALLO. Victory Capital Management Inc. lifted its position in shares of Allogene Therapeutics by 23.1% during the fourth quarter. Victory Capital Management Inc. now owns 14,283 shares of the company’s stock worth $46,000 after purchasing an additional 2,680 shares during the last quarter. Vontobel Holding Ltd. grew its position in shares of Allogene Therapeutics by 28.6% in the 4th quarter. Vontobel Holding Ltd. now owns 18,000 shares of the company’s stock worth $58,000 after acquiring an additional 4,000 shares in the last quarter. Arizona State Retirement System increased its holdings in shares of Allogene Therapeutics by 22.2% in the 4th quarter. Arizona State Retirement System now owns 30,458 shares of the company’s stock valued at $98,000 after acquiring an additional 5,543 shares during the last quarter. Bourgeon Capital Management LLC raised its position in shares of Allogene Therapeutics by 12.8% during the 1st quarter. Bourgeon Capital Management LLC now owns 57,200 shares of the company’s stock valued at $256,000 after acquiring an additional 6,500 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Allogene Therapeutics by 55.4% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,551 shares of the company’s stock worth $72,000 after purchasing an additional 8,037 shares during the last quarter. Institutional investors own 83.63% of the company’s stock.

About Allogene Therapeutics

Allogene Therapeutics, Inc, a clinical stage immuno-oncology company, develops and commercializes genetically engineered allogeneic T cell therapies for the treatment of cancer. It develops, manufactures, and commercializes UCART19, an allogeneic chimeric antigen receptor (CAR) T cell product candidate for the treatment of pediatric and adult patients with R/R CD19 positive B-cell acute lymphoblastic leukemia (ALL).