Allogene Therapeutics (NASDAQ:ALLO) Stock Price Down 7.5%

Allogene Therapeutics, Inc. (NASDAQ:ALLO)’s stock price dropped 7.5% during trading on Wednesday . The company traded as low as $2.47 and last traded at $2.48. Approximately 1,303,217 shares changed hands during mid-day trading, a decline of 50% from the average daily volume of 2,596,004 shares. The stock had previously closed at $2.68.

Wall Street Analyst Weigh In

ALLO has been the subject of a number of analyst reports. Stifel Nicolaus upped their target price on Allogene Therapeutics from $4.40 to $4.60 and gave the stock a “hold” rating in a report on Tuesday, May 14th. Truist Financial reaffirmed a “buy” rating and set a $14.00 price objective (down previously from $17.00) on shares of Allogene Therapeutics in a research report on Friday, August 9th. Piper Sandler started coverage on shares of Allogene Therapeutics in a report on Friday, May 31st. They issued an “overweight” rating and a $11.00 target price for the company. HC Wainwright restated a “buy” rating and issued a $9.00 price target on shares of Allogene Therapeutics in a report on Thursday, August 15th. Finally, Citigroup boosted their price objective on shares of Allogene Therapeutics from $7.00 to $8.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $9.96.

Allogene Therapeutics Stock Performance

The stock’s 50 day simple moving average is $2.61 and its 200-day simple moving average is $3.27. The firm has a market cap of $549.67 million, a price-to-earnings ratio of -1.47 and a beta of 0.85.

Allogene Therapeutics (NASDAQ:ALLO) last released its earnings results on Wednesday, August 7th. The company reported ($0.32) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.35) by $0.03. Allogene Therapeutics had a negative return on equity of 50.81% and a negative net margin of 223,139.98%. On average, analysts expect that Allogene Therapeutics, Inc. will post -1.5 EPS for the current fiscal year.

Institutional Investors Weigh In On Allogene Therapeutics

Large investors have recently bought and sold shares of the company. Axxcess Wealth Management LLC acquired a new stake in Allogene Therapeutics during the 4th quarter valued at approximately $34,000. Nisa Investment Advisors LLC lifted its position in Allogene Therapeutics by 429.6% during the second quarter. Nisa Investment Advisors LLC now owns 10,767 shares of the company’s stock valued at $25,000 after purchasing an additional 8,734 shares during the period. Federated Hermes Inc. purchased a new stake in Allogene Therapeutics in the second quarter valued at $29,000. Phoenix Wealth Advisors acquired a new stake in Allogene Therapeutics during the 2nd quarter worth about $30,000. Finally, Victory Capital Management Inc. raised its stake in shares of Allogene Therapeutics by 23.1% during the 4th quarter. Victory Capital Management Inc. now owns 14,283 shares of the company’s stock valued at $46,000 after buying an additional 2,680 shares during the last quarter. Hedge funds and other institutional investors own 83.63% of the company’s stock.

Allogene Therapeutics Company Profile

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).