Short Interest in Allogene Therapeutics, Inc. (NASDAQ:ALLO) Drops By 5.8%

Allogene Therapeutics, Inc. (NASDAQ:ALLO) saw a significant decline in short interest in October. As of October 31st, there was short interest totalling 37,040,000 shares, a decline of 5.8% from the October 15th total of 39,320,000 shares. Based on an average daily trading volume, of 1,980,000 shares, the short-interest ratio is currently 18.7 days. Currently, 26.7% of the shares of the stock are short sold.

Institutional Investors Weigh In On Allogene Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in ALLO. Nisa Investment Advisors LLC grew its position in Allogene Therapeutics by 429.6% during the 2nd quarter. Nisa Investment Advisors LLC now owns 10,767 shares of the company’s stock worth $25,000 after purchasing an additional 8,734 shares during the period. Private Advisor Group LLC acquired a new stake in shares of Allogene Therapeutics in the third quarter valued at about $34,000. Federated Hermes Inc. purchased a new stake in Allogene Therapeutics during the 2nd quarter worth approximately $29,000. Phoenix Wealth Advisors acquired a new position in shares of Allogene Therapeutics during the second quarter valued at approximately $30,000. Finally, Algert Global LLC purchased a new position in shares of Allogene Therapeutics in the second quarter valued at approximately $35,000. 83.63% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ALLO has been the subject of several research reports. Piper Sandler lowered their price objective on shares of Allogene Therapeutics from $11.00 to $9.00 and set an “overweight” rating for the company in a research report on Thursday, November 14th. Truist Financial restated a “buy” rating and set a $14.00 price objective (down previously from $17.00) on shares of Allogene Therapeutics in a report on Friday, August 9th. Oppenheimer assumed coverage on shares of Allogene Therapeutics in a research report on Thursday, August 8th. They issued an “outperform” rating and a $11.00 price objective for the company. Canaccord Genuity Group dropped their price target on Allogene Therapeutics from $35.00 to $14.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. Finally, William Blair reiterated an “outperform” rating on shares of Allogene Therapeutics in a research note on Thursday, November 14th. Three analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $9.73.

Allogene Therapeutics Stock Performance

Shares of ALLO stock opened at $2.15 on Tuesday. Allogene Therapeutics has a fifty-two week low of $2.01 and a fifty-two week high of $5.78. The firm has a market capitalization of $450.79 million, a price-to-earnings ratio of -1.38 and a beta of 0.84. The stock’s 50-day simple moving average is $2.74 and its 200-day simple moving average is $2.65.

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).