Allogene Therapeutics (NASDAQ:ALLO) Reaches New 1-Year High – Here’s What Happened

Shares of Allogene Therapeutics, Inc. (NASDAQ:ALLO) hit a new 52-week high during trading on Wednesday . The stock traded as high as $2.57 and last traded at $2.4650, with a volume of 2017092 shares trading hands. The stock had previously closed at $2.29.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on ALLO shares. UBS Group began coverage on shares of Allogene Therapeutics in a research report on Wednesday, January 7th. They set a “buy” rating and a $8.00 price objective on the stock. Citigroup upgraded shares of Allogene Therapeutics from a “market perform” rating to an “outperform” rating in a research note on Friday, January 9th. Wall Street Zen raised Allogene Therapeutics from a “sell” rating to a “hold” rating in a report on Sunday. Finally, Citizens Jmp raised shares of Allogene Therapeutics from a “market perform” rating to an “outperform” rating and set a $5.00 target price for the company in a report on Friday, January 9th. Ten research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Allogene Therapeutics presently has an average rating of “Moderate Buy” and a consensus target price of $8.40.

Allogene Therapeutics Trading Up 5.5%

The firm’s fifty day moving average price is $1.64 and its 200 day moving average price is $1.38. The stock has a market capitalization of $542.72 million, a price-to-earnings ratio of -2.46 and a beta of 0.60.

Insider Activity at Allogene Therapeutics

In other Allogene Therapeutics news, CEO David D. Chang sold 95,269 shares of Allogene Therapeutics stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $1.80, for a total value of $171,484.20. Following the transaction, the chief executive officer owned 5,185,862 shares in the company, valued at $9,334,551.60. This trade represents a 1.80% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Zachary Roberts sold 35,700 shares of the company’s stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $1.77, for a total value of $63,189.00. Following the sale, the executive vice president owned 581,166 shares of the company’s stock, valued at $1,028,663.82. This represents a 5.79% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 215,855 shares of company stock worth $378,426. 13.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Allogene Therapeutics

A number of large investors have recently added to or reduced their stakes in ALLO. Savant Capital LLC acquired a new stake in shares of Allogene Therapeutics in the third quarter worth $27,000. Russell Investments Group Ltd. lifted its position in Allogene Therapeutics by 11,159.8% during the 3rd quarter. Russell Investments Group Ltd. now owns 21,844 shares of the company’s stock worth $27,000 after buying an additional 21,650 shares in the last quarter. Mercer Global Advisors Inc. ADV acquired a new position in shares of Allogene Therapeutics during the 3rd quarter worth about $30,000. Caitong International Asset Management Co. Ltd raised its holdings in Allogene Therapeutics by 5,267.6% during the third quarter. Caitong International Asset Management Co. Ltd now owns 24,047 shares of the company’s stock worth $30,000 after acquiring an additional 23,599 shares in the last quarter. Finally, Brighton Jones LLC grew its stake in Allogene Therapeutics by 81.6% in the third quarter. Brighton Jones LLC now owns 25,168 shares of the company’s stock valued at $31,000 after purchasing an additional 11,311 shares in the last quarter. Institutional investors own 83.63% of the company’s stock.

Allogene Therapeutics Company Profile

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.