Allogene Therapeutics (NASDAQ:ALLO) Shares Up 7.4% – Here’s Why

Allogene Therapeutics, Inc. (NASDAQ:ALLO) rose 7.4% during trading on Monday . The stock traded as high as $2.49 and last traded at $2.47. Approximately 2,212,666 shares were traded during mid-day trading, a decline of 62% from the average daily volume of 5,779,469 shares. The stock had previously closed at $2.30.

Wall Street Analysts Forecast Growth

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

Allogene Therapeutics Price Performance

The business’s 50-day moving average price is $1.82 and its two-hundred day moving average price is $1.46. The company has a market capitalization of $538.00 million, a price-to-earnings ratio of -2.43 and a beta of 0.50.

Insider Buying and Selling

In other news, EVP Zachary Roberts sold 35,700 shares of the company’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 completion of the sale, the executive vice president directly owned 581,166 shares in the company, valued at approximately $1,028,663.82. This represents a 5.79% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Geoffrey M. Parker sold 24,001 shares of the stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $1.76, for a total value of $42,241.76. Following the sale, the chief financial officer directly owned 1,252,795 shares in the company, valued at approximately $2,204,919.20. This trade represents a 1.88% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 222,987 shares of company stock valued at $396,969 over the last 90 days. 13.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Allogene Therapeutics

A number of large investors have recently bought and sold shares of ALLO. Goldman Sachs Group Inc. raised its position in shares of Allogene Therapeutics by 177.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 5,853,974 shares of the company’s stock valued at $8,547,000 after buying an additional 3,747,397 shares in the last quarter. Kalehua Capital Management LLC bought a new stake in shares of Allogene Therapeutics during the 4th quarter worth approximately $3,488,000. Patient Square Capital LP boosted its position in shares of Allogene Therapeutics by 66.5% during the 4th quarter. Patient Square Capital LP now owns 4,963,756 shares of the company’s stock worth $6,800,000 after acquiring an additional 1,982,360 shares in the last quarter. Millennium Management LLC increased its stake in Allogene Therapeutics by 125.6% in the third quarter. Millennium Management LLC now owns 3,390,026 shares of the company’s stock valued at $4,204,000 after acquiring an additional 1,887,302 shares during the last quarter. Finally, Two Sigma Investments LP increased its stake in Allogene Therapeutics by 109.7% in the third quarter. Two Sigma Investments LP now owns 3,383,644 shares of the company’s stock valued at $4,196,000 after acquiring an additional 1,770,419 shares during the last quarter. 83.63% of the stock is currently owned by institutional investors and hedge funds.

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.