Allogene Therapeutics (NASDAQ:ALLO) Stock Price Down 5.1% – Time to Sell?

Allogene Therapeutics, Inc. (NASDAQ:ALLO)’s stock price dropped 5.1% during trading on Tuesday . The stock traded as low as $2.30 and last traded at $2.3150. Approximately 1,053,000 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 5,599,252 shares. The stock had previously closed at $2.44.

Analyst Ratings Changes

ALLO has been the subject of several research analyst reports. Citigroup upgraded shares of Allogene Therapeutics from a “market perform” rating to an “outperform” rating in a research report on Friday, January 9th. Citizens Jmp upgraded Allogene Therapeutics from a “market perform” rating to an “outperform” rating and set a $5.00 price target on the stock in a research note on Friday, January 9th. UBS Group assumed coverage on Allogene Therapeutics in a research report on Wednesday, January 7th. They set a “buy” rating and a $8.00 price objective for the company. Wall Street Zen raised Allogene Therapeutics from a “sell” rating to a “hold” rating in a research note on Sunday, February 22nd. Finally, Canaccord Genuity Group reissued a “buy” rating and set a $14.00 target price on shares of Allogene Therapeutics in a research note on Friday. Ten equities research analysts have rated the stock with a Buy rating and two have given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $8.50.

Allogene Therapeutics Stock Down 3.9%

The company has a market cap of $571.66 million, a P/E ratio of -2.70 and a beta of 0.50. The firm’s 50 day moving average is $1.96 and its two-hundred day moving average is $1.52.

Allogene Therapeutics (NASDAQ:ALLO) last released its quarterly earnings results on Thursday, March 12th. The company reported ($0.17) EPS for the quarter, beating analysts’ consensus estimates of ($0.25) by $0.08. As a group, research analysts forecast that Allogene Therapeutics, Inc. will post -1.28 EPS for the current fiscal year.

Insider Buying and Selling

In other Allogene Therapeutics news, CFO Geoffrey M. Parker sold 24,001 shares of the stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $1.76, for a total transaction of $42,241.76. Following the completion of the sale, the chief financial officer owned 1,252,795 shares of the company’s stock, valued at approximately $2,204,919.20. This represents a 1.88% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Zachary Roberts sold 35,700 shares of the 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 sale, the executive vice president owned 581,166 shares of the company’s stock, valued at approximately $1,028,663.82. This trade 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 have sold 222,987 shares of company stock valued at $396,969. Insiders own 13.20% of the company’s stock.

Institutional Investors Weigh In On Allogene Therapeutics

Several large investors have recently added to or reduced their stakes in the business. Savant Capital LLC bought a new stake in shares of Allogene Therapeutics in the 3rd quarter valued at $27,000. Russell Investments Group Ltd. boosted its stake in Allogene Therapeutics by 11,159.8% during the third quarter. Russell Investments Group Ltd. now owns 21,844 shares of the company’s stock worth $27,000 after acquiring an additional 21,650 shares in the last quarter. Caitong International Asset Management Co. Ltd grew its holdings in Allogene Therapeutics by 5,267.6% in the third quarter. Caitong International Asset Management Co. Ltd now owns 24,047 shares of the company’s stock worth $30,000 after purchasing an additional 23,599 shares during the period. Mercer Global Advisors Inc. ADV bought a new stake in Allogene Therapeutics in the third quarter valued at $30,000. Finally, Brighton Jones LLC increased 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 and hedge funds own 83.63% of the company’s stock.

About Allogene Therapeutics

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.