Allogene Therapeutics (NASDAQ:ALLO) Shares Up 6.2% – Here’s What Happened

Allogene Therapeutics, Inc. (NASDAQ:ALLO)’s stock price rose 6.2% during mid-day trading on Monday . The stock traded as high as $2.66 and last traded at $2.6350. Approximately 542,977 shares traded hands during trading, a decline of 91% from the average daily volume of 5,779,046 shares. The stock had previously closed at $2.48.

Analysts Set New Price Targets

A number of equities research analysts recently commented on ALLO shares. Piper Sandler increased their price target on Allogene Therapeutics from $7.00 to $8.00 and gave the company an “overweight” rating in a research report on Friday, March 13th. Citizens Jmp upgraded 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 research note on Friday, January 9th. Truist Financial upgraded shares of Allogene Therapeutics to a “strong-buy” rating in a report on Wednesday, March 25th. Wall Street Zen upgraded shares of Allogene Therapeutics from a “sell” rating to a “hold” rating in a research note on Sunday, February 22nd. Finally, Canaccord Genuity Group restated a “buy” rating and issued a $14.00 target price on shares of Allogene Therapeutics in a research note on Friday, March 13th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $8.56.

Allogene Therapeutics Stock Up 7.1%

The firm has a market cap of $647.24 million, a P/E ratio of -3.05 and a beta of 0.53. The firm’s 50-day simple moving average is $2.16 and its 200 day simple moving average is $1.64.

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

Insider Buying and Selling at Allogene Therapeutics

In other Allogene Therapeutics news, CFO Geoffrey M. Parker sold 24,001 shares of the firm’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $1.76, for a total value of $42,241.76. Following the completion of the transaction, the chief financial officer directly owned 1,252,795 shares of the company’s stock, valued at $2,204,919.20. This trade represents a 1.88% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Earl Martin Douglas sold 22,900 shares of the business’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $1.76, for a total transaction of $40,304.00. Following the transaction, the senior vice president owned 564,948 shares of the company’s stock, valued at $994,308.48. This trade represents a 3.90% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 278,452 shares of company stock valued at $534,053 in the last quarter. Corporate insiders own 13.20% of the company’s stock.

Institutional Investors Weigh In On Allogene Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in the business. AQR Capital Management LLC bought a new stake in Allogene Therapeutics during the first quarter valued at $85,000. Goldman Sachs Group Inc. raised its holdings 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 acquiring an additional 3,747,397 shares in the last quarter. Jane Street Group LLC boosted its position in shares of Allogene Therapeutics by 578.7% during the 1st quarter. Jane Street Group LLC now owns 1,116,681 shares of the company’s stock valued at $1,630,000 after acquiring an additional 952,158 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Allogene Therapeutics by 13.0% during the second quarter. Geode Capital Management LLC now owns 3,794,827 shares of the company’s stock worth $4,289,000 after purchasing an additional 435,389 shares in the last quarter. Finally, Rhumbline Advisers grew its holdings in shares of Allogene Therapeutics by 14.0% during the second quarter. Rhumbline Advisers now owns 209,336 shares of the company’s stock worth $237,000 after purchasing an additional 25,628 shares in the last quarter. Hedge funds and other 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.