UBS Group Upgrades Allogene Therapeutics (NASDAQ:ALLO) to “Strong-Buy”

Allogene Therapeutics (NASDAQ:ALLO) was upgraded by equities researchers at UBS Group to a “strong-buy” rating in a report released on Wednesday,Zacks.com reports.

Several other research firms have also recently commented on ALLO. JPMorgan Chase & Co. restated an “underweight” rating on shares of Allogene Therapeutics in a report on Friday, October 10th. Wall Street Zen upgraded shares of Allogene Therapeutics from a “sell” rating to a “hold” rating in a research report on Friday, November 28th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Allogene Therapeutics in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, two have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, Allogene Therapeutics has a consensus rating of “Moderate Buy” and a consensus price target of $8.40.

Allogene Therapeutics Price Performance

ALLO opened at $1.49 on Wednesday. The firm has a market capitalization of $334.85 million, a P/E ratio of -1.52 and a beta of 0.51. The stock has a fifty day moving average of $1.35 and a 200-day moving average of $1.26. Allogene Therapeutics has a 12-month low of $0.86 and a 12-month high of $3.78.

Allogene Therapeutics (NASDAQ:ALLO) last posted its quarterly earnings results on Thursday, November 6th. The company reported ($0.19) earnings per share for the quarter, beating the consensus estimate of ($0.23) by $0.04. On average, analysts expect that Allogene Therapeutics will post -1.28 earnings per share for the current fiscal year.

Insider Buying and Selling at Allogene Therapeutics

In related news, CFO Geoffrey M. Parker sold 36,744 shares of Allogene Therapeutics stock in a transaction on Tuesday, October 21st. The shares were sold at an average price of $1.26, for a total value of $46,297.44. Following the completion of the sale, the chief financial officer owned 1,276,796 shares of the company’s stock, valued at approximately $1,608,762.96. The trade was a 2.80% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 13.20% of the company’s stock.

Institutional Trading of Allogene Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Kingstone Capital Partners Texas LLC acquired a new position in Allogene Therapeutics during the 2nd quarter worth $390,000. Vanguard Personalized Indexing Management LLC boosted its stake in Allogene Therapeutics by 183.5% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 71,688 shares of the company’s stock valued at $81,000 after purchasing an additional 46,398 shares during the period. Bourgeon Capital Management LLC acquired a new stake in Allogene Therapeutics in the 2nd quarter valued at approximately $124,000. Patient Square Capital LP increased its position in Allogene Therapeutics by 11.3% in the 2nd quarter. Patient Square Capital LP now owns 2,635,000 shares of the company’s stock worth $2,978,000 after buying an additional 266,814 shares during the period. Finally, R Squared Ltd acquired a new position in shares of Allogene Therapeutics during the second quarter worth approximately $37,000. 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.