Allogene Therapeutics (NASDAQ:ALLO) Trading Up 8.3% – Still a Buy?

Allogene Therapeutics, Inc. (NASDAQ:ALLO)’s share price was up 8.3% during mid-day trading on Wednesday . The company traded as high as $2.28 and last traded at $2.2950. Approximately 2,562,938 shares traded hands during mid-day trading, a decline of 69% from the average daily volume of 8,146,050 shares. The stock had previously closed at $2.12.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on ALLO shares. Canaccord Genuity Group reaffirmed a “buy” rating and set a $14.00 target price on shares of Allogene Therapeutics in a research note on Friday, March 13th. Piper Sandler upped their target price on shares of Allogene Therapeutics from $7.00 to $8.00 and gave the stock an “overweight” rating in a report on Friday, March 13th. JPMorgan Chase & Co. raised shares of Allogene Therapeutics from an “underweight” rating to a “neutral” rating in a report on Thursday, April 16th. Citigroup reaffirmed an “outperform” rating on shares of Allogene Therapeutics in a report on Tuesday, April 14th. Finally, Truist Financial raised shares of Allogene Therapeutics to a “strong-buy” rating in a report on Wednesday, March 25th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $8.52.

Allogene Therapeutics Stock Performance

The firm’s 50-day moving average price is $2.30 and its two-hundred day moving average price is $1.90. The stock has a market cap of $785.23 million, a price-to-earnings ratio of -2.95 and a beta of 0.46.

Allogene Therapeutics (NASDAQ:ALLO) last announced its quarterly earnings results on Wednesday, May 13th. The company reported ($0.18) earnings per share for the quarter, beating the consensus estimate of ($0.19) by $0.01. As a group, sell-side analysts expect that Allogene Therapeutics, Inc. will post -0.72 earnings per share for the current fiscal year.

Insider Buying and Selling at Allogene Therapeutics

In other news, CEO David D. Chang sold 47,763 shares of the business’s stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $2.47, for a total transaction of $117,974.61. Following the transaction, the chief executive officer owned 5,150,599 shares of the company’s stock, valued at approximately $12,721,979.53. The trade was a 0.92% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last 90 days, insiders have sold 72,183 shares of company stock worth $177,771. Insiders own 13.20% of the company’s stock.

Institutional Trading of Allogene Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of ALLO. AQR Capital Management LLC purchased a new stake in Allogene Therapeutics in the 1st quarter valued at about $85,000. Goldman Sachs Group Inc. raised its holdings in 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 during the period. Jane Street Group LLC raised its holdings in Allogene Therapeutics by 578.7% in the 1st quarter. Jane Street Group LLC now owns 1,116,681 shares of the company’s stock valued at $1,630,000 after buying an additional 952,158 shares during the period. Geode Capital Management LLC raised its holdings in Allogene Therapeutics by 13.0% in the 2nd quarter. Geode Capital Management LLC now owns 3,794,827 shares of the company’s stock valued at $4,289,000 after buying an additional 435,389 shares during the period. Finally, Rhumbline Advisers raised its holdings in Allogene Therapeutics by 14.0% in the 2nd quarter. Rhumbline Advisers now owns 209,336 shares of the company’s stock valued at $237,000 after buying an additional 25,628 shares during the period. 83.63% of the stock is currently owned by hedge funds and other institutional investors.

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.