Allogene Therapeutics (NASDAQ:ALLO) Trading 9.5% Higher – Still a Buy?

Allogene Therapeutics, Inc. (NASDAQ:ALLO) shares were up 9.5% during mid-day trading on Monday . The stock traded as high as $1.9061 and last traded at $1.9050. 868,919 shares were traded during trading, a decline of 90% from the average session volume of 8,359,403 shares. The stock had previously closed at $1.74.

Analysts Set New Price Targets

Several analysts have commented on the stock. HC Wainwright lifted their target price on shares of Allogene Therapeutics from $8.00 to $12.00 and gave the stock a “buy” rating in a research note on Tuesday, April 14th. Sanford C. Bernstein raised their price objective on Allogene Therapeutics from $1.60 to $3.85 and gave the stock a “market perform” rating in a report on Tuesday, April 14th. Robert W. Baird lifted their price objective on Allogene Therapeutics from $7.00 to $9.00 and gave the company an “outperform” rating in a research report on Tuesday, April 14th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Allogene Therapeutics in a research note on Friday, May 1st. Finally, Citizens Jmp increased their target price on Allogene Therapeutics from $5.00 to $8.00 and gave the stock a “market outperform” rating in a research report on Tuesday, April 14th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $8.52.

Allogene Therapeutics Stock Performance

The company has a market cap of $612.64 million, a price-to-earnings ratio of -2.31 and a beta of 0.46. The stock’s fifty day simple moving average is $1.99 and its two-hundred day simple moving average is $2.09.

Allogene Therapeutics (NASDAQ:ALLO) last released its quarterly earnings data on Wednesday, May 13th. The company reported ($0.18) EPS for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.01. Analysts predict that Allogene Therapeutics, Inc. will post -0.7 EPS for the current fiscal year.

Hedge Funds Weigh In On Allogene Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the company. Kestra Private Wealth Services LLC acquired a new stake in Allogene Therapeutics during the 1st quarter worth approximately $27,000. Bull Harbor Capital LLC acquired a new position in Allogene Therapeutics during the first quarter valued at approximately $31,000. Krilogy Financial LLC acquired a new position in Allogene Therapeutics during the first quarter valued at approximately $40,000. Essential Partners LLC grew its stake in Allogene Therapeutics by 525.9% during the first quarter. Essential Partners LLC now owns 19,410 shares of the company’s stock worth $47,000 after buying an additional 16,309 shares during the period. Finally, Russell Investments Group Ltd. increased its position in shares of Allogene Therapeutics by 11,159.8% in 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. 83.63% of the stock is owned by institutional investors and hedge funds.

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.