Analysts Set Allogene Therapeutics, Inc. (NASDAQ:ALLO) Price Target at $8.30

Allogene Therapeutics, Inc. (NASDAQ:ALLO) has received a consensus recommendation of “Moderate Buy” from the thirteen ratings firms that are currently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, three have issued a hold recommendation, eight have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $8.30.

ALLO has been the topic of several recent research reports. Weiss Ratings lowered Allogene Therapeutics from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, September 9th. Citizens Jmp reaffirmed a “market outperform” rating and set a $6.00 price objective on shares of Allogene Therapeutics in a research note on Monday, August 17th.

Allogene Therapeutics Price Performance

ALLO stock opened at $1.69 on Tuesday. Allogene Therapeutics has a 52 week low of $1.04 and a 52 week high of $4.46. The company has a fifty day simple moving average of $1.91 and a two-hundred day simple moving average of $2.11. The firm has a market capitalization of $583.88 million, a P/E ratio of -2.52 and a beta of 0.47.

Allogene Therapeutics (NASDAQ:ALLO) last issued its quarterly earnings data on Wednesday, August 12th. The company reported ($0.13) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.04. The company had revenue of $4.64 million for the quarter, compared to analysts’ expectations of $0.00 million. As a group, analysts anticipate that Allogene Therapeutics will post -0.59 EPS for the current year.

Insider Activity

In other news, SVP Earl Douglas sold 29,697 shares of the firm’s stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $2.12, for a total value of $62,957.64. Following the completion of the sale, the senior vice president owned 488,267 shares in the company, valued at approximately $1,035,126.04. This trade represents a 5.73% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 13.20% of the company’s stock.

Institutional Trading of Allogene Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ALLO. BlackRock Inc. purchased a new position in shares of Allogene Therapeutics during the second quarter valued at approximately $62,706,000. Frazier Life Sciences Management L.P. raised its holdings in shares of Allogene Therapeutics by 491.2% in the second quarter. Frazier Life Sciences Management L.P. now owns 22,446,668 shares of the company’s stock worth $46,689,000 after buying an additional 18,650,000 shares during the period. Primecap Management Co. CA bought a new stake in shares of Allogene Therapeutics during the 2nd quarter worth approximately $27,297,000. Candriam S.C.A. lifted its stake in shares of Allogene Therapeutics by 30.0% during the 1st quarter. Candriam S.C.A. now owns 2,997,318 shares of the company’s stock worth $7,313,000 after acquiring an additional 691,674 shares during the last quarter. Finally, Walleye Capital LLC purchased a new position in Allogene Therapeutics during the 2nd quarter valued at $6,797,000. 83.63% of the stock is owned by hedge funds and other institutional investors.

About Allogene Therapeutics

Allogene Therapeutics, Inc is a clinical-stage biotechnology company focused on developing “off-the-shelf” allogeneic CAR T-cell therapies for the treatment of cancer. Unlike autologous CAR T treatments, which are manufactured from an individual patient’s own cells, Allogene’s therapies are designed to use T cells collected from healthy donors, potentially supporting more standardized manufacturing and broader patient access.

The company’s investigational pipeline includes cemacabtagene ansegedleucel (cema-cel, formerly ALLO-501A), an anti-CD19 CAR T-cell therapy being evaluated in B-cell malignancies, and ALLO-715, an anti-BCMA CAR T-cell therapy being studied for multiple myeloma.