Allogene Therapeutics (NASDAQ:ALLO) Trading Down 5.1% – Should You Sell?

Allogene Therapeutics, Inc. (NASDAQ:ALLO)’s share price dropped 5.1% during mid-day trading on Tuesday . The stock traded as low as $2.30 and last traded at $2.3150. Approximately 1,053,000 shares were traded during mid-day trading, a decline of 81% from the average daily volume of 5,599,252 shares. The stock had previously closed at $2.44.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on ALLO shares. Citigroup upgraded shares of Allogene Therapeutics from a “market perform” rating to an “outperform” rating in a research note on Friday, January 9th. UBS Group initiated coverage on shares of Allogene Therapeutics in a report on Wednesday, January 7th. They set a “buy” rating and a $8.00 price objective on the stock. Piper Sandler upped their price objective on shares of Allogene Therapeutics from $7.00 to $8.00 and gave the company an “overweight” rating in a research report on Friday, March 13th. Canaccord Genuity Group reiterated a “buy” rating and issued a $14.00 target price on shares of Allogene Therapeutics in a research note on Friday, March 13th. Finally, Wall Street Zen raised Allogene Therapeutics from a “sell” rating to a “hold” rating in a research report on Sunday, February 22nd. Nine investment analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $8.56.

Allogene Therapeutics Stock Performance

The business’s 50 day moving average price is $1.99 and its 200-day moving average price is $1.53. The company has a market cap of $524.13 million, a price-to-earnings ratio of -2.47 and a beta of 0.50.

Allogene Therapeutics (NASDAQ:ALLO) last issued its earnings results on Thursday, March 12th. The company reported ($0.17) earnings per share for the quarter, beating the consensus estimate of ($0.25) by $0.08. On average, equities research analysts expect that Allogene Therapeutics, Inc. will post -1.28 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Allogene Therapeutics news, CFO Geoffrey M. Parker sold 24,001 shares of the stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $1.76, for a total transaction of $42,241.76. Following the completion of the transaction, the chief financial officer directly owned 1,252,795 shares in the company, valued at $2,204,919.20. This represents a 1.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO David D. Chang sold 47,763 shares of Allogene Therapeutics stock in a transaction on Monday, March 16th. The shares were sold at an average price of $2.47, for a total value of $117,974.61. Following the transaction, the chief executive officer directly 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 ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 275,585 shares of company stock valued at $526,886. 13.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Allogene Therapeutics

Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in Allogene Therapeutics by 9.2% in the third quarter. Vanguard Group Inc. now owns 9,020,770 shares of the company’s stock valued at $11,186,000 after buying an additional 761,642 shares in the last quarter. Primecap Management Co. CA increased its holdings in shares of Allogene Therapeutics by 15.0% during the fourth quarter. Primecap Management Co. CA now owns 8,139,840 shares of the company’s stock worth $11,152,000 after buying an additional 1,060,532 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Allogene Therapeutics by 177.9% in the first 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 during the last quarter. Patient Square Capital LP boosted its holdings in shares of Allogene Therapeutics by 66.5% in the 4th quarter. Patient Square Capital LP now owns 4,963,756 shares of the company’s stock worth $6,800,000 after acquiring an additional 1,982,360 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in Allogene Therapeutics by 2.6% during the 4th quarter. Geode Capital Management LLC now owns 3,932,910 shares of the company’s stock worth $5,389,000 after acquiring an additional 99,025 shares during the last quarter. 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.