Allogene Therapeutics (NASDAQ:ALLO) Trading Up 11.4% – Here’s What Happened

Allogene Therapeutics, Inc. (NASDAQ:ALLO) rose 11.4% on Monday . The stock traded as high as $2.32 and last traded at $2.3050. Approximately 1,341,046 shares changed hands during trading, a decline of 77% from the average daily volume of 5,816,674 shares. The stock had previously closed at $2.07.

Analysts Set New Price Targets

ALLO has been the subject of a number of analyst reports. Wall Street Zen upgraded Allogene Therapeutics from a “sell” rating to a “hold” rating in a research report on Sunday, February 22nd. Citigroup upgraded shares of Allogene Therapeutics from a “market perform” rating to an “outperform” rating in a research report on Friday, January 9th. UBS Group assumed coverage on shares of Allogene Therapeutics in a research note on Wednesday, January 7th. They issued a “buy” rating and a $8.00 target price on the stock. Piper Sandler lifted their price target on shares of Allogene Therapeutics from $7.00 to $8.00 and gave the stock an “overweight” rating in a research note on Friday, March 13th. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $14.00 price target on shares of Allogene Therapeutics in a report on Friday, March 13th. Nine equities research analysts have rated the stock with a Buy rating and two have given a Sell rating to the company. According to data from MarketBeat, Allogene Therapeutics has an average rating of “Moderate Buy” and an average price target of $8.56.

Allogene Therapeutics Stock Up 24.4%

The business has a 50 day simple moving average of $2.01 and a two-hundred day simple moving average of $1.55. The firm has a market cap of $627.73 million, a PE ratio of -2.96 and a beta of 0.50.

Allogene Therapeutics (NASDAQ:ALLO) last released its quarterly earnings data on Thursday, March 12th. The company reported ($0.17) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.25) by $0.08. Equities analysts forecast that Allogene Therapeutics, Inc. will post -1.28 earnings per share for the current year.

Insider Transactions at Allogene Therapeutics

In other news, EVP Zachary Roberts sold 35,700 shares of the firm’s stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $1.77, for a total value of $63,189.00. Following the transaction, the executive vice president directly owned 581,166 shares of the company’s stock, valued at approximately $1,028,663.82. This trade represents a 5.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO David D. Chang sold 47,763 shares of the firm’s stock in a transaction on Monday, March 16th. The stock was sold at an average price of $2.47, for a total value of $117,974.61. Following the completion of the sale, the chief executive officer directly owned 5,150,599 shares of the company’s stock, valued at $12,721,979.53. This trade represents a 0.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 275,585 shares of company stock valued at $526,886 over the last ninety days. Company insiders own 13.20% of the company’s stock.

Hedge Funds Weigh In On Allogene Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of ALLO. AQR Capital Management LLC acquired a new stake in shares of Allogene Therapeutics during the 1st quarter worth approximately $85,000. Goldman Sachs Group Inc. grew its position in Allogene Therapeutics by 177.9% in the first quarter. Goldman Sachs Group Inc. now owns 5,853,974 shares of the company’s stock worth $8,547,000 after acquiring an additional 3,747,397 shares during the period. Jane Street Group LLC increased its stake in Allogene Therapeutics by 578.7% during the first quarter. Jane Street Group LLC now owns 1,116,681 shares of the company’s stock worth $1,630,000 after acquiring an additional 952,158 shares during the last quarter. Geode Capital Management LLC increased its stake in Allogene Therapeutics by 13.0% during the second quarter. Geode Capital Management LLC now owns 3,794,827 shares of the company’s stock worth $4,289,000 after acquiring an additional 435,389 shares during the last quarter. Finally, Rhumbline Advisers raised its position in Allogene Therapeutics by 14.0% in the second quarter. Rhumbline Advisers now owns 209,336 shares of the company’s stock valued at $237,000 after purchasing an additional 25,628 shares during the period. 83.63% of the stock is currently owned by institutional investors and hedge funds.

Allogene Therapeutics Company Profile

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.