Allogene Therapeutics (NASDAQ:ALLO) Trading Down 9.2% – Here’s Why

Shares of Allogene Therapeutics, Inc. (NASDAQ:ALLO) fell 9.2% during trading on Tuesday . The company traded as low as $2.27 and last traded at $2.2160. 1,067,306 shares traded hands during mid-day trading, a decline of 82% from the average session volume of 5,935,228 shares. The stock had previously closed at $2.44.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on ALLO. 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. Canaccord Genuity Group restated a “buy” rating and set a $14.00 price target on shares of Allogene Therapeutics in a research report on Friday, March 13th. Wall Street Zen raised shares of Allogene Therapeutics from a “sell” rating to a “hold” rating in a report on Sunday, February 22nd. Citigroup upgraded Allogene Therapeutics from a “market perform” rating to an “outperform” rating in a research report on Friday, January 9th. Finally, Citizens Jmp raised Allogene Therapeutics from a “market perform” rating to an “outperform” rating and set a $5.00 price objective for the company in a research note on Friday, January 9th. Nine equities research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $8.56.

Allogene Therapeutics Trading Down 11.7%

The business’s fifty day moving average price is $2.03 and its 200-day moving average price is $1.56. The company has a market capitalization of $525.34 million, a P/E ratio of -2.48 and a beta of 0.50.

Allogene Therapeutics (NASDAQ:ALLO) last released its earnings results on Thursday, March 12th. The company reported ($0.17) EPS for the quarter, beating analysts’ consensus estimates of ($0.25) by $0.08. As a group, equities research analysts forecast that Allogene Therapeutics, Inc. will post -1.28 EPS for the current year.

Insider Transactions at Allogene Therapeutics

In other Allogene Therapeutics news, SVP Earl Martin Douglas sold 22,900 shares of the company’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $1.76, for a total value of $40,304.00. Following the completion of the sale, the senior vice president owned 564,948 shares of the company’s stock, valued at $994,308.48. This represents a 3.90% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Zachary Roberts sold 35,700 shares of Allogene Therapeutics stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $1.77, for a total transaction of $63,189.00. Following the transaction, the executive vice president directly owned 581,166 shares in the company, valued at $1,028,663.82. This trade represents a 5.79% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 275,585 shares of company stock valued at $526,886 over the last 90 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 made changes to their positions in ALLO. AQR Capital Management LLC bought a new stake in Allogene Therapeutics in the first quarter worth $85,000. Goldman Sachs Group Inc. increased its holdings 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 worth $8,547,000 after buying an additional 3,747,397 shares during the period. Jane Street Group LLC boosted its holdings in Allogene Therapeutics by 578.7% during the 1st quarter. Jane Street Group LLC now owns 1,116,681 shares of the company’s stock valued at $1,630,000 after acquiring an additional 952,158 shares during the period. Geode Capital Management LLC grew its position in Allogene Therapeutics by 13.0% during the 2nd 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 grew its position in Allogene Therapeutics by 14.0% during the 2nd quarter. Rhumbline Advisers now owns 209,336 shares of the company’s stock worth $237,000 after acquiring an additional 25,628 shares during the last quarter. Institutional investors 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.