Allogene Therapeutics (NASDAQ:ALLO) Reaches New 52-Week High – Here’s Why

Allogene Therapeutics, Inc. (NASDAQ:ALLO) reached a new 52-week high during trading on Wednesday . The stock traded as high as $2.57 and last traded at $2.4650, with a volume of 2017092 shares changing hands. The stock had previously closed at $2.29.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Wall Street Zen raised shares of Allogene Therapeutics from a “sell” rating to a “hold” rating in a research report on Sunday. Citizens Jmp upgraded shares of Allogene Therapeutics from a “market perform” rating to an “outperform” rating and set a $5.00 target price for the company in a research note on Friday, January 9th. Citigroup raised Allogene Therapeutics from a “market perform” rating to an “outperform” rating in a research report on Friday, January 9th. Finally, UBS Group assumed coverage on Allogene Therapeutics in a research note on Wednesday, January 7th. They set a “buy” rating and a $8.00 target price for the company. Ten research analysts have rated the stock with a Buy rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Allogene Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus price target of $8.40.

Allogene Therapeutics Trading Up 5.5%

The company has a 50 day moving average of $1.64 and a 200-day moving average of $1.38. The firm has a market capitalization of $542.72 million, a P/E ratio of -2.46 and a beta of 0.60.

Insider Buying and Selling at Allogene Therapeutics

In other Allogene Therapeutics news, EVP Zachary Roberts sold 35,700 shares of the business’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 completion of the sale, the executive vice president owned 581,166 shares of the company’s stock, valued at $1,028,663.82. The trade was a 5.79% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Geoffrey M. Parker sold 24,001 shares of the firm’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 transaction of $42,241.76. Following 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 SEC filing for this sale provides additional information. In the last three months, insiders sold 215,855 shares of company stock worth $378,426. Insiders own 13.20% of the company’s stock.

Institutional Investors Weigh In On Allogene Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of the company. AQR Capital Management LLC bought a new position in shares of Allogene Therapeutics during the first quarter valued at $85,000. Goldman Sachs Group Inc. boosted its position in Allogene Therapeutics by 177.9% during the first quarter. Goldman Sachs Group Inc. now owns 5,853,974 shares of the company’s stock worth $8,547,000 after purchasing an additional 3,747,397 shares during the period. Jane Street Group LLC increased its position in shares of Allogene Therapeutics by 578.7% during the first quarter. Jane Street Group LLC now owns 1,116,681 shares of the company’s stock valued at $1,630,000 after buying an additional 952,158 shares during the period. Los Angeles Capital Management LLC purchased a new stake in shares of Allogene Therapeutics in the 2nd quarter valued at about $41,000. Finally, Geode Capital Management LLC boosted its position in shares of Allogene Therapeutics by 13.0% during the 2nd quarter. Geode Capital Management LLC now owns 3,794,827 shares of the company’s stock valued at $4,289,000 after acquiring an additional 435,389 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.