Allogene Therapeutics (NASDAQ:ALLO) Posts Earnings Results, Beats Expectations By $0.08 EPS

Allogene Therapeutics (NASDAQ:ALLO) issued its earnings results on Thursday. The company reported ($0.17) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.25) by $0.08, FiscalAI reports.

Allogene Therapeutics Trading Down 6.1%

Shares of NASDAQ ALLO traded down $0.16 during midday trading on Thursday, reaching $2.47. The company’s stock had a trading volume of 3,273,679 shares, compared to its average volume of 5,718,274. The stock has a 50 day simple moving average of $1.89 and a 200-day simple moving average of $1.49. Allogene Therapeutics has a fifty-two week low of $0.86 and a fifty-two week high of $2.80. The stock has a market capitalization of $555.08 million, a price-to-earnings ratio of -2.52 and a beta of 0.50.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on ALLO shares. Citigroup raised Allogene Therapeutics from a “market perform” rating to an “outperform” rating in a research report on Friday, January 9th. Wall Street Zen upgraded Allogene Therapeutics from a “sell” rating to a “hold” rating in a research note on Sunday, February 22nd. Citizens Jmp raised shares of Allogene Therapeutics from a “market perform” rating to an “outperform” rating and set a $5.00 price objective for the company in a report on Friday, January 9th. Finally, UBS Group started coverage on Allogene Therapeutics in a research note on Wednesday, January 7th. They issued a “buy” rating and a $8.00 price target on the stock. Ten equities research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company. According to data from MarketBeat, Allogene Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus target price of $8.40.

Insider Buying and Selling

In other news, CEO David D. Chang sold 95,269 shares of Allogene Therapeutics stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $1.80, for a total transaction of $171,484.20. Following the completion of the transaction, the chief executive officer directly owned 5,185,862 shares in the company, valued at approximately $9,334,551.60. The trade was a 1.80% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Geoffrey M. Parker sold 24,001 shares of the stock in a transaction dated Monday, February 2nd. The shares were 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 approximately $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. Over the last three months, insiders sold 222,987 shares of company stock valued at $396,969. 13.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Allogene Therapeutics

Institutional investors have recently modified their holdings of the business. CANADA LIFE ASSURANCE Co raised its position in Allogene Therapeutics by 28.2% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 50,951 shares of the company’s stock valued at $69,000 after purchasing an additional 11,221 shares during the last quarter. Virtu Financial LLC grew its holdings in Allogene Therapeutics by 55.9% during the 4th quarter. Virtu Financial LLC now owns 42,351 shares of the company’s stock worth $58,000 after acquiring an additional 15,178 shares during the period. Russell Investments Group Ltd. increased its stake in shares of Allogene Therapeutics by 83.3% in the 4th quarter. Russell Investments Group Ltd. now owns 40,041 shares of the company’s stock valued at $55,000 after acquiring an additional 18,197 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in Allogene Therapeutics in the 3rd quarter valued at about $50,000. Finally, Mercer Global Advisors Inc. ADV grew its position in Allogene Therapeutics by 23.0% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 29,512 shares of the company’s stock valued at $40,000 after purchasing an additional 5,514 shares during the period. 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.