David Chang Sells 47,763 Shares of Allogene Therapeutics (NASDAQ:ALLO) Stock

Allogene Therapeutics, Inc. (NASDAQ:ALLO) CEO David Chang sold 47,763 shares of the company’s stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $2.47, for a total value of $117,974.61. Following the sale, the chief executive officer owned 5,150,599 shares in the company, valued at approximately $12,721,979.53. The trade was a 0.92% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Allogene Therapeutics Price Performance

NASDAQ ALLO opened at $2.22 on Friday. The stock has a market capitalization of $541.19 million, a P/E ratio of -2.55 and a beta of 0.50. The business has a 50 day simple moving average of $2.00 and a 200 day simple moving average of $1.54. Allogene Therapeutics, Inc. has a one year low of $0.86 and a one year high of $2.80.

Allogene Therapeutics (NASDAQ:ALLO) last issued its quarterly earnings results 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 expect that Allogene Therapeutics, Inc. will post -1.28 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on ALLO. Wall Street Zen upgraded shares of Allogene Therapeutics from a “sell” rating to a “hold” rating in a research report on Sunday, February 22nd. UBS Group started coverage on shares of Allogene Therapeutics in a report on Wednesday, January 7th. They issued a “buy” rating and a $8.00 price target for the company. Citizens Jmp raised shares of Allogene Therapeutics from a “market perform” rating to an “outperform” rating and set a $5.00 price target for the company in a research note on Friday, January 9th. Canaccord Genuity Group reiterated a “buy” rating and set a $14.00 price objective on shares of Allogene Therapeutics in a report on Friday, March 13th. Finally, Piper Sandler raised their target price on Allogene Therapeutics from $7.00 to $8.00 and gave the company an “overweight” rating in a research note on Friday, March 13th. 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, Allogene Therapeutics has an average rating of “Moderate Buy” and an average price target of $8.56.

Institutional Trading of Allogene Therapeutics

Hedge funds have recently bought and sold shares of the business. Savant Capital LLC acquired a new position in Allogene Therapeutics during the 3rd quarter valued at about $27,000. Russell Investments Group Ltd. raised its stake in shares of Allogene Therapeutics by 11,159.8% in the third quarter. Russell Investments Group Ltd. now owns 21,844 shares of the company’s stock worth $27,000 after purchasing an additional 21,650 shares during the last quarter. Caitong International Asset Management Co. Ltd raised its stake in shares of Allogene Therapeutics by 5,267.6% in the third quarter. Caitong International Asset Management Co. Ltd now owns 24,047 shares of the company’s stock worth $30,000 after purchasing an additional 23,599 shares during the last quarter. Mercer Global Advisors Inc. ADV bought a new position in shares of Allogene Therapeutics in the third quarter valued at approximately $30,000. Finally, Brighton Jones LLC lifted its holdings in shares of Allogene Therapeutics by 81.6% in the third quarter. Brighton Jones LLC now owns 25,168 shares of the company’s stock valued at $31,000 after purchasing an additional 11,311 shares in the last quarter. Institutional investors and hedge funds own 83.63% of the company’s stock.

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.