Allogene Therapeutics (NASDAQ:ALLO) Shares Up 11.9% – Should You Buy?

Shares of Allogene Therapeutics, Inc. (NASDAQ:ALLO) shot up 11.9% during trading on Tuesday . The company traded as high as $2.45 and last traded at $2.4850. 547,427 shares changed hands during mid-day trading, a decline of 91% from the average session volume of 5,850,109 shares. The stock had previously closed at $2.22.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on ALLO. Canaccord Genuity Group reaffirmed a “buy” rating and set a $14.00 price target on shares of Allogene Therapeutics in a report on Friday, March 13th. Citizens Jmp upgraded shares of Allogene Therapeutics from a “market perform” rating to an “outperform” rating and set a $5.00 target price on the stock in a research report on Friday, January 9th. Truist Financial raised shares of Allogene Therapeutics to a “strong-buy” rating in a research note on Wednesday, March 25th. Piper Sandler upped their price target 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. Finally, Wall Street Zen upgraded Allogene Therapeutics from a “sell” rating to a “hold” rating in a research note on Sunday, February 22nd. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Allogene Therapeutics has an average rating of “Moderate Buy” and an average target price of $8.56.

Allogene Therapeutics Trading Up 9.6%

The firm’s 50-day moving average is $2.09 and its 200 day moving average is $1.60. The firm has a market capitalization of $593.12 million, a price-to-earnings ratio of -2.79 and a beta of 0.50.

Allogene Therapeutics (NASDAQ:ALLO) last announced 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. Analysts predict that Allogene Therapeutics, Inc. will post -1.28 EPS for the current year.

Insider Buying and Selling

In other Allogene Therapeutics news, EVP Zachary Roberts sold 35,700 shares of Allogene Therapeutics stock in a transaction dated 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 of the company’s stock, valued at approximately $1,028,663.82. The trade was a 5.79% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO David D. Chang sold 95,269 shares of the company’s stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $1.80, for a total value of $171,484.20. Following the completion of the sale, the chief executive officer owned 5,185,862 shares in the company, valued at $9,334,551.60. This trade represents a 1.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 275,585 shares of company stock valued at $526,886 in the last quarter. 13.20% of the stock is currently owned by company insiders.

Institutional Trading of Allogene Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Primecap Management Co. CA lifted its position in shares of Allogene Therapeutics by 23.8% in the 3rd quarter. Primecap Management Co. CA now owns 7,079,308 shares of the company’s stock worth $8,778,000 after purchasing an additional 1,360,168 shares during the period. Aberdeen Group plc increased its position in shares of Allogene Therapeutics by 82.4% during the third quarter. Aberdeen Group plc now owns 1,582,265 shares of the company’s stock worth $1,962,000 after buying an additional 715,015 shares during the period. AustralianSuper Pty Ltd bought a new position in Allogene Therapeutics during the third quarter worth $474,000. Patient Square Capital LP raised its stake in Allogene Therapeutics by 13.1% during the third quarter. Patient Square Capital LP now owns 2,981,396 shares of the company’s stock worth $3,697,000 after buying an additional 346,396 shares during the last quarter. Finally, Harold Davidson & Associates Inc. lifted its holdings in Allogene Therapeutics by 118.5% in the third quarter. Harold Davidson & Associates Inc. now owns 295,432 shares of the company’s stock valued at $366,000 after buying an additional 160,204 shares during the period. 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.