Allogene Therapeutics (NASDAQ:ALLO) Stock Price Up 8.3% – What’s Next?

Allogene Therapeutics, Inc. (NASDAQ:ALLO) rose 8.3% during trading on Wednesday . The stock traded as high as $2.28 and last traded at $2.2950. Approximately 2,562,938 shares traded hands during mid-day trading, a decline of 69% from the average daily volume of 8,146,050 shares. The stock had previously closed at $2.12.

Analysts Set New Price Targets

ALLO has been the subject of several analyst reports. JPMorgan Chase & Co. upgraded Allogene Therapeutics from an “underweight” rating to a “neutral” rating in a research note on Thursday, April 16th. Citizens Jmp raised their target price on Allogene Therapeutics from $5.00 to $8.00 and gave the stock a “market outperform” rating in a research note on Tuesday, April 14th. Citigroup restated an “outperform” rating on shares of Allogene Therapeutics in a research note on Tuesday, April 14th. Weiss Ratings restated a “sell (d-)” rating on shares of Allogene Therapeutics in a research note on Friday, May 1st. Finally, Argus raised their target price on Allogene Therapeutics from $1.60 to $3.85 and gave the stock a “market perform” rating in a research note on Tuesday, April 14th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Allogene Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus target price of $8.52.

Allogene Therapeutics Stock Performance

The stock has a market cap of $743.45 million, a P/E ratio of -2.80 and a beta of 0.46. The stock has a 50-day moving average price of $2.30 and a 200-day moving average price of $1.91.

Allogene Therapeutics (NASDAQ:ALLO) last issued its quarterly earnings results on Wednesday, May 13th. The company reported ($0.18) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.01. Sell-side analysts forecast that Allogene Therapeutics, Inc. will post -0.72 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO David D. Chang sold 47,763 shares of Allogene Therapeutics stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $2.47, for a total transaction of $117,974.61. Following the completion of the sale, the chief executive officer owned 5,150,599 shares in the company, valued at approximately $12,721,979.53. This trade represents a 0.92% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last ninety days, insiders sold 72,183 shares of company stock worth $177,771. Company insiders own 13.20% of the company’s stock.

Institutional Trading of Allogene Therapeutics

Hedge funds have recently bought and sold shares of the company. Mercer Global Advisors Inc. ADV grew its stake in Allogene Therapeutics by 23.0% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 29,512 shares of the company’s stock worth $40,000 after purchasing an additional 5,514 shares during the period. Royal Bank of Canada grew its stake in Allogene Therapeutics by 15.9% in the first quarter. Royal Bank of Canada now owns 56,532 shares of the company’s stock worth $138,000 after purchasing an additional 7,738 shares during the period. CANADA LIFE ASSURANCE Co grew its stake in Allogene Therapeutics by 27.3% in the third quarter. CANADA LIFE ASSURANCE Co now owns 39,730 shares of the company’s stock worth $50,000 after purchasing an additional 8,519 shares during the period. Abel Hall LLC grew its stake in Allogene Therapeutics by 56.4% in the first quarter. Abel Hall LLC now owns 26,647 shares of the company’s stock worth $65,000 after purchasing an additional 9,604 shares during the period. Finally, Kestra Private Wealth Services LLC purchased a new stake in Allogene Therapeutics in the first quarter worth $27,000. 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.