Allogene Therapeutics (NASDAQ:ALLO) Stock Price Down 5.1% – What’s Next?

Shares of Allogene Therapeutics, Inc. (NASDAQ:ALLO) traded down 5.1% on Tuesday . The company traded as low as $2.30 and last traded at $2.3150. 1,053,000 shares traded hands during trading, a decline of 81% from the average session volume of 5,599,252 shares. The stock had previously closed at $2.44.

Analyst Ratings Changes

A number of brokerages have commented on ALLO. Piper Sandler raised their price objective on Allogene Therapeutics from $7.00 to $8.00 and gave the company an “overweight” rating in a research note on Friday. Citizens Jmp upgraded Allogene Therapeutics from a “market perform” rating to an “outperform” rating and set a $5.00 target price on the stock in a report on Friday, January 9th. Canaccord Genuity Group reissued a “buy” rating and issued a $14.00 price target on shares of Allogene Therapeutics in a research report on Friday. UBS Group assumed coverage on shares of Allogene Therapeutics in a research note on Wednesday, January 7th. They set a “buy” rating and a $8.00 price target for the company. Finally, Wall Street Zen upgraded shares of Allogene Therapeutics from a “sell” rating to a “hold” rating in a report on Sunday, February 22nd. Ten investment analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $8.50.

Allogene Therapeutics Stock Performance

The firm has a market capitalization of $571.66 million, a P/E ratio of -2.70 and a beta of 0.50. The firm has a 50 day simple moving average of $1.96 and a two-hundred day simple moving average of $1.52.

Allogene Therapeutics (NASDAQ:ALLO) last posted its earnings results on Thursday, March 12th. The company reported ($0.17) EPS for the quarter, topping the consensus estimate of ($0.25) by $0.08. Sell-side analysts anticipate that Allogene Therapeutics, Inc. will post -1.28 earnings per share for the current year.

Insider Buying and Selling

In other Allogene Therapeutics news, CEO David D. Chang sold 95,269 shares of the business’s stock in a transaction that occurred on Monday, February 2nd. The stock was 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 approximately $9,334,551.60. The trade was a 1.80% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Zachary Roberts sold 35,700 shares of the stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $1.77, for a total value of $63,189.00. Following the sale, the executive vice president directly owned 581,166 shares of the company’s stock, valued at approximately $1,028,663.82. This trade represents a 5.79% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 222,987 shares of company stock valued at $396,969. 13.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd boosted its position in Allogene Therapeutics by 84.4% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 44,334 shares of the company’s stock valued at $61,000 after buying an additional 20,287 shares during the period. Virtu Financial LLC raised its stake in shares of Allogene Therapeutics by 55.9% during the fourth quarter. Virtu Financial LLC now owns 42,351 shares of the company’s stock valued at $58,000 after acquiring an additional 15,178 shares during the last quarter. Invesco Ltd. boosted its holdings in shares of Allogene Therapeutics by 16.1% during the fourth quarter. Invesco Ltd. now owns 609,807 shares of the company’s stock worth $835,000 after purchasing an additional 84,494 shares during the period. Mercer Global Advisors Inc. ADV boosted its holdings in shares of Allogene Therapeutics by 23.0% during 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. Finally, Virtus Investment Advisers LLC grew its stake in shares of Allogene Therapeutics by 116.8% in the fourth quarter. Virtus Investment Advisers LLC now owns 176,178 shares of the company’s stock worth $241,000 after purchasing an additional 94,902 shares during the last quarter. 83.63% of the stock is owned by hedge funds and other institutional investors.

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.