Allogene Therapeutics (NASDAQ:ALLO) Stock Price Up 6.2% – Here’s What Happened

Allogene Therapeutics, Inc. (NASDAQ:ALLO) shares were up 6.2% on Monday . The company traded as high as $2.66 and last traded at $2.6350. Approximately 542,977 shares changed hands during mid-day trading, a decline of 91% from the average daily volume of 5,779,046 shares. The stock had previously closed at $2.48.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Truist Financial raised shares of Allogene Therapeutics to a “strong-buy” rating in a research note on Wednesday, March 25th. Citigroup raised shares of Allogene Therapeutics from a “market perform” rating to an “outperform” rating in a report on Friday, January 9th. Canaccord Genuity Group reiterated a “buy” rating and issued a $14.00 target price on shares of Allogene Therapeutics in a research report on Friday, March 13th. Wall Street Zen raised Allogene Therapeutics from a “sell” rating to a “hold” rating in a research note on Sunday, February 22nd. Finally, UBS Group initiated coverage on Allogene Therapeutics in a research report on Wednesday, January 7th. They set a “buy” rating and a $8.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $8.56.

Allogene Therapeutics Stock Performance

The stock’s 50 day moving average price is $2.16 and its 200-day moving average price is $1.64. The company has a market cap of $647.24 million, a PE ratio of -3.05 and a beta of 0.53.

Allogene Therapeutics (NASDAQ:ALLO) last issued its earnings results on Thursday, March 12th. The company reported ($0.17) EPS for the quarter, topping analysts’ consensus estimates of ($0.25) by $0.08. On average, analysts anticipate 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 that occurred on Monday, February 2nd. The stock was sold at an average price of $1.77, for a total value of $63,189.00. Following the transaction, the executive vice president directly owned 581,166 shares of the company’s stock, valued at $1,028,663.82. The trade was a 5.79% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Geoffrey M. Parker sold 24,001 shares of the business’s stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $1.76, for a total value of $42,241.76. Following the completion of the sale, the chief financial officer owned 1,252,795 shares of the company’s stock, valued at $2,204,919.20. The trade was a 1.88% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 278,452 shares of company stock worth $534,053 in the last ninety days. Corporate insiders own 13.20% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in ALLO. Savant Capital LLC bought a new stake in Allogene Therapeutics during the 3rd quarter valued at $27,000. Russell Investments Group Ltd. increased its position 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 valued at $27,000 after acquiring an additional 21,650 shares during the period. Mercer Global Advisors Inc. ADV purchased a new position in shares of Allogene Therapeutics in the third quarter valued at about $30,000. Caitong International Asset Management Co. Ltd raised its stake in shares of Allogene Therapeutics by 5,267.6% during the third quarter. Caitong International Asset Management Co. Ltd now owns 24,047 shares of the company’s stock valued at $30,000 after acquiring an additional 23,599 shares during the last quarter. Finally, Brighton Jones LLC raised its stake in shares of Allogene Therapeutics by 81.6% during the third quarter. Brighton Jones LLC now owns 25,168 shares of the company’s stock valued at $31,000 after acquiring an additional 11,311 shares during the last quarter. 83.63% of the stock is owned by hedge funds and other institutional investors.

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.