Allogene Therapeutics (NASDAQ:ALLO) Trading Up 4.2% – Here’s Why

Allogene Therapeutics, Inc. (NASDAQ:ALLO)’s share price was up 4.2% during trading on Monday . The company traded as high as $2.24 and last traded at $2.22. Approximately 14,650,537 shares traded hands during mid-day trading, an increase of 66% from the average session volume of 8,847,670 shares. The stock had previously closed at $2.13.

Wall Street Analysts Forecast Growth

ALLO has been the topic of several research analyst reports. Argus lifted their price objective on shares of Allogene Therapeutics from $1.60 to $3.85 and gave the stock a “market perform” rating in a research report on Tuesday, April 14th. Robert W. Baird raised their target price on Allogene Therapeutics from $7.00 to $9.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 14th. Citigroup reiterated an “outperform” rating on shares of Allogene Therapeutics in a report on Tuesday, April 14th. Jefferies Financial Group upped their price target on Allogene Therapeutics from $6.00 to $10.00 and gave the company a “buy” rating in a research report on Monday, April 13th. Finally, Sanford C. Bernstein increased their price objective 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 analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $8.52.

Allogene Therapeutics Trading Up 4.2%

The company has a market cap of $766.23 million, a PE ratio of -2.88 and a beta of 0.46. The business’s 50-day simple moving average is $2.10 and its 200-day simple moving average is $2.01.

Allogene Therapeutics (NASDAQ:ALLO) last issued its 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. On average, research analysts predict that Allogene Therapeutics, Inc. will post -0.7 earnings per share for the current fiscal year.

Institutional Trading of Allogene Therapeutics

A number of institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its position in Allogene Therapeutics by 9.2% in the 3rd quarter. Vanguard Group Inc. now owns 9,020,770 shares of the company’s stock worth $11,186,000 after purchasing an additional 761,642 shares during the last quarter. Primecap Management Co. CA lifted its holdings in shares of Allogene Therapeutics by 15.0% during the 4th quarter. Primecap Management Co. CA now owns 8,139,840 shares of the company’s stock valued at $11,152,000 after buying an additional 1,060,532 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Allogene Therapeutics by 177.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,853,974 shares of the company’s stock valued at $8,547,000 after buying an additional 3,747,397 shares during the last quarter. Patient Square Capital LP lifted its holdings in shares of Allogene Therapeutics by 66.5% during the 4th quarter. Patient Square Capital LP now owns 4,963,756 shares of the company’s stock valued at $6,800,000 after buying an additional 1,982,360 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of Allogene Therapeutics by 2.6% in the 4th quarter. Geode Capital Management LLC now owns 3,932,910 shares of the company’s stock valued at $5,389,000 after buying an additional 99,025 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.