Allogene Therapeutics (NASDAQ:ALLO) Stock Gets Downgrade from Wall Street Zen

Allogene Therapeutics (NASDAQ:ALLO) was downgraded by equities researchers at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued on Saturday, Wall Street Zen reports.

ALLO has been the topic of a number of other research reports. Weiss Ratings upgraded shares of Allogene Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, October 21st. William Blair upgraded shares of Allogene Therapeutics to a “strong-buy” rating in a research report on Wednesday, September 23rd. Finally, Citizens Jmp reissued a “market outperform” rating and set a $6.00 target price on shares of Allogene Therapeutics in a research note on Monday, August 17th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $8.30.

Allogene Therapeutics Price Performance

Shares of NASDAQ ALLO opened at $1.04 on Friday. The company has a 50 day simple moving average of $1.52 and a 200 day simple moving average of $1.96. The firm has a market cap of $359.31 million, a PE ratio of -1.65 and a beta of 0.76. Allogene Therapeutics has a 1 year low of $0.98 and a 1 year high of $4.46.

Allogene Therapeutics (NASDAQ:ALLO) last released its quarterly earnings results on Thursday, November 5th. The company reported ($0.15) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.15). As a group, research analysts anticipate that Allogene Therapeutics will post -0.58 earnings per share for the current fiscal year.

Insider Activity at Allogene Therapeutics

In related news, CFO Geoffrey M. Parker sold 36,342 shares of the company’s stock in a transaction dated Wednesday, October 21st. The shares were sold at an average price of $1.34, for a total value of $48,698.28. Following the sale, the chief financial officer owned 1,045,877 shares in the company, valued at $1,401,475.18. This represents a 3.36% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Earl Douglas sold 29,697 shares of Allogene Therapeutics stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $2.12, for a total value of $62,957.64. Following the transaction, the senior vice president directly owned 488,267 shares in the company, valued at approximately $1,035,126.04. The trade was a 5.73% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 13.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Allogene Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the business. Pallas Capital Advisors LLC purchased a new stake in Allogene Therapeutics in the second quarter worth $25,000. Bull Harbor Capital LLC purchased a new stake in shares of Allogene Therapeutics during the 1st quarter valued at $31,000. GTS Securities LLC purchased a new stake in Allogene Therapeutics in the second quarter worth approximately $27,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Allogene Therapeutics in the third quarter worth about $28,000. Finally, Essential Partners LLC raised its holdings in Allogene Therapeutics by 525.9% during the 1st quarter. Essential Partners LLC now owns 19,410 shares of the company’s stock valued at $47,000 after buying an additional 16,309 shares during the period. Hedge funds and other institutional investors own 83.63% of the company’s stock.

About Allogene Therapeutics

Allogene Therapeutics, Inc is a clinical-stage biotechnology company focused on developing allogeneic, or “off-the-shelf,” CAR T cell therapies for cancer. Unlike conventional autologous CAR T treatments, which are manufactured from an individual patient’s own cells, Allogene’s approach uses healthy donor cells that can potentially be produced in advance and administered more quickly.

The company’s investigational pipeline has included cemacabtagene ansegedleucel (cema-cel, formerly ALLO-501A) for certain patients with large B-cell lymphoma, as well as other allogeneic CAR T candidates being studied in blood cancers such as multiple myeloma and in solid tumors, including renal cell carcinoma.