The Manufacturers Life Insurance Company Takes $887,000 Position in Allogene Therapeutics, Inc. $ALLO

The Manufacturers Life Insurance Company purchased a new stake in shares of Allogene Therapeutics, Inc. (NASDAQ:ALLO) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 426,274 shares of the company’s stock, valued at approximately $887,000. The Manufacturers Life Insurance Company owned approximately 0.12% of Allogene Therapeutics at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in ALLO. BlackRock Inc. purchased a new stake in Allogene Therapeutics in the 2nd quarter valued at about $62,706,000. Goldman Sachs Group Inc. boosted its stake in shares of Allogene Therapeutics by 177.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 5,853,974 shares of the company’s stock worth $8,547,000 after buying an additional 3,747,397 shares during the last quarter. Walleye Capital LLC purchased a new position in shares of Allogene Therapeutics in the 2nd quarter worth approximately $6,797,000. Kalehua Capital Management LLC bought a new position in shares of Allogene Therapeutics in the fourth quarter valued at approximately $3,488,000. Finally, Patient Square Capital LP grew its holdings in shares of Allogene Therapeutics by 66.5% in the fourth quarter. Patient Square Capital LP now owns 4,963,756 shares of the company’s stock valued at $6,800,000 after acquiring an additional 1,982,360 shares in the last quarter. 83.63% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, SVP Earl Douglas sold 29,697 shares of the company’s stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $2.12, for a total value of $62,957.64. Following the transaction, the senior vice president owned 488,267 shares in the company, valued at approximately $1,035,126.04. This represents a 5.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 13.20% of the company’s stock.

Allogene Therapeutics Stock Performance

Shares of ALLO stock opened at $1.97 on Friday. The firm has a market cap of $680.62 million, a price-to-earnings ratio of -2.94 and a beta of 0.47. Allogene Therapeutics, Inc. has a 52 week low of $1.04 and a 52 week high of $4.46. The firm’s 50-day simple moving average is $1.98 and its two-hundred day simple moving average is $2.16.

Allogene Therapeutics (NASDAQ:ALLO) last released its earnings results on Wednesday, August 12th. The company reported ($0.13) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.04. The company had revenue of $4.64 million for the quarter, compared to the consensus estimate of $0.00 million. Analysts forecast that Allogene Therapeutics, Inc. will post -0.59 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages recently commented on ALLO. Citizens Jmp reaffirmed a “market outperform” rating and set a $6.00 price target on shares of Allogene Therapeutics in a research report on Monday, August 17th. Weiss Ratings raised Allogene Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, August 26th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Allogene Therapeutics currently has a consensus rating of “Moderate Buy” and an average price target of $8.30.

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.