Allogene Therapeutics (NASDAQ:ALLO) Shares Up 11.4% – Time to Buy?

Allogene Therapeutics, Inc. (NASDAQ:ALLO) shares rose 11.4% during trading on Monday . The stock traded as high as $2.32 and last traded at $2.3050. Approximately 1,341,046 shares traded hands during mid-day trading, a decline of 77% from the average daily volume of 5,816,674 shares. The stock had previously closed at $2.07.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on ALLO shares. UBS Group began coverage on Allogene Therapeutics in a report on Wednesday, January 7th. They set a “buy” rating and a $8.00 target price for the company. Piper Sandler increased 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, March 13th. Wall Street Zen upgraded shares of Allogene Therapeutics from a “sell” rating to a “hold” rating in a report on Sunday, February 22nd. Citizens Jmp upgraded shares of Allogene Therapeutics from a “market perform” rating to an “outperform” rating and set a $5.00 price target for the company in a report on Friday, January 9th. Finally, Canaccord Genuity Group reissued a “buy” rating and issued a $14.00 price target on shares of Allogene Therapeutics in a report on Friday, March 13th. Nine equities research analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $8.56.

Allogene Therapeutics Stock Up 24.4%

The company has a market capitalization of $627.73 million, a P/E ratio of -2.96 and a beta of 0.50. The company has a 50-day moving average of $2.01 and a two-hundred day moving average of $1.55.

Allogene Therapeutics (NASDAQ:ALLO) last posted its quarterly earnings data on Thursday, March 12th. The company reported ($0.17) EPS for the quarter, topping the consensus estimate of ($0.25) by $0.08. As a group, equities analysts expect that Allogene Therapeutics, Inc. will post -1.28 EPS for the current fiscal year.

Insider Transactions at Allogene Therapeutics

In related news, EVP Zachary Roberts sold 35,700 shares of the business’s stock in a transaction dated Monday, February 2nd. The stock was 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 in the company, valued at approximately $1,028,663.82. The trade was a 5.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Geoffrey M. Parker sold 24,001 shares of the firm’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 transaction, the chief financial officer owned 1,252,795 shares of the company’s stock, valued at $2,204,919.20. This represents a 1.88% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 275,585 shares of company stock valued at $526,886 over the last three months. Corporate insiders own 13.20% of the company’s stock.

Institutional Investors Weigh In On Allogene Therapeutics

Several large investors have recently bought and sold shares of the business. Savant Capital LLC bought a new position in Allogene Therapeutics during the third quarter valued at $27,000. Russell Investments Group Ltd. increased its holdings in shares of Allogene Therapeutics by 11,159.8% in the 3rd quarter. Russell Investments Group Ltd. now owns 21,844 shares of the company’s stock worth $27,000 after buying an additional 21,650 shares during the last quarter. Caitong International Asset Management Co. Ltd raised its position in shares of Allogene Therapeutics by 5,267.6% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 24,047 shares of the company’s stock valued at $30,000 after buying an additional 23,599 shares in the last quarter. Mercer Global Advisors Inc. ADV purchased a new stake in shares of Allogene Therapeutics during the 3rd quarter valued at about $30,000. Finally, Brighton Jones LLC lifted its holdings in shares of Allogene Therapeutics by 81.6% in the 3rd 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. Institutional investors 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.