Allogene Therapeutics (NASDAQ:ALLO) Stock Price Down 6.1% – Here’s Why

Shares of Allogene Therapeutics, Inc. (NASDAQ:ALLO) fell 6.1% during trading on Monday . The stock traded as low as $1.77 and last traded at $1.7650. 2,321,403 shares traded hands during trading, a decline of 72% from the average session volume of 8,170,638 shares. The stock had previously closed at $1.88.

Analysts Set New Price Targets

Several analysts recently weighed in on ALLO shares. Canaccord Genuity Group reissued a “buy” rating and issued a $14.00 price objective on shares of Allogene Therapeutics in a report on Friday, March 13th. Citizens Jmp lifted their target price on Allogene Therapeutics from $5.00 to $8.00 and gave the stock a “market outperform” rating in a research report on Tuesday, April 14th. Sanford C. Bernstein boosted their price target on Allogene Therapeutics from $1.60 to $3.85 and gave the company a “market perform” rating in a report on Tuesday, April 14th. Citigroup restated an “outperform” rating on shares of Allogene Therapeutics in a research note on Tuesday, April 14th. Finally, JPMorgan Chase & Co. raised shares of Allogene Therapeutics from an “underweight” rating to a “neutral” rating in a report on Thursday, April 16th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $8.52.

Allogene Therapeutics Stock Down 1.6%

The firm’s 50-day moving average price is $2.26 and its 200 day moving average price is $1.95. The firm has a market cap of $628.17 million, a P/E ratio of -2.36 and a beta of 0.46.

Allogene Therapeutics (NASDAQ:ALLO) last issued its quarterly earnings data on Wednesday, May 13th. The company reported ($0.18) earnings per share for the quarter, beating the consensus estimate of ($0.19) by $0.01. On average, equities analysts predict that Allogene Therapeutics, Inc. will post -0.72 earnings per share for the current year.

Insider Buying and Selling at Allogene Therapeutics

In other news, CEO David D. Chang sold 47,763 shares of the business’s stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $2.47, for a total transaction of $117,974.61. Following the completion of the transaction, the chief executive officer directly owned 5,150,599 shares in the company, valued at approximately $12,721,979.53. The trade was a 0.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders sold a total of 65,051 shares of company stock worth $159,228 over the last quarter. Insiders own 13.20% of the company’s stock.

Institutional Trading of Allogene Therapeutics

Hedge funds have recently added to or reduced their stakes in the business. Primecap Management Co. CA increased its holdings in shares of Allogene Therapeutics by 23.8% during the third quarter. Primecap Management Co. CA now owns 7,079,308 shares of the company’s stock valued at $8,778,000 after purchasing an additional 1,360,168 shares during the period. Aberdeen Group plc lifted its holdings in Allogene Therapeutics by 31.9% in the fourth quarter. Aberdeen Group plc now owns 2,086,332 shares of the company’s stock worth $2,858,000 after purchasing an additional 504,067 shares during the period. Patient Square Capital LP lifted its holdings in Allogene Therapeutics by 13.1% in the third quarter. Patient Square Capital LP now owns 2,981,396 shares of the company’s stock worth $3,697,000 after purchasing an additional 346,396 shares during the period. GSA Capital Partners LLP grew its position in Allogene Therapeutics by 235.7% in the 4th quarter. GSA Capital Partners LLP now owns 613,998 shares of the company’s stock valued at $841,000 after buying an additional 431,119 shares in the last quarter. Finally, Savant Capital LLC bought a new position in Allogene Therapeutics in the 3rd quarter valued at about $27,000. 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.