Allogene Therapeutics (NASDAQ:ALLO) Stock Price Down 9.2% – Here’s Why

Allogene Therapeutics, Inc. (NASDAQ:ALLO)’s share price was down 9.2% during mid-day trading on Tuesday . The company traded as low as $2.27 and last traded at $2.2160. Approximately 1,067,306 shares changed hands during trading, a decline of 82% from the average daily volume of 5,935,228 shares. The stock had previously closed at $2.44.

Analyst Ratings Changes

ALLO has been the topic of a number of analyst reports. Citizens Jmp raised shares of Allogene Therapeutics from a “market perform” rating to an “outperform” rating and set a $5.00 price objective on the stock in a report on Friday, January 9th. Citigroup raised Allogene Therapeutics from a “market perform” rating to an “outperform” rating in a report on Friday, January 9th. Piper Sandler lifted their price target on Allogene Therapeutics from $7.00 to $8.00 and gave the stock an “overweight” rating in a report on Friday, March 13th. UBS Group initiated coverage on Allogene Therapeutics in a research report on Wednesday, January 7th. They issued a “buy” rating and a $8.00 price objective on the stock. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $14.00 target price on shares of Allogene Therapeutics in a research report on Friday, March 13th. Nine investment analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Allogene Therapeutics has a consensus rating of “Moderate Buy” and an average price target of $8.56.

Allogene Therapeutics Price Performance

The company has a 50 day simple moving average of $2.03 and a 200-day simple moving average of $1.56. The stock has a market capitalization of $525.34 million, a P/E ratio of -2.48 and a beta of 0.50.

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

Insider Buying and Selling at Allogene Therapeutics

In other news, SVP Earl Martin Douglas sold 22,900 shares of the business’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 $40,304.00. Following the sale, the senior vice president owned 564,948 shares of the company’s stock, valued at $994,308.48. The trade was a 3.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Zachary Roberts sold 35,700 shares of the company’s stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $1.77, for a total transaction of $63,189.00. Following the sale, the executive vice president owned 581,166 shares in the company, valued at $1,028,663.82. The trade was a 5.79% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 275,585 shares of company stock worth $526,886 over the last three months. Company insiders own 13.20% of the company’s stock.

Hedge Funds Weigh In On Allogene Therapeutics

A number of large investors have recently made changes to their positions in ALLO. Savant Capital LLC bought a new stake in shares of Allogene Therapeutics during the 3rd quarter valued at $27,000. Russell Investments Group Ltd. boosted its stake in 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 purchasing an additional 21,650 shares during the period. Caitong International Asset Management Co. Ltd grew its holdings in 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 position in Allogene Therapeutics during the 3rd quarter valued at about $30,000. Finally, Brighton Jones LLC increased its position in shares of Allogene Therapeutics by 81.6% during the third quarter. Brighton Jones LLC now owns 25,168 shares of the company’s stock valued at $31,000 after buying an additional 11,311 shares during the period. 83.63% of the stock is owned by institutional investors.

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.