David Chang Sells 47,763 Shares of Allogene Therapeutics (NASDAQ:ALLO) Stock

Allogene Therapeutics, Inc. (NASDAQ:ALLO) CEO David Chang sold 47,763 shares of the company’s stock in a transaction 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 position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link.

Allogene Therapeutics Stock Down 5.3%

Shares of ALLO stock traded down $0.12 on Wednesday, reaching $2.15. The company’s stock had a trading volume of 5,509,619 shares, compared to its average volume of 5,686,003. The company has a market capitalization of $524.12 million, a P/E ratio of -2.47 and a beta of 0.50. Allogene Therapeutics, Inc. has a 12-month low of $0.86 and a 12-month high of $2.80. The stock’s 50 day simple moving average is $1.98 and its 200-day simple moving average is $1.53.

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

Hedge Funds Weigh In On Allogene Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the business. Primecap Management Co. CA lifted its stake in Allogene Therapeutics by 23.8% in the third quarter. Primecap Management Co. CA now owns 7,079,308 shares of the company’s stock worth $8,778,000 after purchasing an additional 1,360,168 shares during the last quarter. Aberdeen Group plc increased its holdings in shares of Allogene Therapeutics by 82.4% in the third quarter. Aberdeen Group plc now owns 1,582,265 shares of the company’s stock worth $1,962,000 after buying an additional 715,015 shares during the period. Patient Square Capital LP lifted its stake in shares of Allogene Therapeutics by 11.3% in the 2nd quarter. Patient Square Capital LP now owns 2,635,000 shares of the company’s stock valued at $2,978,000 after acquiring an additional 266,814 shares during the last quarter. AustralianSuper Pty Ltd purchased a new stake in Allogene Therapeutics during the 3rd quarter valued at about $474,000. Finally, Los Angeles Capital Management LLC purchased a new stake in Allogene Therapeutics during the 2nd quarter valued at about $41,000. Institutional investors own 83.63% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on ALLO shares. UBS Group initiated coverage on shares of Allogene Therapeutics in a report on Wednesday, January 7th. They issued a “buy” rating and a $8.00 price target on the stock. Piper Sandler upped their target price on shares of Allogene Therapeutics from $7.00 to $8.00 and gave the stock an “overweight” rating in a research report on Friday, March 13th. Canaccord Genuity Group reissued a “buy” rating and issued a $14.00 target price on shares of Allogene Therapeutics in a research note on Friday, March 13th. Citigroup upgraded Allogene Therapeutics from a “market perform” rating to an “outperform” rating in a research report on Friday, January 9th. Finally, Citizens Jmp raised Allogene Therapeutics from a “market perform” rating to an “outperform” rating and set a $5.00 price target for the company in a research note on Friday, January 9th. Ten research analysts have rated the stock with a Buy rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $8.50.

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.