Allogene Therapeutics (NASDAQ:ALLO) Shares Down 8.7% – Here’s Why

Allogene Therapeutics, Inc. (NASDAQ:ALLO)’s stock price traded down 8.7% during mid-day trading on Friday . The company traded as low as $2.05 and last traded at $2.0550. 1,340,698 shares traded hands during trading, a decline of 84% from the average session volume of 8,145,884 shares. The stock had previously closed at $2.25.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Canaccord Genuity Group restated a “buy” rating and set a $14.00 target price on shares of Allogene Therapeutics in a research report on Friday, March 13th. Wall Street Zen upgraded shares of Allogene Therapeutics from a “sell” rating to a “hold” rating in a research report on Sunday, February 22nd. HC Wainwright increased their price target on shares of Allogene Therapeutics from $8.00 to $12.00 and gave the stock a “buy” rating in a research report on Tuesday, April 14th. Robert W. Baird increased their price target on shares of Allogene Therapeutics from $7.00 to $9.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 14th. Finally, Argus increased their price target on shares of Allogene Therapeutics from $1.60 to $3.85 and gave the stock a “market perform” rating in a research report on Tuesday, April 14th. One equities research 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 given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $8.52.

Allogene Therapeutics Stock Performance

The firm has a market cap of $747.25 million, a P/E ratio of -2.81 and a beta of 0.46. The company’s 50 day moving average is $2.30 and its 200 day moving average is $1.91.

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

Insider Buying and Selling

In related news, CEO David D. Chang sold 47,763 shares of the stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $2.47, for a total value of $117,974.61. Following the completion of the transaction, the chief executive officer owned 5,150,599 shares of the company’s stock, valued at $12,721,979.53. This represents a 0.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last ninety days, insiders have sold 72,183 shares of company stock valued at $177,771. 13.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Allogene Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in ALLO. Goldman Sachs Group Inc. raised its stake in shares of Allogene Therapeutics by 177.9% during the first quarter. Goldman Sachs Group Inc. now owns 5,853,974 shares of the company’s stock valued at $8,547,000 after acquiring an additional 3,747,397 shares during the last quarter. Kalehua Capital Management LLC bought a new position in shares of Allogene Therapeutics during the fourth quarter valued at $3,488,000. Patient Square Capital LP raised its stake in shares of Allogene Therapeutics by 66.5% during 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 during the last quarter. Millennium Management LLC raised its stake in shares of Allogene Therapeutics by 125.6% during the third quarter. Millennium Management LLC now owns 3,390,026 shares of the company’s stock valued at $4,204,000 after acquiring an additional 1,887,302 shares during the last quarter. Finally, Two Sigma Investments LP raised its stake in shares of Allogene Therapeutics by 109.7% during the third quarter. Two Sigma Investments LP now owns 3,383,644 shares of the company’s stock valued at $4,196,000 after acquiring an additional 1,770,419 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.