Allogene Therapeutics (NASDAQ:ALLO) Stock Dropped to Sell by Wall Street Zen

Wall Street Zen cut shares of Allogene Therapeutics (NASDAQ:ALLO) from a hold rating to a sell rating in a research report released on Saturday,Wall Street Zen reports.

ALLO has been the subject of several other reports. Weiss Ratings raised Allogene Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, October 21st. Citizens Jmp restated a “market outperform” rating and issued a $6.00 price target on shares of Allogene Therapeutics in a report on Monday, August 17th. Finally, William Blair raised shares of Allogene Therapeutics to a “strong-buy” rating in a research report on Wednesday, September 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $8.30.

Allogene Therapeutics Stock Down 4.6%

ALLO stock opened at $1.04 on Friday. Allogene Therapeutics has a twelve month low of $0.98 and a twelve month high of $4.46. The firm has a market cap of $359.31 million, a price-to-earnings ratio of -1.65 and a beta of 0.76. The business’s fifty day simple moving average is $1.52 and its two-hundred day simple moving average is $1.96.

Allogene Therapeutics (NASDAQ:ALLO) last posted its quarterly earnings results on Thursday, November 5th. The company reported ($0.15) EPS for the quarter, hitting analysts’ consensus estimates of ($0.15). Research analysts expect that Allogene Therapeutics will post -0.58 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Geoffrey M. Parker sold 36,342 shares of the company’s stock in a transaction on Wednesday, October 21st. The stock was sold at an average price of $1.34, for a total value of $48,698.28. Following the transaction, the chief financial officer owned 1,045,877 shares of the company’s stock, valued at $1,401,475.18. This represents a 3.36% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Earl Douglas sold 29,697 shares of the stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $2.12, for a total transaction of $62,957.64. Following the transaction, the senior vice president directly owned 488,267 shares of the company’s stock, valued at approximately $1,035,126.04. This trade represents a 5.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 13.20% of the company’s stock.

Hedge Funds Weigh In On Allogene Therapeutics

Several large investors have recently made changes to their positions in the stock. Royal Bank of Canada lifted its stake in shares of Allogene Therapeutics by 15.9% in the 1st quarter. Royal Bank of Canada now owns 56,532 shares of the company’s stock worth $138,000 after acquiring an additional 7,738 shares during the period. AXQ Capital LP increased its stake in shares of Allogene Therapeutics by 12.6% during the second quarter. AXQ Capital LP now owns 83,217 shares of the company’s stock worth $173,000 after acquiring an additional 9,287 shares during the period. Abel Hall LLC increased its stake in shares of Allogene Therapeutics by 56.4% during the first quarter. Abel Hall LLC now owns 26,647 shares of the company’s stock worth $65,000 after acquiring an additional 9,604 shares during the period. Pallas Capital Advisors LLC purchased a new position in Allogene Therapeutics during the second quarter worth about $25,000. Finally, Choreo LLC raised its holdings in Allogene Therapeutics by 9.7% during the third quarter. Choreo LLC now owns 137,212 shares of the company’s stock worth $220,000 after purchasing an additional 12,150 shares in the last quarter. 83.63% of the stock is currently owned by institutional investors and hedge funds.

Allogene Therapeutics Company Profile

Allogene Therapeutics, Inc is a clinical-stage biotechnology company focused on developing allogeneic, or “off-the-shelf,” CAR T cell therapies for cancer. Unlike conventional autologous CAR T treatments, which are manufactured from an individual patient’s own cells, Allogene’s approach uses healthy donor cells that can potentially be produced in advance and administered more quickly.

The company’s investigational pipeline has included cemacabtagene ansegedleucel (cema-cel, formerly ALLO-501A) for certain patients with large B-cell lymphoma, as well as other allogeneic CAR T candidates being studied in blood cancers such as multiple myeloma and in solid tumors, including renal cell carcinoma.