Allogene Therapeutics (NASDAQ:ALLO) Stock Price Down 6.3% After Analyst Downgrade

Allogene Therapeutics, Inc. (NASDAQ:ALLO) fell 6.3% on Thursday after Piper Sandler lowered their price target on the stock from $11.00 to $9.00. Piper Sandler currently has an overweight rating on the stock. Allogene Therapeutics traded as low as $2.54 and last traded at $2.55. 570,027 shares changed hands during trading, a decline of 77% from the average session volume of 2,454,845 shares. The stock had previously closed at $2.72.

A number of other brokerages have also weighed in on ALLO. HC Wainwright reaffirmed a “buy” rating and set a $9.00 target price on shares of Allogene Therapeutics in a research report on Friday, November 8th. Truist Financial reaffirmed a “buy” rating and set a $14.00 target price (down from $17.00) on shares of Allogene Therapeutics in a research report on Friday, August 9th. Canaccord Genuity Group decreased their target price on Allogene Therapeutics from $35.00 to $14.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. Oppenheimer initiated coverage on Allogene Therapeutics in a research report on Thursday, August 8th. They issued an “outperform” rating and a $11.00 price target for the company. Finally, Citigroup boosted their price target on Allogene Therapeutics from $7.00 to $8.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. Three investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $9.73.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company increased its position in Allogene Therapeutics by 1.2% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 486,023 shares of the company’s stock valued at $1,361,000 after buying an additional 5,642 shares in the last quarter. CANADA LIFE ASSURANCE Co increased its position in Allogene Therapeutics by 85.1% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 17,750 shares of the company’s stock valued at $79,000 after buying an additional 8,162 shares in the last quarter. Nisa Investment Advisors LLC increased its position in Allogene Therapeutics by 429.6% during the 2nd quarter. Nisa Investment Advisors LLC now owns 10,767 shares of the company’s stock valued at $25,000 after buying an additional 8,734 shares in the last quarter. Arizona State Retirement System increased its position in Allogene Therapeutics by 36.1% during the 2nd quarter. Arizona State Retirement System now owns 40,915 shares of the company’s stock valued at $95,000 after buying an additional 10,855 shares in the last quarter. Finally, Private Advisor Group LLC purchased a new stake in Allogene Therapeutics during the 3rd quarter valued at about $34,000. 83.63% of the stock is owned by institutional investors and hedge funds.

Allogene Therapeutics Stock Performance

The company has a 50 day simple moving average of $2.75 and a two-hundred day simple moving average of $2.66. The firm has a market cap of $475.95 million, a PE ratio of -1.46 and a beta of 0.84.

Allogene Therapeutics Company Profile

Allogene Therapeutics, Inc, a clinical stage immuno-oncology company, develops and commercializes genetically engineered allogeneic T cell therapies for the treatment of cancer. It develops, manufactures, and commercializes UCART19, an allogeneic chimeric antigen receptor (CAR) T cell product candidate for the treatment of pediatric and adult patients with R/R CD19 positive B-cell acute lymphoblastic leukemia (ALL).