Piper Sandler Has Lowered Expectations for Allogene Therapeutics (NASDAQ:ALLO) Stock Price

Allogene Therapeutics (NASDAQ:ALLO) had its target price decreased by analysts at Piper Sandler from $11.00 to $9.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Piper Sandler’s price target suggests a potential upside of 296.48% from the stock’s previous close.

Several other equities research analysts have also recently weighed in on the stock. Canaccord Genuity Group decreased their price objective on shares of Allogene Therapeutics from $35.00 to $14.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. Truist Financial reissued a “buy” rating and issued a $14.00 price objective (down from $17.00) on shares of Allogene Therapeutics in a research note on Friday, August 9th. Citigroup raised their target price on Allogene Therapeutics from $7.00 to $8.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. HC Wainwright restated a “buy” rating and set a $9.00 price target on shares of Allogene Therapeutics in a report on Friday, November 8th. Finally, Oppenheimer started coverage on shares of Allogene Therapeutics in a research note on Thursday, August 8th. They issued an “outperform” rating and a $11.00 price objective for the company. Three analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $9.73.

Allogene Therapeutics Price Performance

ALLO opened at $2.27 on Thursday. The company’s 50 day moving average price is $2.75 and its two-hundred day moving average price is $2.66. The firm has a market capitalization of $475.95 million, a price-to-earnings ratio of -1.46 and a beta of 0.84. Allogene Therapeutics has a fifty-two week low of $2.01 and a fifty-two week high of $5.78.

Institutional Investors Weigh In On Allogene Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the business. Barclays PLC boosted its stake in Allogene Therapeutics by 101.5% during the 3rd quarter. Barclays PLC now owns 342,973 shares of the company’s stock valued at $959,000 after purchasing an additional 172,745 shares during the last quarter. MML Investors Services LLC bought a new position in shares of Allogene Therapeutics in the third quarter valued at approximately $56,000. Zacks Investment Management purchased a new position in shares of Allogene Therapeutics during the third quarter valued at approximately $1,446,000. EP Wealth Advisors LLC grew its holdings in Allogene Therapeutics by 125.6% during the third quarter. EP Wealth Advisors LLC now owns 24,475 shares of the company’s stock worth $69,000 after buying an additional 13,625 shares in the last quarter. Finally, Erste Asset Management GmbH purchased a new stake in Allogene Therapeutics in the 3rd quarter valued at $91,000. Institutional investors and hedge funds own 83.63% of the company’s stock.

About Allogene Therapeutics

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).