Allogene Therapeutics, Inc. (NASDAQ:ALLO) Sees Significant Decrease in Short Interest

Allogene Therapeutics, Inc. (NASDAQ:ALLO) was the target of a large decline in short interest in the month of October. As of October 31st, there was short interest totalling 37,040,000 shares, a decline of 5.8% from the October 15th total of 39,320,000 shares. Currently, 26.7% of the company’s shares are short sold. Based on an average trading volume of 1,980,000 shares, the short-interest ratio is presently 18.7 days.

Allogene Therapeutics Price Performance

NASDAQ ALLO opened at $2.27 on Monday. The company has a market cap of $475.95 million, a P/E ratio of -1.46 and a beta of 0.84. The stock has a 50-day moving average of $2.75 and a two-hundred day moving average of $2.65. Allogene Therapeutics has a 1-year low of $2.01 and a 1-year high of $5.78.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Nisa Investment Advisors LLC boosted its position in Allogene Therapeutics by 429.6% in 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 during the period. Federated Hermes Inc. purchased a new position in Allogene Therapeutics in the second quarter valued at $29,000. Phoenix Wealth Advisors acquired a new position in Allogene Therapeutics during the 2nd quarter worth $30,000. Private Advisor Group LLC purchased a new stake in Allogene Therapeutics during the 3rd quarter worth about $34,000. Finally, Algert Global LLC acquired a new stake in Allogene Therapeutics in the 2nd quarter valued at about $35,000. Institutional investors and hedge funds own 83.63% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Citigroup raised their price objective on shares of Allogene Therapeutics from $7.00 to $8.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. Oppenheimer assumed coverage on Allogene Therapeutics in a report on Thursday, August 8th. They issued an “outperform” rating and a $11.00 price objective on the stock. Piper Sandler cut their target price on Allogene Therapeutics from $11.00 to $9.00 and set an “overweight” rating for the company in a research note on Thursday. HC Wainwright restated a “buy” rating and issued a $9.00 target price on shares of Allogene Therapeutics in a research report on Friday, November 8th. Finally, Truist Financial reiterated a “buy” rating and set a $14.00 price target (down from $17.00) on shares of Allogene Therapeutics in a report on Friday, August 9th. Three analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $9.73.

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).