Allogene Therapeutics (NASDAQ:ALLO) Trading Up 11.9% – Here’s What Happened

Allogene Therapeutics, Inc. (NASDAQ:ALLO) shares were up 11.9% during trading on Tuesday . The company traded as high as $2.45 and last traded at $2.4850. Approximately 547,427 shares traded hands during mid-day trading, a decline of 91% from the average daily volume of 5,850,109 shares. The stock had previously closed at $2.22.

Analyst Ratings Changes

ALLO has been the subject of several research reports. Wall Street Zen raised Allogene Therapeutics from a “sell” rating to a “hold” rating in a research note on Sunday, February 22nd. UBS Group began coverage on shares of Allogene Therapeutics in a research report on Wednesday, January 7th. They issued a “buy” rating and a $8.00 price target on the stock. Citigroup raised shares of Allogene Therapeutics from a “market perform” rating to an “outperform” rating in a report on Friday, January 9th. Piper Sandler raised their price objective on shares of Allogene Therapeutics from $7.00 to $8.00 and gave the company an “overweight” rating in a research report on Friday, March 13th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and issued a $14.00 price objective on shares of Allogene Therapeutics in a research note on Friday, March 13th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have given a Sell rating to the company. According to MarketBeat, Allogene Therapeutics has an average rating of “Moderate Buy” and an average price target of $8.56.

Allogene Therapeutics Trading Up 4.9%

The company has a market cap of $624.07 million, a price-to-earnings ratio of -2.94 and a beta of 0.50. The business has a 50-day moving average price of $2.13 and a 200 day moving average price of $1.62.

Allogene Therapeutics (NASDAQ:ALLO) last issued its earnings results on Thursday, March 12th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.25) by $0.08. On average, analysts anticipate that Allogene Therapeutics, Inc. will post -1.28 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Geoffrey M. Parker sold 24,001 shares of Allogene Therapeutics stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $1.76, for a total value of $42,241.76. Following the transaction, the chief financial officer owned 1,252,795 shares of the company’s stock, valued at approximately $2,204,919.20. This trade represents a 1.88% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Earl Martin Douglas sold 22,900 shares of the business’s stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $1.76, for a total value of $40,304.00. Following the sale, the senior vice president owned 564,948 shares in the company, valued at approximately $994,308.48. The trade was a 3.90% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 275,585 shares of company stock worth $526,886. Company insiders own 13.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Hsbc Holdings PLC lifted its position in shares of Allogene Therapeutics by 57.5% in the 4th quarter. Hsbc Holdings PLC now owns 148,136 shares of the company’s stock valued at $199,000 after acquiring an additional 54,071 shares in the last quarter. Caitong International Asset Management Co. Ltd grew its position in Allogene Therapeutics by 84.4% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 44,334 shares of the company’s stock worth $61,000 after purchasing an additional 20,287 shares in the last quarter. Virtu Financial LLC raised its stake in Allogene Therapeutics by 55.9% during the 4th quarter. Virtu Financial LLC now owns 42,351 shares of the company’s stock valued at $58,000 after purchasing an additional 15,178 shares during the period. Invesco Ltd. raised its stake in Allogene Therapeutics by 16.1% during the 4th quarter. Invesco Ltd. now owns 609,807 shares of the company’s stock valued at $835,000 after purchasing an additional 84,494 shares during the period. Finally, Mercer Global Advisors Inc. ADV lifted its holdings in shares of Allogene Therapeutics by 23.0% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 29,512 shares of the company’s stock valued at $40,000 after purchasing an additional 5,514 shares in the last quarter. 83.63% of the stock is owned by hedge funds and other institutional investors.

About Allogene Therapeutics

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.