Allogene Therapeutics (NASDAQ:ALLO) Shares Down 8.7% – Here’s Why

Shares of Allogene Therapeutics, Inc. (NASDAQ:ALLO) traded down 8.7% during mid-day trading on Friday . The stock traded as low as $2.05 and last traded at $2.0550. 1,340,698 shares were traded during trading, a decline of 84% from the average session volume of 8,145,884 shares. The stock had previously closed at $2.25.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. Piper Sandler raised their price target on shares of Allogene Therapeutics from $7.00 to $8.00 and gave the company an “overweight” rating in a research note on Friday, March 13th. Citizens Jmp raised their price target on shares of Allogene Therapeutics from $5.00 to $8.00 and gave the company a “market outperform” rating in a research note on Tuesday, April 14th. Citigroup reaffirmed an “outperform” rating on shares of Allogene Therapeutics in a research note on Tuesday, April 14th. Sanford C. Bernstein raised their price target on shares of Allogene Therapeutics from $1.60 to $3.85 and gave the company a “market perform” rating in a research note on Tuesday, April 14th. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $14.00 price objective on shares of Allogene Therapeutics in a research report on Friday, March 13th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $8.52.

Allogene Therapeutics Price Performance

The company’s 50-day moving average price is $2.30 and its two-hundred day moving average price is $1.91. The company has a market capitalization of $747.25 million, a price-to-earnings ratio of -2.81 and a beta of 0.46.

Allogene Therapeutics (NASDAQ:ALLO) last posted its quarterly earnings data on Wednesday, May 13th. The company reported ($0.18) earnings per share for the quarter, topping the consensus estimate of ($0.19) by $0.01. On average, equities research analysts expect that Allogene Therapeutics, Inc. will post -0.72 EPS for the current fiscal year.

Insider Buying and Selling at Allogene Therapeutics

In other news, CEO David D. Chang sold 47,763 shares of the stock in a transaction on Monday, March 16th. The shares were sold at an average price of $2.47, for a total transaction of $117,974.61. Following the completion of the sale, the chief executive officer directly owned 5,150,599 shares in the company, valued at $12,721,979.53. This represents a 0.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders have sold 72,183 shares of company stock worth $177,771 in the last ninety days. Corporate insiders own 13.20% of the company’s stock.

Institutional Investors Weigh In On Allogene Therapeutics

A number of large investors have recently bought and sold shares of ALLO. Savant Capital LLC acquired a new stake in Allogene Therapeutics in the third quarter worth $27,000. Kestra Private Wealth Services LLC bought a new position in shares of Allogene Therapeutics during the first quarter valued at about $27,000. Russell Investments Group Ltd. lifted its position in shares of Allogene Therapeutics by 11,159.8% during the third quarter. Russell Investments Group Ltd. now owns 21,844 shares of the company’s stock valued at $27,000 after purchasing an additional 21,650 shares in the last quarter. Caitong International Asset Management Co. Ltd lifted its position in shares of Allogene Therapeutics by 5,267.6% during the third quarter. Caitong International Asset Management Co. Ltd now owns 24,047 shares of the company’s stock valued at $30,000 after purchasing an additional 23,599 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV bought a new stake in Allogene Therapeutics in the third quarter worth about $30,000. 83.63% of the stock is currently owned by institutional investors and hedge funds.

Allogene Therapeutics Company Profile

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.