Allogene Therapeutics (NASDAQ:ALLO) Shares Gap Up – Should You Buy?

Shares of Allogene Therapeutics, Inc. (NASDAQ:ALLO) gapped up prior to trading on Tuesday . The stock had previously closed at $2.28, but opened at $2.69. Allogene Therapeutics shares last traded at $2.69, with a volume of 177,734 shares changing hands.

Wall Street Analyst Weigh In

A number of research firms have weighed in on ALLO. Truist Financial reissued a “buy” rating and set a $14.00 price objective (down previously from $17.00) on shares of Allogene Therapeutics in a research note on Friday, August 9th. Citigroup upped their price objective on Allogene Therapeutics from $7.00 to $8.00 and gave the company a “buy” rating in a report on Friday, August 9th. HC Wainwright reissued a “buy” rating and set a $9.00 price objective on shares of Allogene Therapeutics in a research report on Friday, November 8th. William Blair restated an “outperform” rating on shares of Allogene Therapeutics in a research report on Thursday, November 14th. Finally, 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. Three investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $9.73.

Allogene Therapeutics Trading Down 0.8 %

The stock has a market capitalization of $524.18 million, a PE ratio of -1.60 and a beta of 0.84. The firm has a 50 day moving average of $2.67 and a two-hundred day moving average of $2.62.

Hedge Funds Weigh In On Allogene Therapeutics

Several hedge funds have recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD increased its stake in shares of Allogene Therapeutics by 76.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,177,619 shares of the company’s stock worth $18,675,000 after purchasing an additional 1,806,147 shares in the last quarter. Renaissance Technologies LLC raised its holdings in shares of Allogene Therapeutics by 340.4% in the second quarter. Renaissance Technologies LLC now owns 1,747,955 shares of the company’s stock worth $4,073,000 after acquiring an additional 1,351,055 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Allogene Therapeutics by 24.8% during the second quarter. Dimensional Fund Advisors LP now owns 2,550,640 shares of the company’s stock valued at $5,944,000 after acquiring an additional 507,021 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Allogene Therapeutics by 70.3% during the second quarter. The Manufacturers Life Insurance Company now owns 480,381 shares of the company’s stock worth $1,119,000 after buying an additional 198,231 shares in the last quarter. Finally, Primecap Management Co. CA raised its position in shares of Allogene Therapeutics by 4.1% in the second quarter. Primecap Management Co. CA now owns 5,670,226 shares of the company’s stock valued at $13,212,000 after buying an additional 221,840 shares during the last quarter. 83.63% of the stock is currently owned by hedge funds and other institutional investors.

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).