Allogene Therapeutics (NASDAQ:ALLO) Trading Up 5.2% – Time to Buy?

Allogene Therapeutics, Inc. (NASDAQ:ALLO)’s share price was up 5.2% on Tuesday . The stock traded as high as $2.16 and last traded at $2.1350. 353,815 shares were traded during trading, a decline of 96% from the average daily volume of 8,044,605 shares. The stock had previously closed at $2.03.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Citizens Jmp reiterated a “market outperform” rating and issued a $6.00 price target on shares of Allogene Therapeutics in a research report on Monday, August 17th. Weiss Ratings downgraded Allogene Therapeutics from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, August 12th. One equities research 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 given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $8.30.

Allogene Therapeutics Price Performance

The business has a fifty day moving average of $1.99 and a 200-day moving average of $2.14. The stock has a market cap of $704.80 million, a PE ratio of -3.04 and a beta of 0.48.

Allogene Therapeutics (NASDAQ:ALLO) last announced its quarterly earnings results on Wednesday, August 12th. The company reported ($0.13) EPS for the quarter, beating the consensus estimate of ($0.17) by $0.04. The firm had revenue of $4.64 million for the quarter, compared to analysts’ expectations of $0.00 million. As a group, equities research analysts predict that Allogene Therapeutics, Inc. will post -0.59 EPS for the current year.

Insider Buying and Selling at Allogene Therapeutics

In related news, SVP Earl Martin Douglas sold 29,697 shares of the company’s stock in a transaction on Friday, August 21st. The stock was sold at an average price of $2.12, for a total transaction of $62,957.64. Following the completion of the sale, the senior vice president directly owned 488,267 shares in the company, valued at $1,035,126.04. This represents a 5.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 13.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Allogene Therapeutics

Large investors have recently added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in shares of Allogene Therapeutics in the 2nd quarter valued at about $62,706,000. Frazier Life Sciences Management L.P. raised its stake in shares of Allogene Therapeutics by 491.2% during the 2nd quarter. Frazier Life Sciences Management L.P. now owns 22,446,668 shares of the company’s stock worth $46,689,000 after acquiring an additional 18,650,000 shares in the last quarter. Primecap Management Co. CA bought a new position in shares of Allogene Therapeutics during the 2nd quarter worth approximately $27,297,000. Vanguard Group Inc. lifted its position in Allogene Therapeutics by 9.2% during the third quarter. Vanguard Group Inc. now owns 9,020,770 shares of the company’s stock valued at $11,186,000 after acquiring an additional 761,642 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in Allogene Therapeutics by 177.9% during the first quarter. Goldman Sachs Group Inc. now owns 5,853,974 shares of the company’s stock valued at $8,547,000 after acquiring an additional 3,747,397 shares during the last quarter. 83.63% of the stock is currently owned by institutional investors.

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.