Allogene Therapeutics, Inc. (NASDAQ:ALLO) Given Consensus Recommendation of "Moderate Buy" by Brokerages

Key Points

• "Moderate Buy" is the consensus from 11 analysts (9 buys, 2 sells) covering Allogene, with an average 1-year price target of about $8.56.
• Shares jumped about 17.6%, opened at $2.44, and the company—market cap ~$593.6M—recently beat quarterly EPS estimates (reported ($0.17) vs. consensus ($0.25)); 52-week range is $0.86–$2.80.
• Insiders sold 275,585 shares (~$526,886) last quarter; insiders own 13.20% of the stock while institutional investors own 83.63%.

Shares of Allogene Therapeutics, Inc. (NASDAQ:ALLO - Get Free Report) have earned an average rating of "Moderate Buy" from the eleven ratings firms that are presently covering the company, MarketBeat.com reports. Two analysts have rated the stock with a sell recommendation and nine have assigned a buy recommendation to the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $8.5556.

A number of equities research analysts have recently issued reports on the stock. Canaccord Genuity Group reiterated a "buy" rating and set a $14.00 price target on shares of Allogene Therapeutics in a research report on Friday, March 13th. UBS Group began coverage on Allogene Therapeutics in a report on Wednesday, January 7th. They issued a "buy" rating and a $8.00 price target on the stock. Citizens Jmp raised Allogene Therapeutics from a "market perform" rating to an "outperform" rating and set a $5.00 price objective for the company in a research note on Friday, January 9th. Citigroup raised Allogene Therapeutics from a "market perform" rating to an "outperform" rating in a report on Friday, January 9th. Finally, Piper Sandler boosted their target price on Allogene Therapeutics from $7.00 to $8.00 and gave the stock an "overweight" rating in a research report on Friday, March 13th.

Allogene Therapeutics Stock Up 17.6%

Shares of ALLO opened at $2.44 on Tuesday. The company has a 50-day simple moving average of $2.03 and a 200-day simple moving average of $1.56. The company has a market capitalization of $593.60 million, a PE ratio of -2.80 and a beta of 0.50. Allogene Therapeutics has a 52-week low of $0.86 and a 52-week high of $2.80.

Allogene Therapeutics (NASDAQ:ALLO - Get Free Report) last announced its quarterly earnings data on Thursday, March 12th. The company reported ($0.17) EPS for the quarter, beating the consensus estimate of ($0.25) by $0.08. On average, research analysts anticipate that Allogene Therapeutics will post -1.28 EPS for the current year.

Insider Transactions at Allogene Therapeutics

In other Allogene Therapeutics news, SVP Earl Martin Douglas sold 22,900 shares of the firm's stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $1.76, for a total transaction of $40,304.00. Following the completion of the transaction, the senior vice president directly owned 564,948 shares in the company, valued at approximately $994,308.48. This trade represents a 3.90% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Zachary Roberts sold 35,700 shares of Allogene Therapeutics stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $1.77, for a total transaction of $63,189.00. Following the transaction, the executive vice president owned 581,166 shares of the company's stock, valued at approximately $1,028,663.82. The trade was a 5.79% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 275,585 shares of company stock worth $526,886. Corporate insiders own 13.20% of the company's stock.

Institutional Trading of Allogene Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of the business. Savant Capital LLC purchased a new stake in Allogene Therapeutics in the 3rd quarter worth approximately $27,000. Russell Investments Group Ltd. lifted its stake in shares of Allogene Therapeutics by 11,159.8% during the 3rd quarter. Russell Investments Group Ltd. now owns 21,844 shares of the company's stock worth $27,000 after purchasing an additional 21,650 shares during the period. Caitong International Asset Management Co. Ltd boosted its holdings 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 worth $30,000 after purchasing an additional 23,599 shares during the last quarter. Mercer Global Advisors Inc. ADV acquired a new stake in shares of Allogene Therapeutics during the third quarter worth $30,000. Finally, Brighton Jones LLC grew its position in shares of Allogene Therapeutics by 81.6% in the third quarter. Brighton Jones LLC now owns 25,168 shares of the company's stock valued at $31,000 after purchasing an additional 11,311 shares during the period. Hedge funds and other institutional investors own 83.63% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.