Allogene Therapeutics (NASDAQ:ALLO) Coverage Initiated at Jefferies Financial Group

Key Points

• Jefferies initiated coverage on Allogene with a "buy" rating and a $6 price target (about 127% upside); the stock's consensus is a "Moderate Buy" with an average target of $8.30.
• Shares trade near $2.64 (52-week range $0.86–$2.95) with a $643M market cap, and the company recently beat quarterly EPS estimates (‑$0.17 vs. ‑$0.25).
• Insiders have been net sellers, including the CEO and EVP, with 278,452 shares sold over the past three months; insiders own 13.2% while institutions own 83.63% of the stock.

Research analysts at Jefferies Financial Group started coverage on shares of Allogene Therapeutics (NASDAQ:ALLO - Get Free Report) in a report issued on Friday. The brokerage set a "buy" rating and a $6.00 price target on the stock. Jefferies Financial Group's price target would indicate a potential upside of 127.45% from the stock's current price.

ALLO has been the topic of a number of other research reports. Canaccord Genuity Group reiterated a "buy" rating and set a $14.00 price target on shares of Allogene Therapeutics in a report on Friday, March 13th. Citizens Jmp raised Allogene Therapeutics from a "market perform" rating to an "outperform" rating and set a $5.00 price target for the company in a research report on Friday, January 9th. Truist Financial raised Allogene Therapeutics to a "strong-buy" rating in a research report on Wednesday, March 25th. Citigroup raised Allogene Therapeutics from a "market perform" rating to an "outperform" rating in a research report on Friday, January 9th. Finally, Piper Sandler boosted their price objective on Allogene Therapeutics from $7.00 to $8.00 and gave the stock an "overweight" rating in a research report on Friday, March 13th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $8.30.

Allogene Therapeutics Price Performance

Shares of ALLO traded down $0.27 during midday trading on Friday, reaching $2.64. The stock had a trading volume of 3,083,050 shares, compared to its average volume of 5,701,725. Allogene Therapeutics has a 52 week low of $0.86 and a 52 week high of $2.95. The firm's 50 day moving average price is $2.25 and its 200-day moving average price is $1.67. The company has a market capitalization of $643.09 million, a P/E ratio of -3.05 and a beta of 0.53.

Allogene Therapeutics (NASDAQ:ALLO - Get Free Report) last posted its quarterly earnings data on Thursday, March 12th. The company reported ($0.17) EPS for the quarter, topping analysts' consensus estimates of ($0.25) by $0.08. On average, equities analysts forecast that Allogene Therapeutics will post -1.28 earnings per share for the current year.

Insider Transactions at Allogene Therapeutics

In related news, EVP Zachary Roberts sold 35,700 shares of the business's 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 directly owned 581,166 shares in the company, valued at $1,028,663.82. The trade was a 5.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO David D. Chang sold 95,269 shares of the business's stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $1.80, for a total value of $171,484.20. Following the transaction, the chief executive officer owned 5,185,862 shares in the company, valued at $9,334,551.60. This represents a 1.80% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 278,452 shares of company stock valued at $534,053. 13.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Allogene Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in ALLO. Savant Capital LLC bought a new position in Allogene Therapeutics during the third quarter valued at about $27,000. Russell Investments Group Ltd. increased its stake in 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 acquiring an additional 21,650 shares during the period. Caitong International Asset Management Co. Ltd increased its stake in 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 acquiring an additional 23,599 shares during the period. Mercer Global Advisors Inc. ADV bought a new stake in shares of Allogene Therapeutics in the 3rd quarter valued at approximately $30,000. Finally, Brighton Jones LLC grew its stake in shares of Allogene Therapeutics by 81.6% in the 3rd 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. 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.

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