Allogene Therapeutics (NASDAQ:ALLO) Lowered to "Sell" Rating by Wall Street Zen

Key Points

• Allogene Therapeutics has been downgraded by Wall Street Zen from a "hold" rating to a "sell" rating, impacting investor sentiment significantly.
• Despite the downgrade, Nine analysts still maintain a Buy rating for the stock, with an average target price of $8.44.
• The company reported earnings of ($0.23) per share, which surpassed analysts' expectations, but they are projected to post a loss of -1.28 EPS for the current year.

Allogene Therapeutics (NASDAQ:ALLO - Get Free Report) was downgraded by analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research note issued on Saturday.

Several other research firms have also recently issued reports on ALLO. JPMorgan Chase & Co. restated a "neutral" rating on shares of Allogene Therapeutics in a research report on Monday, August 4th. JMP Securities restated a "market perform" rating on shares of Allogene Therapeutics in a research report on Monday, August 4th. Nine investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, Allogene Therapeutics currently has an average rating of "Moderate Buy" and an average price target of $8.44.

Allogene Therapeutics Stock Performance

Shares of NASDAQ ALLO traded up $0.09 during mid-day trading on Friday, reaching $1.22. The company's stock had a trading volume of 3,007,034 shares, compared to its average volume of 4,237,771. The stock has a 50-day moving average of $1.19 and a two-hundred day moving average of $1.34. The stock has a market capitalization of $269.58 million, a P/E ratio of -1.09 and a beta of 0.36. Allogene Therapeutics has a 1-year low of $0.86 and a 1-year high of $3.78.

Allogene Therapeutics (NASDAQ:ALLO - Get Free Report) last issued its earnings results on Wednesday, August 13th. The company reported ($0.23) EPS for the quarter, beating analysts' consensus estimates of ($0.28) by $0.05. Analysts predict that Allogene Therapeutics will post -1.28 EPS for the current fiscal year.

Institutional Trading of Allogene Therapeutics

Several hedge funds have recently modified their holdings of the stock. Two Sigma Advisers LP lifted its stake in Allogene Therapeutics by 12.1% in the fourth quarter. Two Sigma Advisers LP now owns 2,702,200 shares of the company's stock worth $5,756,000 after acquiring an additional 291,800 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Allogene Therapeutics by 23.6% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 305,895 shares of the company's stock worth $651,000 after acquiring an additional 58,331 shares during the last quarter. Raiffeisen Bank International AG purchased a new position in Allogene Therapeutics in the fourth quarter worth approximately $903,000. Bank of America Corp DE lifted its stake in Allogene Therapeutics by 99.3% in the fourth quarter. Bank of America Corp DE now owns 1,163,743 shares of the company's stock worth $2,479,000 after acquiring an additional 579,818 shares during the last quarter. Finally, GSA Capital Partners LLP purchased a new position in Allogene Therapeutics in the first quarter worth approximately $706,000. 83.63% of the stock is currently owned by institutional investors and hedge funds.

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).