Allogene Therapeutics (NASDAQ:ALLO) Downgraded 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 investment analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a report issued on Saturday.

Several other equities research analysts also recently commented on the company. JPMorgan Chase & Co. restated a "neutral" rating on shares of Allogene Therapeutics in a report on Monday, August 4th. JMP Securities reiterated a "market perform" rating on shares of Allogene Therapeutics in a report on Monday, August 4th. Nine equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. 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 Up 7.1%

ALLO traded up $0.08 during trading on Friday, hitting $1.21. The company's stock had a trading volume of 7,223,625 shares, compared to its average volume of 2,880,126. Allogene Therapeutics has a twelve month low of $0.86 and a twelve month high of $3.78. The stock's fifty day moving average price is $1.19 and its 200-day moving average price is $1.34. The firm has a market capitalization of $268.47 million, a P/E ratio of -1.09 and a beta of 0.36.

Allogene Therapeutics (NASDAQ:ALLO - Get Free Report) last released its quarterly earnings data on Wednesday, August 13th. The company reported ($0.23) EPS for the quarter, beating the consensus estimate of ($0.28) by $0.05. Equities research analysts expect that Allogene Therapeutics will post -1.28 EPS for the current fiscal year.

Institutional Investors Weigh In On Allogene Therapeutics

Hedge funds have recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC purchased a new position in Allogene Therapeutics during the first quarter valued at $28,000. CANADA LIFE ASSURANCE Co grew its holdings in shares of Allogene Therapeutics by 142.0% in the second quarter. CANADA LIFE ASSURANCE Co now owns 31,211 shares of the company's stock worth $35,000 after acquiring an additional 18,314 shares during the period. R Squared Ltd bought a new stake in shares of Allogene Therapeutics in the second quarter worth $37,000. Engineers Gate Manager LP bought a new stake in shares of Allogene Therapeutics in the second quarter worth $37,000. Finally, Los Angeles Capital Management LLC bought a new stake in shares of Allogene Therapeutics in the second quarter worth $41,000. 83.63% of the stock is currently owned by institutional investors.

Allogene Therapeutics Company Profile

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).