Allogene Therapeutics (NASDAQ:ALLO) Issues Earnings Results, Beats Estimates By $0.04 EPS

Key Points

• Allogene Therapeutics beat earnings expectations: The company reported a quarterly loss of $0.13 per share, $0.04 better than analysts’ forecast, while revenue reached $4.64 million versus an estimated $0 million.
• Shares declined 2.4% to $2.07 following the results. The stock has traded between $0.99 and $4.46 over the past year and has a market capitalization of approximately $714 million.
• Analysts remain broadly positive: Allogene has a consensus “Moderate Buy” rating and an average price target of $8.52, while institutional investors own 83.63% of the company’s shares.

Allogene Therapeutics (NASDAQ:ALLO - Get Free Report) announced its quarterly earnings results on Wednesday. The company reported ($0.13) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.17) by $0.04, FiscalAI reports. The business had revenue of $4.64 million during the quarter, compared to analyst estimates of $0.00 million.

Allogene Therapeutics Trading Down 2.4%

Shares of Allogene Therapeutics stock traded down $0.05 during trading on Wednesday, reaching $2.07. The company's stock had a trading volume of 4,502,196 shares, compared to its average volume of 8,248,292. The company has a 50-day moving average price of $1.95 and a two-hundred day moving average price of $2.11. The firm has a market cap of $714.47 million, a PE ratio of -2.69 and a beta of 0.48. Allogene Therapeutics has a fifty-two week low of $0.99 and a fifty-two week high of $4.46.

Wall Street Analyst Weigh In

A number of research firms have weighed in on ALLO. Robert W. Baird raised their price objective on shares of Allogene Therapeutics from $7.00 to $9.00 and gave the stock an "outperform" rating in a report on Tuesday, April 14th. Sanford C. Bernstein upped their target price on shares of Allogene Therapeutics from $1.60 to $3.85 and gave the company a "market perform" rating in a report on Tuesday, April 14th. JPMorgan Chase & Co. raised shares of Allogene Therapeutics from an "underweight" rating to a "neutral" rating in a research report on Thursday, April 16th. Argus lifted their price target on shares of Allogene Therapeutics from $1.60 to $3.85 and gave the stock a "market perform" rating in a research note on Tuesday, April 14th. Finally, Citigroup reissued an "outperform" rating on shares of Allogene Therapeutics in a report on Tuesday, April 14th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $8.52.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of ALLO. AQR Capital Management LLC acquired a new stake in shares of Allogene Therapeutics during the first quarter worth about $85,000. Goldman Sachs Group Inc. increased its position in Allogene Therapeutics by 177.9% in the 1st 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 period. Jane Street Group LLC raised its stake in Allogene Therapeutics by 578.7% during the 1st quarter. Jane Street Group LLC now owns 1,116,681 shares of the company's stock valued at $1,630,000 after acquiring an additional 952,158 shares during the last quarter. Geode Capital Management LLC raised its stake in Allogene Therapeutics by 13.0% during the 2nd quarter. Geode Capital Management LLC now owns 3,794,827 shares of the company's stock valued at $4,289,000 after acquiring an additional 435,389 shares during the last quarter. Finally, Rhumbline Advisers raised its stake in Allogene Therapeutics by 14.0% during the 2nd quarter. Rhumbline Advisers now owns 209,336 shares of the company's stock valued at $237,000 after acquiring an additional 25,628 shares during the last quarter. 83.63% of the stock is currently owned by institutional investors and hedge funds.

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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