Allogene Therapeutics (NASDAQ:ALLO) Shares Down 6% - Should You Sell?

Key Points

• Allogene Therapeutics shares were down 6%, trading as low as $2.26 and last at $2.2750 on Tuesday with volume of 1,110,116 shares—about an 87% decline from the average session volume of 8,680,275.
• The stock has drawn multiple analyst upgrades recently and carries a MarketBeat consensus of "Moderate Buy" with an average analyst price target of $8.44.
• Company insiders have been net sellers—278,452 shares sold in the past 90 days—though insiders still own 13.20% of the stock; Allogene has a market cap of about $564.35 million and recently beat quarterly EPS estimates (reported −$0.17 vs. −$0.25 expected).

Allogene Therapeutics, Inc. (NASDAQ:ALLO - Get Free Report)'s share price traded down 6% on Tuesday . The stock traded as low as $2.26 and last traded at $2.2750. 1,110,116 shares traded hands during trading, a decline of 87% from the average session volume of 8,680,275 shares. The stock had previously closed at $2.42.

Analyst Ratings Changes

ALLO has been the subject of a number of recent research reports. Truist Financial upgraded shares of Allogene Therapeutics to a "strong-buy" rating in a report on Wednesday, March 25th. JPMorgan Chase & Co. upgraded shares of Allogene Therapeutics from an "underweight" rating to a "neutral" rating in a report on Thursday, April 16th. Piper Sandler lifted their price target on shares of Allogene Therapeutics from $7.00 to $8.00 and gave the stock an "overweight" rating in a report on Friday, March 13th. Citizens Jmp lifted their price target on shares of Allogene Therapeutics from $5.00 to $8.00 and gave the stock a "market outperform" rating in a report on Tuesday, April 14th. Finally, Jefferies Financial Group lifted their price target on shares of Allogene Therapeutics from $6.00 to $10.00 and gave the stock a "buy" rating in a report on Monday, April 13th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Allogene Therapeutics currently has a consensus rating of "Moderate Buy" and an average target price of $8.44.

Allogene Therapeutics Stock Down 4.3%

The business's fifty day moving average is $2.36 and its 200-day moving average is $1.74. The stock has a market capitalization of $564.35 million, a PE ratio of -2.66 and a beta of 0.53.

Allogene Therapeutics (NASDAQ:ALLO - Get Free Report) last released its earnings results on Thursday, March 12th. The company reported ($0.17) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.25) by $0.08. As a group, sell-side analysts anticipate that Allogene Therapeutics, Inc. will post -0.73 EPS for the current fiscal year.

Insider Buying and Selling at Allogene Therapeutics

In other Allogene Therapeutics news, EVP Zachary Roberts sold 35,700 shares of the business's stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $1.77, for a total transaction of $63,189.00. Following the completion of the sale, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO David D. Chang sold 47,763 shares of the business's stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $2.47, for a total transaction of $117,974.61. Following the sale, the chief executive officer owned 5,150,599 shares of the company's stock, valued at approximately $12,721,979.53. This represents a 0.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 278,452 shares of company stock valued at $534,053 in the last ninety days. Corporate insiders own 13.20% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in ALLO. Savant Capital LLC purchased a new position in Allogene Therapeutics in the third quarter valued at about $27,000. Kestra Private Wealth Services LLC purchased a new position in Allogene Therapeutics in the first quarter valued at about $27,000. Russell Investments Group Ltd. boosted its holdings in Allogene Therapeutics by 11,159.8% in the third quarter. Russell Investments Group Ltd. now owns 21,844 shares of the company's stock valued at $27,000 after purchasing an additional 21,650 shares during the last quarter. Caitong International Asset Management Co. Ltd boosted its holdings in Allogene Therapeutics by 5,267.6% in the third quarter. Caitong International Asset Management Co. Ltd now owns 24,047 shares of the company's stock valued at $30,000 after purchasing an additional 23,599 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV purchased a new position in Allogene Therapeutics in the third quarter valued at about $30,000. 83.63% of the stock is currently owned by hedge funds and other 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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