Allogene Therapeutics (NASDAQ:ALLO) Shares Down 7.7% - Here's What Happened

Key Points

• Allogene Therapeutics shares fell 7.7% on Thursday, trading as low as $2.14 after closing at $2.33, on lighter-than-usual volume.
• The company reported a narrower-than-expected Q1 loss, beating estimates by $0.01 per share, and also raised its 2026 expense outlook, suggesting better visibility on spending.
• Investors are watching positive interim data from the pivotal ALPHA3 study and the company’s clinical-stage pipeline, but the stock remains volatile because Allogene still has no product revenue and ongoing losses.

Shares of Allogene Therapeutics, Inc. (NASDAQ:ALLO - Get Free Report) fell 7.7% during mid-day trading on Thursday . The stock traded as low as $2.14 and last traded at $2.15. 2,180,620 shares were traded during trading, a decline of 74% from the average session volume of 8,317,512 shares. The stock had previously closed at $2.33.

Key Allogene Therapeutics News

Here are the key news stories impacting Allogene Therapeutics this week:

• Positive Sentiment: Allogene reported a narrower-than-expected Q1 loss, beating earnings expectations by $0.01 per share and signaling better near-term financial execution. Allogene Therapeutics Posts Narrower-Than-Expected Loss in Q1
• Positive Sentiment: The company also raised its 2026 expense outlook, which can reassure investors that management has improved visibility into spending and cash management while advancing the pipeline. Allogene Therapeutics Reports First Quarter 2026 Financial Results and Business Update
• Positive Sentiment: Investors are also responding to positive interim data from the pivotal ALPHA3 study, which supports the company’s lead cell-therapy program and could improve the odds of future clinical and regulatory success. Allogene Therapeutics Posts Narrower-Than-Expected Loss in Q1
• Neutral Sentiment: The company ended its China cell-therapy partnership with Overland Therapeutics and reworked its equity stake, a strategic move that could simplify operations but also reduces one international collaboration. Allogene Therapeutics ends China cell therapy deal with Overland
• Neutral Sentiment: Broader biotech M&A interest remains supportive for the sector, but this is an industry-wide theme rather than a company-specific catalyst. Big Pharma's 5 Hottest Biotech Hunting Grounds: Meet the Category Leaders
• Negative Sentiment: Offsetting the good news, Allogene remains a clinical-stage biotech with ongoing losses and no product revenue, so the stock can still be volatile if trial momentum slows or expenses rise faster than expected. Allogene Therapeutics Reports First Quarter 2026 Financial Results and Business Update

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. HC Wainwright upped their price objective on shares of Allogene Therapeutics from $8.00 to $12.00 and gave the stock a "buy" rating in a report on Tuesday, April 14th. Robert W. Baird lifted their price objective on Allogene Therapeutics from $7.00 to $9.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 14th. Citizens Jmp lifted their price target on Allogene Therapeutics from $5.00 to $8.00 and gave the company a "market outperform" rating in a research note on Tuesday, April 14th. JPMorgan Chase & Co. upgraded Allogene Therapeutics from an "underweight" rating to a "neutral" rating in a research note on Thursday, April 16th. Finally, Jefferies Financial Group lifted their price target on Allogene Therapeutics from $6.00 to $10.00 and gave the company a "buy" rating in a research note on Monday, April 13th. One equities research 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 issued a Sell rating to the company's stock. According to data from MarketBeat, Allogene Therapeutics presently has an average rating of "Moderate Buy" and a consensus target price of $8.07.

Allogene Therapeutics Stock Performance

The business has a 50 day moving average price of $2.39 and a two-hundred day moving average price of $1.84. The stock has a market cap of $527.59 million, a PE ratio of -2.48 and a beta of 0.46.

Allogene Therapeutics (NASDAQ:ALLO - Get Free Report) last announced its earnings results on Wednesday, May 13th. The company reported ($0.18) earnings per share for the quarter, topping analysts' consensus estimates of ($0.19) by $0.01. As a group, research analysts anticipate that Allogene Therapeutics, Inc. will post -0.73 earnings per share for the current year.

Insider Buying and Selling

In other Allogene Therapeutics news, CEO David D. Chang sold 47,763 shares of the firm's stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $2.47, for a total transaction of $117,974.61. Following the completion of the transaction, the chief executive officer owned 5,150,599 shares of the company's stock, valued at approximately $12,721,979.53. This trade represents a 0.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold 72,183 shares of company stock valued at $177,771 in the last ninety days. Company insiders own 13.20% of the company's stock.

Hedge Funds Weigh In On Allogene Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the business. Goldman Sachs Group Inc. increased its position in shares of Allogene Therapeutics by 177.9% during the first 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 in the last quarter. Kalehua Capital Management LLC purchased a new stake in shares of Allogene Therapeutics during the fourth quarter valued at $3,488,000. Patient Square Capital LP boosted its position in shares of Allogene Therapeutics by 66.5% during the fourth quarter. Patient Square Capital LP now owns 4,963,756 shares of the company's stock valued at $6,800,000 after buying an additional 1,982,360 shares during the last quarter. Millennium Management LLC boosted its position in shares of Allogene Therapeutics by 125.6% during the third quarter. Millennium Management LLC now owns 3,390,026 shares of the company's stock valued at $4,204,000 after buying an additional 1,887,302 shares during the last quarter. Finally, Two Sigma Investments LP increased its stake in shares of Allogene Therapeutics by 109.7% in the third quarter. Two Sigma Investments LP now owns 3,383,644 shares of the company's stock worth $4,196,000 after purchasing an additional 1,770,419 shares in the last quarter. Institutional investors own 83.63% of the company's stock.

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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