Allogene Therapeutics (NASDAQ:ALLO) Shares Up 11.9% - What's Next?

Key Points

• Allogene shares jumped 11.9% intraday to about $2.49 from a prior close of $2.22 on light volume (547,427 shares, down ~91% from the average session volume).
• Wall Street sentiment has improved recently with several upgrades and price-target raises, leaving a MarketBeat consensus rating of "Moderate Buy" and a consensus price target of $8.56 (individual targets range up to $14).
• The company beat quarterly EPS estimates (reported ($0.17) vs. consensus ($0.25)), while insiders have sold shares recently (275,585 shares over 90 days) — insiders own about 13.2% of stock and institutions about 83.6%, per the report.

Allogene Therapeutics, Inc. (NASDAQ:ALLO - Get Free Report)'s stock price shot up 11.9% during mid-day trading on Tuesday . The company traded as high as $2.45 and last traded at $2.4850. 547,427 shares traded hands during trading, a decline of 91% from the average session volume of 5,850,109 shares. The stock had previously closed at $2.22.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Citigroup raised Allogene Therapeutics from a "market perform" rating to an "outperform" rating in a report on Friday, January 9th. Piper Sandler increased their price objective on Allogene Therapeutics from $7.00 to $8.00 and gave the stock an "overweight" rating in a research report on Friday, March 13th. Citizens Jmp raised Allogene Therapeutics from a "market perform" rating to an "outperform" rating and set a $5.00 target price for the company in a report on Friday, January 9th. UBS Group assumed coverage on shares of Allogene Therapeutics in a research report on Wednesday, January 7th. They issued a "buy" rating and a $8.00 target price for the company. Finally, Canaccord Genuity Group reaffirmed a "buy" rating and set a $14.00 price target on shares of Allogene Therapeutics in a research report on Friday, March 13th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $8.56.

Allogene Therapeutics Trading Up 9.6%

The stock has a market cap of $593.12 million, a P/E ratio of -2.79 and a beta of 0.50. The stock has a 50 day simple moving average of $2.09 and a 200 day simple moving average of $1.60.

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, topping the consensus estimate of ($0.25) by $0.08. Equities analysts anticipate that Allogene Therapeutics, Inc. will post -1.28 earnings per share for the current year.

Insider Activity

In other news, CFO Geoffrey M. Parker sold 24,001 shares of the company's stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $1.76, for a total transaction of $42,241.76. Following the completion of the sale, the chief financial officer owned 1,252,795 shares of the company's stock, valued at approximately $2,204,919.20. This represents a 1.88% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Zachary Roberts sold 35,700 shares of the stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $1.77, for a total transaction of $63,189.00. Following the sale, the executive vice president owned 581,166 shares in the company, valued at $1,028,663.82. This represents a 5.79% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 275,585 shares of company stock valued at $526,886. Corporate insiders own 13.20% of the company's stock.

Institutional Investors Weigh In On Allogene Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Primecap Management Co. CA increased its stake in shares of Allogene Therapeutics by 23.8% in the 3rd quarter. Primecap Management Co. CA now owns 7,079,308 shares of the company's stock valued at $8,778,000 after purchasing an additional 1,360,168 shares during the last quarter. Aberdeen Group plc lifted its position in shares of Allogene Therapeutics by 82.4% during the 3rd quarter. Aberdeen Group plc now owns 1,582,265 shares of the company's stock worth $1,962,000 after buying an additional 715,015 shares during the last quarter. AustralianSuper Pty Ltd acquired a new stake in Allogene Therapeutics in the third quarter valued at about $474,000. Patient Square Capital LP grew its position in Allogene Therapeutics by 13.1% in the third quarter. Patient Square Capital LP now owns 2,981,396 shares of the company's stock valued at $3,697,000 after acquiring an additional 346,396 shares during the last quarter. Finally, Harold Davidson & Associates Inc. grew its position in Allogene Therapeutics by 118.5% in the third quarter. Harold Davidson & Associates Inc. now owns 295,432 shares of the company's stock valued at $366,000 after acquiring an additional 160,204 shares during the last quarter. 83.63% of the stock is currently owned by institutional investors.

About Allogene Therapeutics

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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