Allogene Therapeutics (NASDAQ:ALLO) Shares Up 9.5% - Should You Buy?

Key Points

• Allogene Therapeutics shares rose 9.5% to about $1.91, although trading volume was roughly 90% below the average session volume.
• Analyst sentiment is generally positive, with a consensus rating of “Moderate Buy” and an average price target of $8.52; several firms recently raised their targets, while Weiss Ratings maintained a sell rating.
• The clinical-stage biotech reported a quarterly loss of $0.18 per share, slightly better than expectations, and institutional investors own approximately 83.6% of its stock.

Allogene Therapeutics, Inc. (NASDAQ:ALLO - Get Free Report) shares traded up 9.5% during trading on Monday . The stock traded as high as $1.9061 and last traded at $1.9050. Approximately 868,919 shares were traded during trading, a decline of 90% from the average session volume of 8,359,403 shares. The stock had previously closed at $1.74.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. HC Wainwright boosted their target price on Allogene Therapeutics from $8.00 to $12.00 and gave the company a "buy" rating in a report on Tuesday, April 14th. Jefferies Financial Group raised their target price on shares of Allogene Therapeutics from $6.00 to $10.00 and gave the stock a "buy" rating in a research note on Monday, April 13th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Allogene Therapeutics in a research note on Friday, May 1st. Citigroup reissued an "outperform" rating on shares of Allogene Therapeutics in a report on Tuesday, April 14th. Finally, Citizens Jmp lifted their price objective on Allogene Therapeutics from $5.00 to $8.00 and gave the company a "market outperform" rating in a report on Tuesday, April 14th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Allogene Therapeutics has an average rating of "Moderate Buy" and a consensus price target of $8.52.

Allogene Therapeutics Stock Up 2.0%

The company has a market cap of $612.64 million, a price-to-earnings ratio of -2.31 and a beta of 0.46. The company has a fifty day simple moving average of $1.99 and a two-hundred day simple moving average of $2.09.

Allogene Therapeutics (NASDAQ:ALLO - Get Free Report) last released its quarterly earnings data on Wednesday, May 13th. The company reported ($0.18) EPS for the quarter, topping the consensus estimate of ($0.19) by $0.01. On average, research analysts predict that Allogene Therapeutics, Inc. will post -0.7 EPS for the current year.

Hedge Funds Weigh In On Allogene Therapeutics

Several hedge funds have recently bought and sold shares of the stock. Mercer Global Advisors Inc. ADV raised its holdings in shares of Allogene Therapeutics by 23.0% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 29,512 shares of the company's stock worth $40,000 after acquiring an additional 5,514 shares during the last quarter. Royal Bank of Canada increased its position in Allogene Therapeutics by 15.9% during the 1st quarter. Royal Bank of Canada now owns 56,532 shares of the company's stock worth $138,000 after purchasing an additional 7,738 shares in the last quarter. CANADA LIFE ASSURANCE Co increased its position in Allogene Therapeutics by 27.3% during the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 39,730 shares of the company's stock worth $50,000 after purchasing an additional 8,519 shares in the last quarter. Abel Hall LLC raised its stake in Allogene Therapeutics by 56.4% in the 1st quarter. Abel Hall LLC now owns 26,647 shares of the company's stock valued at $65,000 after purchasing an additional 9,604 shares during the last quarter. Finally, Kestra Private Wealth Services LLC acquired a new position in Allogene Therapeutics in the 1st quarter valued at about $27,000. Hedge funds and other 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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