Allogene Therapeutics (NASDAQ:ALLO) Trading Up 13.1% Following Analyst Upgrade

Key Points

• JPMorgan upgrade lifted Allogene shares about 13.1% intraday to roughly $2.45 after the bank moved the stock from Underweight to Neutral, though trading volume was below average (4.6M vs. 8.35M typical).
• Large dilutive offering — Allogene priced 87.5 million new shares at $2.00 to raise approximately $175 million, a move cited as the primary driver of prior share weakness due to dilution concerns.
• Analyst sentiment has turned more positive overall, with multiple firms raising ratings/targets and MarketBeat reporting an average rating of "Moderate Buy" and an average price target of $8.44.

Allogene Therapeutics, Inc. (NASDAQ:ALLO - Get Free Report) shares traded up 13.1% during trading on Thursday after JPMorgan Chase & Co. upgraded the stock from an underweight rating to a neutral rating. The company traded as high as $2.45 and last traded at $2.4550. 4,605,023 shares changed hands during trading, a decline of 45% from the average session volume of 8,351,732 shares. The stock had previously closed at $2.17.

Other analysts have also recently issued reports about the company. Truist Financial raised Allogene Therapeutics to a "strong-buy" rating in a research report on Wednesday, March 25th. Piper Sandler upped their target price on Allogene Therapeutics from $7.00 to $8.00 and gave the company an "overweight" rating in a research report on Friday, March 13th. Wall Street Zen raised Allogene Therapeutics from a "sell" rating to a "hold" rating in a research report on Sunday, February 22nd. Citizens Jmp upped their target price on Allogene Therapeutics from $5.00 to $8.00 and gave the company a "market outperform" rating in a research report on Tuesday. Finally, Sanford C. Bernstein upped their target price on Allogene Therapeutics from $1.60 to $3.85 and gave the company a "market perform" rating in a research report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Allogene Therapeutics has an average rating of "Moderate Buy" and an average price target of $8.44.

Insider Buying and Selling at Allogene Therapeutics

In other Allogene Therapeutics news, EVP Zachary Roberts sold 35,700 shares of Allogene Therapeutics stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $1.77, for a total value of $63,189.00. Following the transaction, the executive vice president directly owned 581,166 shares in the company, valued at approximately $1,028,663.82. The trade was a 5.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO David D. Chang sold 95,269 shares of Allogene Therapeutics stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $1.80, for a total transaction of $171,484.20. Following the completion of the transaction, the chief executive officer owned 5,185,862 shares in the company, valued at approximately $9,334,551.60. This represents a 1.80% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 278,452 shares of company stock valued at $534,053. Company insiders own 13.20% of the company's stock.

Key Allogene Therapeutics News

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

• Positive Sentiment: HC Wainwright raised Q1–Q4 and FY2026 EPS forecasts (narrowing losses) and reiterated a Buy rating with a $12 price target, signaling improved near‑term financial expectations. HC Wainwright note
• Positive Sentiment: Multiple brokerages raised price targets/ratings this week (Jefferies to $10 Buy, Baird to $9, Citizens to $8, Argus to $3.85), reflecting renewed analyst conviction after recent data. Broker reactions
• Positive Sentiment: Publication of pre‑clinical ALLO‑329 data in Nature Communications provides scientific validation for a next‑generation allogeneic CAR‑T program targeting autoimmune disease, which is a longer‑term pipeline positive. ALLO‑329 publication
• Neutral Sentiment: Unusual options flow: heavy call buying and a large block of put purchases were both reported this week — signals of mixed short‑term positioning and higher volatility. Options activity
• Positive Sentiment: JPMorgan upgraded ALLO from Underweight to Neutral, removing a prior negative stance and reducing sell‑side downside pressure. JPMorgan upgrade
• Negative Sentiment: Allogene priced an underwritten offering of 87.5M shares at $2.00 to raise ~$175M (with a 30‑day overallotment option). The size and low price of the deal are dilutive and are the primary driver of the share decline today. Offering press release
• Negative Sentiment: Market reports tie the equity raise to a sharp intraday drop (coverage noted ~13% decline after the equity raise), underscoring investor concern about dilution despite pipeline positives. Market reaction

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of ALLO. Goldman Sachs Group Inc. increased its stake in Allogene Therapeutics by 177.9% in the first quarter. Goldman Sachs Group Inc. now owns 5,853,974 shares of the company's stock valued at $8,547,000 after purchasing an additional 3,747,397 shares during the period. Kalehua Capital Management LLC acquired a new position in shares of Allogene Therapeutics during the fourth quarter worth about $3,488,000. Patient Square Capital LP increased its stake 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 worth $6,800,000 after acquiring an additional 1,982,360 shares during the period. Millennium Management LLC increased its stake 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 worth $4,204,000 after acquiring an additional 1,887,302 shares during the period. Finally, Two Sigma Investments LP increased its stake in shares of Allogene Therapeutics by 109.7% during the third quarter. Two Sigma Investments LP now owns 3,383,644 shares of the company's stock worth $4,196,000 after acquiring an additional 1,770,419 shares during the period. 83.63% of the stock is currently owned by institutional investors and hedge funds.

Allogene Therapeutics Price Performance

The business's 50 day moving average price is $2.31 and its 200-day moving average price is $1.72. The firm has a market capitalization of $600.92 million, a price-to-earnings ratio of -2.86 and a beta of 0.53.

Allogene Therapeutics (NASDAQ:ALLO - Get Free Report) last issued its quarterly earnings results on Thursday, March 12th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.25) by $0.08. As a group, analysts expect that Allogene Therapeutics, Inc. will post -1.28 earnings per share for the current fiscal year.

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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