Allogene Therapeutics (NASDAQ:ALLO) Upgraded at Truist Financial

Key Points

• Truist Financial upgraded Allogene Therapeutics to a strong-buy, and other analysts are mostly positive with a consensus rating of Moderate Buy and an average price target of $8.56.
• ALLO opened at $2.33 (1‑year range $0.86–$2.80) with a market cap of $568M; the company reported quarterly EPS of ($0.17) beating the ($0.25) estimate, while analysts expect -1.28 EPS for the year.
• Insiders sold 275,585 shares over the last quarter, and institutional investors now own 83.63% of the company’s stock.

Allogene Therapeutics (NASDAQ:ALLO - Get Free Report) was upgraded by equities researchers at Truist Financial to a "strong-buy" rating in a research note issued on Wednesday,Zacks.com reports.

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

Allogene Therapeutics Stock Performance

Shares of ALLO stock opened at $2.33 on Wednesday. Allogene Therapeutics has a 1 year low of $0.86 and a 1 year high of $2.80. The business's fifty day moving average is $2.05 and its 200-day moving average is $1.57. The stock has a market cap of $568.01 million, a PE ratio of -2.68 and a beta of 0.50.

Allogene Therapeutics (NASDAQ:ALLO - Get Free Report) last announced its quarterly earnings data on Thursday, March 12th. The company reported ($0.17) earnings per share for the quarter, beating the consensus estimate of ($0.25) by $0.08. Equities research analysts predict that Allogene Therapeutics will post -1.28 earnings per share for the current year.

Insider Buying and Selling

In other Allogene Therapeutics news, EVP Zachary Roberts sold 35,700 shares of the firm's stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $1.77, for a total value of $63,189.00. Following the completion of the transaction, the executive vice president directly owned 581,166 shares in the company, valued at $1,028,663.82. This trade represents a 5.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP Earl Martin Douglas sold 22,900 shares of Allogene Therapeutics stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $1.76, for a total transaction of $40,304.00. Following the completion of the transaction, the senior vice president directly owned 564,948 shares in the company, valued at approximately $994,308.48. This trade represents a 3.90% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 275,585 shares of company stock worth $526,886. Company insiders own 13.20% of the company's stock.

Hedge Funds Weigh In On Allogene Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Hsbc Holdings PLC raised its stake in Allogene Therapeutics by 57.5% during the 4th quarter. Hsbc Holdings PLC now owns 148,136 shares of the company's stock valued at $199,000 after purchasing an additional 54,071 shares during the period. Caitong International Asset Management Co. Ltd boosted its position in shares of Allogene Therapeutics by 84.4% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 44,334 shares of the company's stock worth $61,000 after buying an additional 20,287 shares during the period. Virtu Financial LLC grew its holdings in shares of Allogene Therapeutics by 55.9% during the fourth quarter. Virtu Financial LLC now owns 42,351 shares of the company's stock valued at $58,000 after buying an additional 15,178 shares in the last quarter. Invesco Ltd. grew its holdings in shares of Allogene Therapeutics by 16.1% during the fourth quarter. Invesco Ltd. now owns 609,807 shares of the company's stock valued at $835,000 after buying an additional 84,494 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV raised its position in Allogene Therapeutics by 23.0% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 29,512 shares of the company's stock valued at $40,000 after buying an additional 5,514 shares during the period. Institutional investors and hedge funds own 83.63% of the company's stock.

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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