Wall Street Zen Upgrades Allogene Therapeutics (NASDAQ:ALLO) to Hold

Key Points

• Allogene Therapeutics (NASDAQ: ALLO) was upgraded from a "sell" rating to a "hold" rating by Wall Street Zen, indicating a more favorable view on the stock's performance.
• Several brokerages have adjusted their target prices for Allogene, with estimates dropping significantly, including Citigroup reducing their price target from $8.00 to $4.00.
• The company reported a quarterly earnings per share of ($0.23), outperforming analysts' expectations of ($0.28), suggesting improved financial performance.

Wall Street Zen upgraded shares of Allogene Therapeutics (NASDAQ:ALLO - Free Report) from a sell rating to a hold rating in a research report released on Saturday morning.

A number of other research firms have also recently commented on ALLO. Citigroup lowered their price target on Allogene Therapeutics from $8.00 to $4.00 and set a "buy" rating on the stock in a report on Thursday, May 15th. Royal Bank Of Canada reissued an "outperform" rating and issued a $10.00 target price on shares of Allogene Therapeutics in a report on Wednesday, May 14th. Oppenheimer cut their target price on shares of Allogene Therapeutics from $10.00 to $9.00 and set an "outperform" rating for the company in a research note on Wednesday, May 14th. JMP Securities reiterated a "market perform" rating on shares of Allogene Therapeutics in a research report on Monday, August 4th. Finally, Piper Sandler lowered their target price on Allogene Therapeutics from $9.00 to $7.00 and set an "overweight" rating for the company in a research report on Wednesday, May 14th. Nine analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $8.44.

Allogene Therapeutics Stock Down 0.9%

NASDAQ:ALLO traded down $0.01 during mid-day trading on Friday, hitting $1.11. 2,647,120 shares of the company traded hands, compared to its average volume of 4,147,149. The stock's fifty day moving average price is $1.19 and its 200-day moving average price is $1.41. The firm has a market cap of $246.29 million, a price-to-earnings ratio of -1.00 and a beta of 0.36. Allogene Therapeutics has a one year low of $0.86 and a one year high of $3.78.

Allogene Therapeutics (NASDAQ:ALLO - Get Free Report) last announced its quarterly earnings data on Wednesday, August 13th. The company reported ($0.23) EPS for the quarter, beating the consensus estimate of ($0.28) by $0.05. Equities analysts predict that Allogene Therapeutics will post -1.28 EPS for the current year.

Institutional Trading of Allogene Therapeutics

A number of hedge funds have recently bought and sold shares of the stock. Two Sigma Advisers LP lifted its position in shares of Allogene Therapeutics by 12.1% during the fourth quarter. Two Sigma Advisers LP now owns 2,702,200 shares of the company's stock valued at $5,756,000 after buying an additional 291,800 shares during the last quarter. Hsbc Holdings PLC boosted its stake in Allogene Therapeutics by 32.0% in the fourth quarter. Hsbc Holdings PLC now owns 69,155 shares of the company's stock valued at $147,000 after acquiring an additional 16,768 shares in the last quarter. DAFNA Capital Management LLC grew its holdings in Allogene Therapeutics by 18.1% in the fourth quarter. DAFNA Capital Management LLC now owns 1,240,118 shares of the company's stock worth $2,641,000 after purchasing an additional 190,000 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Allogene Therapeutics by 23.6% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 305,895 shares of the company's stock worth $651,000 after purchasing an additional 58,331 shares in the last quarter. Finally, Raiffeisen Bank International AG purchased a new stake in Allogene Therapeutics in the fourth quarter valued at about $903,000. Hedge funds and other institutional investors own 83.63% of the company's stock.

About Allogene Therapeutics

Allogene Therapeutics, Inc, a clinical stage immuno-oncology company, develops and commercializes genetically engineered allogeneic T cell therapies for the treatment of cancer. It develops, manufactures, and commercializes UCART19, an allogeneic chimeric antigen receptor (CAR) T cell product candidate for the treatment of pediatric and adult patients with R/R CD19 positive B-cell acute lymphoblastic leukemia (ALL).