Allogene Therapeutics (NASDAQ:ALLO) Upgraded to "Neutral" at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase upgraded Allogene Therapeutics from "underweight" to "neutral," reflecting a less negative near‑term view from a major sell‑side firm.
• Several analysts raised price targets this week (Jefferies to $10, HC Wainwright to $12), leaving the stock with an average rating of Moderate Buy and an average target price of $8.44.
• Allogene priced a large public offering of 87.5 million shares at $2.00 to raise about $175M, a move that created meaningful near‑term dilution risk and prompted an intra‑session stock slide of roughly 13%.

Allogene Therapeutics (NASDAQ:ALLO - Get Free Report) was upgraded by equities research analysts at JPMorgan Chase & Co. from an "underweight" rating to a "neutral" rating in a research note issued to investors on Thursday, MarketBeat reports.

Other research analysts also recently issued research reports about the company. Jefferies Financial Group increased their target price on Allogene Therapeutics from $6.00 to $10.00 and gave the company a "buy" rating in a report on Monday. HC Wainwright boosted their price target on Allogene Therapeutics from $8.00 to $12.00 and gave the company a "buy" rating in a research note on Tuesday. UBS Group assumed coverage on shares of Allogene Therapeutics in a research note on Wednesday, January 7th. They issued a "buy" rating and a $8.00 price objective on the stock. Citigroup reissued an "outperform" rating on shares of Allogene Therapeutics in a report on Tuesday. Finally, Piper Sandler upped their target price on shares of Allogene Therapeutics from $7.00 to $8.00 and gave the company an "overweight" rating in a report on Friday, March 13th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $8.44.

Allogene Therapeutics Trading Down 4.8%

Shares of ALLO stock opened at $2.17 on Thursday. Allogene Therapeutics has a 12-month low of $0.86 and a 12-month high of $4.46. The stock has a market capitalization of $529.00 million, a P/E ratio of -2.49 and a beta of 0.53. The firm's 50 day moving average is $2.31 and its 200 day moving average is $1.72.

Allogene Therapeutics (NASDAQ:ALLO - Get Free Report) last announced its earnings results on Thursday, March 12th. The company reported ($0.17) earnings per share for the quarter, beating analysts' consensus estimates of ($0.25) by $0.08. As a group, equities 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 stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $1.77, for a total value of $63,189.00. Following the completion of the sale, the executive vice president owned 581,166 shares in the company, valued at approximately $1,028,663.82. This represents a 5.79% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Earl Martin Douglas sold 22,900 shares of the firm's stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $1.76, for a total value of $40,304.00. Following the sale, the senior vice president directly owned 564,948 shares in the company, valued at approximately $994,308.48. This represents a 3.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 278,452 shares of company stock worth $534,053. Corporate insiders own 13.20% of the company's stock.

Hedge Funds Weigh In On Allogene Therapeutics

Several institutional investors have recently bought and sold shares of ALLO. Goldman Sachs Group Inc. increased its holdings in Allogene Therapeutics by 177.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 5,853,974 shares of the company's stock valued at $8,547,000 after acquiring an additional 3,747,397 shares during the last quarter. Kalehua Capital Management LLC bought a new position in shares of Allogene Therapeutics during the 4th quarter valued at about $3,488,000. Patient Square Capital LP grew its position 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 valued at $6,800,000 after purchasing an additional 1,982,360 shares in the last quarter. Millennium Management LLC increased its holdings in shares of Allogene Therapeutics by 125.6% in the third quarter. Millennium Management LLC now owns 3,390,026 shares of the company's stock worth $4,204,000 after purchasing an additional 1,887,302 shares during the last quarter. Finally, Two Sigma Investments LP increased its holdings in shares of Allogene Therapeutics by 109.7% in the third quarter. Two Sigma Investments LP now owns 3,383,644 shares of the company's stock worth $4,196,000 after purchasing an additional 1,770,419 shares during the last quarter. 83.63% of the stock is owned by hedge funds and other institutional investors.

Key Stories Impacting Allogene Therapeutics

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

• Positive Sentiment: HC Wainwright raised near‑term EPS forecasts across Q1–Q4 2026 and materially cut its FY2026 loss view (from ~($1.01) to ($0.66)), while maintaining a "Buy" rating and a $12 price target — a constructive analyst view that supports upside potential for the story and valuation.
• Positive Sentiment: Allogene published preclinical ALLO‑329 data in Nature Communications (supports the company’s autoimmune program and broader pipeline optionality). Allogene Announces Nature Communications Publication
• Positive Sentiment: Clinical readouts: ALPHA3 cema‑cel data showing strong MRD clearance and safety have been highlighted by coverage (supporting the therapeutic runway for first‑line LBCL). ALLO Rises on Strong MRD Clearance in ALPHA3
• Positive Sentiment: Multiple firms lifted price targets this week (Jefferies to $10, Baird to $9, Citizens to $8 and others), reflecting improving sell‑side sentiment and potential upside if clinical and financing risks ease.
• Neutral Sentiment: Options activity is mixed: there was an unusual spike in put volume (4,437 puts) and also reported large call activity on some days — signals of hedging and heightened trader interest but ambiguous directional intent.
• Negative Sentiment: Allogene priced a large public offering of 87.5 million shares at $2.00 per share to raise roughly $175M (underwriters have a 30‑day option for ~13.1M additional shares). The size and low price of the offering create meaningful near‑term dilution risk and are a primary near‑term negative driver for the stock. Allogene Announces Pricing of Public Offering
• Negative Sentiment: Market reaction: coverage noted a ~13% intra‑session slide tied to the equity raise and related dilution concerns — the financing appears to be the dominant reason for today's weakness. Allogene Down After Equity Raise
• Negative Sentiment: Insider selling has been reported over the past six months (multiple sales by senior executives), which can heighten investor concern about share supply and executive conviction.

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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