Citizens Jmp Reaffirms "Market Outperform" Rating for Allogene Therapeutics (NASDAQ:ALLO)

Key Points

• Citizens JMP reaffirmed its “Market Outperform” rating on Allogene Therapeutics and set a $6.00 price target, implying approximately 193% upside from the stock’s $2.05 price.
• Analyst sentiment remains broadly positive, with a consensus rating of “Moderate Buy” and an average target price of $8.30, despite Weiss Ratings downgrading the stock to “Sell (E+).”
• Allogene reported quarterly loss per share of $0.13, beating estimates of $0.17, and revenue of $4.64 million; institutional investors own 83.63% of the company.

Allogene Therapeutics (NASDAQ:ALLO - Get Free Report)'s stock had its "market outperform" rating reaffirmed by investment analysts at Citizens Jmp in a research note issued on Monday,Benzinga reports. They presently have a $6.00 price target on the stock. Citizens Jmp's price objective would suggest a potential upside of 192.68% from the stock's current price.

Separately, Weiss Ratings cut shares of Allogene Therapeutics from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Wednesday. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, three have assigned a Hold rating and one has issued 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 target price of $8.30.

Allogene Therapeutics Price Performance

ALLO stock opened at $2.05 on Monday. Allogene Therapeutics has a 12-month low of $1.03 and a 12-month high of $4.46. The firm has a market cap of $707.56 million, a PE ratio of -3.06 and a beta of 0.48. The business has a 50 day moving average of $1.96 and a 200-day moving average of $2.12.

Allogene Therapeutics (NASDAQ:ALLO - Get Free Report) last issued its quarterly earnings results on Wednesday, August 12th. The company reported ($0.13) earnings per share for the quarter, topping analysts' consensus estimates of ($0.17) by $0.04. The company had revenue of $4.64 million during the quarter, compared to analysts' expectations of $0.00 million. On average, research analysts expect that Allogene Therapeutics will post -0.65 earnings per share for the current year.

Institutional Investors Weigh In On Allogene Therapeutics

Large investors have recently made changes to their positions in the business. AQR Capital Management LLC bought a new position in Allogene Therapeutics in the first quarter worth $85,000. Goldman Sachs Group Inc. boosted its stake in shares of Allogene Therapeutics by 177.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,853,974 shares of the company's stock worth $8,547,000 after acquiring an additional 3,747,397 shares during the last quarter. Jane Street Group LLC grew its stake in shares of Allogene Therapeutics by 578.7% during the 1st quarter. Jane Street Group LLC now owns 1,116,681 shares of the company's stock valued at $1,630,000 after acquiring an additional 952,158 shares during the period. Geode Capital Management LLC lifted its stake in shares of Allogene Therapeutics by 13.0% during the 2nd quarter. Geode Capital Management LLC now owns 3,794,827 shares of the company's stock valued at $4,289,000 after buying an additional 435,389 shares in the last quarter. Finally, Rhumbline Advisers lifted its stake in shares of Allogene Therapeutics by 14.0% during the 2nd quarter. Rhumbline Advisers now owns 209,336 shares of the company's stock valued at $237,000 after buying an additional 25,628 shares in the last quarter. 83.63% of the stock is currently owned by institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source