30,146,963 Shares in Allogene Therapeutics, Inc. $ALLO Purchased by BlackRock Inc.

Key Points

• BlackRock acquired 30.15 million shares of Allogene Therapeutics in the second quarter, worth approximately $62.7 million and representing an 8.73% stake. Institutional investors collectively own 83.63% of the company.
• Allogene shares opened at $2.02, with a market capitalization of about $697.9 million, while the stock has traded between $1.04 and $4.46 over the past year.
• The company exceeded quarterly earnings expectations, reporting a loss of $0.13 per share versus the projected $0.17 loss. Analysts maintain a “Moderate Buy” consensus with an average price target of $8.30.

BlackRock Inc. purchased a new position in Allogene Therapeutics, Inc. (NASDAQ:ALLO - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 30,146,963 shares of the company's stock, valued at approximately $62,706,000. BlackRock Inc. owned 8.73% of Allogene Therapeutics as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in ALLO. Kestra Private Wealth Services LLC purchased a new position in shares of Allogene Therapeutics during the first quarter valued at about $27,000. Pallas Capital Advisors LLC bought a new stake in Allogene Therapeutics during the 2nd quarter valued at approximately $25,000. Bull Harbor Capital LLC bought a new stake in Allogene Therapeutics during the 1st quarter valued at approximately $31,000. Krilogy Financial LLC purchased a new position in shares of Allogene Therapeutics during the 1st quarter worth approximately $40,000. Finally, Essential Partners LLC raised its position in shares of Allogene Therapeutics by 525.9% in the 1st quarter. Essential Partners LLC now owns 19,410 shares of the company's stock worth $47,000 after acquiring an additional 16,309 shares in the last quarter. Institutional investors own 83.63% of the company's stock.

Allogene Therapeutics Price Performance

Shares of Allogene Therapeutics stock opened at $2.02 on Monday. The company has a market capitalization of $697.89 million, a price-to-earnings ratio of -3.01 and a beta of 0.48. The stock's 50-day simple moving average is $1.99 and its 200-day simple moving average is $2.15. Allogene Therapeutics, Inc. has a 52 week low of $1.04 and a 52 week high of $4.46.

Allogene Therapeutics (NASDAQ:ALLO - Get Free Report) last released its quarterly earnings data on Wednesday, August 12th. The company reported ($0.13) EPS for the quarter, beating the consensus estimate of ($0.17) by $0.04. The company had revenue of $4.64 million for the quarter, compared to the consensus estimate of $0.00 million. On average, equities analysts expect that Allogene Therapeutics, Inc. will post -0.59 earnings per share for the current year.

Insider Buying and Selling at Allogene Therapeutics

In related news, SVP Earl Martin Douglas sold 29,697 shares of the stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $2.12, for a total value of $62,957.64. Following the sale, the senior vice president directly owned 488,267 shares of the company's stock, valued at $1,035,126.04. This represents a 5.73% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 13.20% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on ALLO. Weiss Ratings upgraded Allogene Therapeutics from a "sell (e+)" rating to a "sell (d-)" rating in a report on Wednesday. Citizens Jmp reissued a "market outperform" rating and set a $6.00 price objective on shares of Allogene Therapeutics in a research report on Monday, August 17th. One equities research 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 given a Sell rating to the stock. According to MarketBeat, Allogene Therapeutics presently has a consensus rating of "Moderate Buy" and an average target price of $8.30.

Allogene Therapeutics 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.

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