3,187,320 Shares of Allogene Therapeutics, Inc. $ALLO Acquired by Bank of America Corp DE

Key Points

• Bank of America acquired 3.19 million shares of Allogene Therapeutics in the second quarter, worth approximately $6.63 million and representing a 0.92% stake. Institutional investors collectively own 83.63% of the company.
• Analysts maintain a generally positive outlook, with Allogene receiving a “Moderate Buy” consensus rating and an average price target of $8.30, substantially above its recent $1.65 share price.
• Allogene reported a quarterly loss of $0.13 per share, beating estimates of a $0.17 loss, while revenue reached $4.64 million. The clinical-stage biotech is developing off-the-shelf CAR T-cell therapies for cancer treatment.

Bank of America Corp DE bought a new position in shares of Allogene Therapeutics, Inc. (NASDAQ:ALLO - Free Report) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 3,187,320 shares of the company's stock, valued at approximately $6,630,000. Bank of America Corp DE owned 0.92% of Allogene Therapeutics as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of ALLO. Man Group plc bought a new position in shares of Allogene Therapeutics in the second quarter worth $1,460,000. Hsbc Holdings PLC purchased a new position in shares of Allogene Therapeutics in the second quarter valued at $557,000. Primecap Management Co. CA bought a new stake in shares of Allogene Therapeutics during the 2nd quarter valued at $27,297,000. Canada Pension Plan Investment Board bought a new stake in shares of Allogene Therapeutics during the 2nd quarter valued at $240,000. Finally, Legal & General Group Plc purchased a new stake in Allogene Therapeutics during the 2nd quarter worth about $54,000. Hedge funds and other institutional investors own 83.63% of the company's stock.

Insider Activity at Allogene Therapeutics

In other news, SVP Earl Douglas sold 29,697 shares of the stock in a transaction on Friday, August 21st. The shares were sold at an average price of $2.12, for a total value of $62,957.64. Following the transaction, the senior vice president 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 13.20% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Weiss Ratings raised Allogene Therapeutics from a "sell (e+)" rating to a "sell (d-)" rating in a report on Tuesday, September 22nd. Citizens Jmp reissued a "market outperform" rating and issued a $6.00 price target on shares of Allogene Therapeutics in a report on Monday, August 17th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $8.30.

Allogene Therapeutics Price Performance

Shares of NASDAQ ALLO opened at $1.65 on Monday. The firm has a market capitalization of $570.06 million, a P/E ratio of -2.46 and a beta of 0.47. The stock's 50-day simple moving average is $1.90 and its two-hundred day simple moving average is $2.09. Allogene Therapeutics, Inc. has a twelve month low of $1.04 and a twelve month high of $4.46.

Allogene Therapeutics (NASDAQ:ALLO - Get Free Report) last released its quarterly earnings results on Wednesday, August 12th. The company reported ($0.13) earnings per share for the quarter, beating the consensus estimate of ($0.17) by $0.04. The business had revenue of $4.64 million during the quarter, compared to analysts' expectations of $0.00 million. As a group, research analysts anticipate that Allogene Therapeutics, Inc. will post -0.59 EPS for the current fiscal year.

Allogene Therapeutics Profile

Allogene Therapeutics, Inc is a clinical-stage biotechnology company focused on developing “off-the-shelf” allogeneic CAR T-cell therapies for the treatment of cancer. Unlike autologous CAR T treatments, which are manufactured from an individual patient's own cells, Allogene's therapies are designed to use T cells collected from healthy donors, potentially supporting more standardized manufacturing and broader patient access.

The company's investigational pipeline includes cemacabtagene ansegedleucel (cema-cel, formerly ALLO-501A), an anti-CD19 CAR T-cell therapy being evaluated in B-cell malignancies, and ALLO-715, an anti-BCMA CAR T-cell therapy being studied for multiple myeloma.

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