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

Key Points

• Bank of America more than doubled its Allogene Therapeutics stake in the first quarter, acquiring 1.13 million additional shares for a total of 2.13 million, or 0.87% of the company. Institutional investors and hedge funds collectively own 83.63% of ALLO.
• Other major investors, including Goldman Sachs, Patient Square Capital, Millennium Management and Two Sigma, also increased their positions. An Allogene senior vice president sold shares to cover tax obligations related to vested equity awards.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an $8.30 price target, while ALLO recently reported a quarterly loss of $0.13 per share—better than the expected $0.17 loss—and $4.64 million in revenue.

Bank of America Corp DE lifted its position in shares of Allogene Therapeutics, Inc. (NASDAQ:ALLO - Free Report) by 111.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,134,473 shares of the company's stock after acquiring an additional 1,127,145 shares during the quarter. Bank of America Corp DE owned 0.87% of Allogene Therapeutics worth $5,208,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of ALLO. Goldman Sachs Group Inc. raised 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 worth $8,547,000 after purchasing an additional 3,747,397 shares during the period. Kalehua Capital Management LLC acquired a new stake in Allogene Therapeutics in the fourth quarter valued at approximately $3,488,000. Patient Square Capital LP increased its position in shares of Allogene Therapeutics by 66.5% in the fourth quarter. Patient Square Capital LP now owns 4,963,756 shares of the company's stock valued at $6,800,000 after buying an additional 1,982,360 shares in the last quarter. Millennium Management LLC increased its position 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 valued at $4,204,000 after buying an additional 1,887,302 shares in the last quarter. Finally, Two Sigma Investments LP raised its stake in shares of Allogene Therapeutics by 109.7% during the 3rd quarter. Two Sigma Investments LP now owns 3,383,644 shares of the company's stock worth $4,196,000 after buying an additional 1,770,419 shares during the period. 83.63% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Allogene Therapeutics

In other 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 completion of the sale, the senior vice president directly owned 488,267 shares in the company, valued at $1,035,126.04. This represents a 5.73% decrease in their ownership of the stock. 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 company insiders.

Analysts Set New Price Targets

ALLO has been the topic of a number of research analyst reports. Citizens Jmp reissued a "market outperform" rating and issued a $6.00 price target on shares of Allogene Therapeutics in a research note on Monday, August 17th. Weiss Ratings cut shares of Allogene Therapeutics from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Wednesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $8.30.

Allogene Therapeutics Price Performance

NASDAQ ALLO opened at $2.09 on Friday. The stock's 50 day simple moving average is $1.99 and its 200-day simple moving average is $2.15. The company has a market cap of $722.07 million, a PE ratio of -3.12 and a beta of 0.48. Allogene Therapeutics, Inc. has a 1-year low of $1.04 and a 1-year high of $4.46.

Allogene Therapeutics (NASDAQ:ALLO - Get Free Report) last issued its quarterly earnings results on Wednesday, August 12th. The company reported ($0.13) EPS for the quarter, topping the consensus estimate of ($0.17) by $0.04. The firm had revenue of $4.64 million for the quarter, compared to analysts' expectations of $0.00 million. On average, equities research analysts anticipate that Allogene Therapeutics, Inc. will post -0.59 EPS for the current fiscal year.

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.

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