Frazier Life Sciences Management L.P. Acquires 18,650,000 Shares of Allogene Therapeutics, Inc. $ALLO

Key Points

• Frazier Life Sciences Management increased its Allogene Therapeutics stake by 18.65 million shares, a 491.2% jump, bringing its ownership to 22.45 million shares, or 6.5% of the company.
• Institutional investors own 83.63% of Allogene, while the stock recently traded at $1.97 with a market capitalization of approximately $680.6 million. The company reported a quarterly loss of $0.13 per share, better than analyst expectations.
• Analysts maintain a consensus “Moderate Buy” rating with an $8.30 price target, substantially above the current share price, although Allogene remains a clinical-stage biotechnology company expected to post a full-year loss.

Frazier Life Sciences Management L.P. boosted its stake in shares of Allogene Therapeutics, Inc. (NASDAQ:ALLO - Free Report) by 491.2% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 22,446,668 shares of the company's stock after acquiring an additional 18,650,000 shares during the quarter. Allogene Therapeutics comprises about 1.0% of Frazier Life Sciences Management L.P.'s investment portfolio, making the stock its 21st biggest position. Frazier Life Sciences Management L.P. owned 6.50% of Allogene Therapeutics worth $46,689,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in ALLO. Pallas Capital Advisors LLC bought a new stake in Allogene Therapeutics in the second quarter worth $25,000. Russell Investments Group Ltd. boosted its stake in shares of Allogene Therapeutics by 11,159.8% during the 3rd quarter. Russell Investments Group Ltd. now owns 21,844 shares of the company's stock worth $27,000 after purchasing an additional 21,650 shares during the period. Kestra Private Wealth Services LLC purchased a new position in shares of Allogene Therapeutics during the 1st quarter worth about $27,000. GTS Securities LLC bought a new position in Allogene Therapeutics during the 2nd quarter valued at about $27,000. Finally, Mercer Global Advisors Inc. ADV purchased a new stake in Allogene Therapeutics in the 3rd quarter worth about $30,000. 83.63% of the stock is currently owned by hedge funds and other institutional investors.

Allogene Therapeutics Price Performance

Allogene Therapeutics stock opened at $1.97 on Monday. The stock has a market cap of $680.62 million, a price-to-earnings ratio of -2.94 and a beta of 0.47. Allogene Therapeutics, Inc. has a 1 year low of $1.04 and a 1 year high of $4.46. The firm has a 50-day moving average of $1.98 and a two-hundred day moving average of $2.16.

Allogene Therapeutics (NASDAQ:ALLO - Get Free Report) last issued its earnings results on Wednesday, August 12th. The company reported ($0.13) EPS for the quarter, topping analysts' consensus estimates of ($0.17) by $0.04. The company had revenue of $4.64 million for the quarter, compared to analysts' expectations of $0.00 million. Research analysts expect that Allogene Therapeutics, Inc. will post -0.59 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts have issued reports on ALLO shares. Citizens Jmp reissued a "market outperform" rating and issued a $6.00 price objective on shares of Allogene Therapeutics in a research note on Monday, August 17th. Weiss Ratings upgraded Allogene Therapeutics from a "sell (e+)" rating to a "sell (d-)" rating in a report on Wednesday, August 26th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $8.30.

Insiders Place Their Bets

In other news, SVP Earl Douglas sold 29,697 shares of the stock in a transaction on Friday, August 21st. The stock was sold at an average price of $2.12, for a total transaction of $62,957.64. Following the transaction, the senior vice president owned 488,267 shares of the company's stock, valued at approximately $1,035,126.04. This represents a 5.73% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 13.20% of the stock is currently owned by company insiders.

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.

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