Mitsubishi UFJ Asset Management Co. Ltd. Purchases New Position in Allogene Therapeutics, Inc. $ALLO

Key Points

• Mitsubishi UFJ Asset Management acquired 547,189 Allogene Therapeutics shares worth approximately $1.14 million, while institutional investors and hedge funds collectively own 83.63% of the company.
• Analyst sentiment remains favorable, with a consensus rating of “Moderate Buy” and an average price target of $8.30, despite one firm downgrading the stock to “sell.”
• Allogene reported a quarterly loss of $0.13 per share, beating estimates for a $0.17 loss, and generated $4.64 million in revenue; ALLO opened at $2.09, within a 52-week range of $1.04 to $4.46.

Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Allogene Therapeutics, Inc. (NASDAQ:ALLO - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 547,189 shares of the company's stock, valued at approximately $1,138,000. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.16% of Allogene Therapeutics as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Bank of New York Mellon Corp acquired a new stake in shares of Allogene Therapeutics in the second quarter valued at about $1,513,000. State of Wyoming bought a new stake in shares of Allogene Therapeutics during the second quarter valued at approximately $70,000. GSA Capital Partners LLP acquired a new position in shares of Allogene Therapeutics in the 2nd quarter valued at $594,000. Walleye Capital LLC acquired a new position in Allogene Therapeutics in the second quarter worth about $6,797,000. Finally, Hennion & Walsh Asset Management Inc. acquired a new position in shares of Allogene Therapeutics in the 2nd quarter worth approximately $1,504,000. Institutional investors and hedge funds own 83.63% of the company's stock.

Analysts Set New Price Targets

A number of research firms have commented on ALLO. Weiss Ratings lowered Allogene Therapeutics from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Wednesday, August 12th. Citizens Jmp reissued a "market outperform" rating and issued a $6.00 target price on shares of Allogene Therapeutics in a research note on Monday, August 17th. One 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 given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $8.30.

Allogene Therapeutics Price Performance

ALLO stock opened at $2.09 on Friday. Allogene Therapeutics, Inc. has a fifty-two week low of $1.04 and a fifty-two week high of $4.46. The business has a 50-day moving average of $1.98 and a 200-day moving average of $2.14. The stock has a market capitalization of $722.07 million, a P/E ratio of -3.12 and a beta of 0.48.

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