Primecap Management Co. CA Purchases New Position in Allogene Therapeutics, Inc. $ALLO

Key Points

• Primecap Management acquired 13.1 million shares of Allogene Therapeutics in the second quarter, worth approximately $27.3 million and representing a 3.8% stake. Institutional investors collectively own 83.63% of the company.
• Analyst sentiment remains generally positive, with a consensus “Moderate Buy” rating and an average price target of $8.30, despite one recent downgrade and the stock’s $2.04 opening price.
• Allogene reported a quarterly loss of $0.13 per share, beating estimates of $0.17, while revenue reached $4.64 million. The clinical-stage biotech is developing “off-the-shelf” CAR T-cell therapies for cancers.

Primecap Management Co. CA purchased a new position in Allogene Therapeutics, Inc. (NASDAQ:ALLO - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 13,123,440 shares of the company's stock, valued at approximately $27,297,000. Primecap Management Co. CA owned approximately 3.80% of Allogene Therapeutics at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new stake in shares of Allogene Therapeutics in the 2nd quarter valued at approximately $62,706,000. Goldman Sachs Group Inc. increased its position in shares of Allogene Therapeutics by 177.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,853,974 shares of the company's stock valued at $8,547,000 after purchasing an additional 3,747,397 shares during the last quarter. Walleye Capital LLC bought a new position in shares of Allogene Therapeutics during the 2nd quarter valued at approximately $6,797,000. Kalehua Capital Management LLC purchased a new stake in Allogene Therapeutics during the 4th quarter valued at $3,488,000. Finally, Patient Square Capital LP raised its holdings in Allogene Therapeutics by 66.5% during the 4th 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 during the period. 83.63% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

ALLO has been the topic of a number of analyst reports. Citizens Jmp reiterated a "market outperform" rating and set a $6.00 price objective on shares of Allogene Therapeutics in a research report on Monday, August 17th. Weiss Ratings lowered shares of Allogene Therapeutics from a "sell (d-)" rating to a "sell (e+)" rating in a report on Wednesday, August 12th. One investment 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's stock. According to MarketBeat, Allogene Therapeutics has a consensus rating of "Moderate Buy" and a consensus target price of $8.30.

Insider Activity at Allogene Therapeutics

In other news, SVP Earl Martin Douglas sold 29,697 shares of the business's 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 owned 488,267 shares in the company, valued at approximately $1,035,126.04. The trade was a 5.73% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed 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.

Allogene Therapeutics Trading Down 6.0%

Shares of Allogene Therapeutics stock opened at $2.04 on Thursday. The stock's fifty day moving average price is $1.99 and its 200-day moving average price is $2.14. The firm has a market cap of $704.80 million, a P/E ratio of -3.04 and a beta of 0.48. Allogene Therapeutics, Inc. has a 12 month low of $1.04 and a 12 month 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) earnings per share for the quarter, topping analysts' consensus estimates 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. Analysts forecast that Allogene Therapeutics, Inc. will post -0.59 earnings per share 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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