Allogene Therapeutics (NASDAQ:ALLO) Shares Down 4.8% on Insider Selling

Key Points

• Allogene Therapeutics shares fell 4.8% to about $2.07 after SVP Earl Martin Douglas sold 29,697 shares for roughly $62,958. The sale was made to cover tax withholding tied to vested equity awards.
• Analyst sentiment remains generally positive, with a consensus “Moderate Buy” rating and an $8.30 price target, despite one recent downgrade and the stock’s substantial decline.
• The company exceeded quarterly EPS expectations, reporting a loss of $0.13 per share versus the anticipated $0.17 loss, while institutional investors own approximately 83.63% of the stock.

Allogene Therapeutics, Inc. (NASDAQ:ALLO - Get Free Report)'s share price was down 4.8% on Wednesday after an insider sold shares in the company. The company traded as low as $2.08 and last traded at $2.0650. 585,373 shares changed hands during trading, a decline of 93% from the average session volume of 8,033,539 shares. The stock had previously closed at $2.17.

Specifically, SVP Earl Martin Douglas sold 29,697 shares of the firm's stock in a transaction on Friday, August 21st. The stock was sold at an average price of $2.12, for a total value of $62,957.64. Following the completion of the transaction, the senior vice president directly owned 488,267 shares of the company's stock, valued at $1,035,126.04. This trade represents a 5.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Analyst Ratings Changes

A number of analysts recently issued reports on ALLO shares. Citizens Jmp reissued a "market outperform" rating and set a $6.00 price objective on shares of Allogene Therapeutics in a report on Monday, August 17th. Weiss Ratings lowered Allogene Therapeutics from a "sell (d-)" rating to a "sell (e+)" rating in a report on Wednesday, August 12th. One 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 given a Sell rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $8.30.

Allogene Therapeutics Stock Down 4.8%

The company has a market cap of $713.44 million, a PE ratio of -3.08 and a beta of 0.48. The stock has a 50-day moving average of $1.99 and a 200-day moving average of $2.14.

Allogene Therapeutics (NASDAQ:ALLO - Get Free Report) last posted its 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 business 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 EPS for the current year.

Institutional Investors Weigh In On Allogene Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the stock. Kestra Private Wealth Services LLC bought a new position in shares of Allogene Therapeutics in the 1st quarter worth $27,000. Pallas Capital Advisors LLC purchased a new position in Allogene Therapeutics in the second quarter worth $25,000. Bull Harbor Capital LLC purchased a new position in Allogene Therapeutics in the first quarter worth $31,000. GTS Securities LLC bought a new position in Allogene Therapeutics in the second quarter valued at $27,000. Finally, Krilogy Financial LLC bought a new position in Allogene Therapeutics in the first quarter valued at $40,000. 83.63% of the stock is owned by hedge funds and other institutional investors.

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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