Allogene Therapeutics (NASDAQ:ALLO) Trading 5.2% Higher - Here's Why

Key Points

• Allogene Therapeutics shares rose 5.2% to approximately $2.14 in midday trading, although volume was down 96% from the stock’s average session volume.
• Analysts maintain a generally positive outlook, with the stock carrying a consensus “Moderate Buy” rating and an average price target of $8.30, well above its current price.
• The company reported a quarterly loss of $0.13 per share, beating expectations for a $0.17 loss, while institutional investors own approximately 83.63% of outstanding shares.

Allogene Therapeutics, Inc. (NASDAQ:ALLO - Get Free Report)'s share price traded up 5.2% on Tuesday . The stock traded as high as $2.16 and last traded at $2.1350. Approximately 353,815 shares were traded during mid-day trading, a decline of 96% from the average session volume of 8,044,605 shares. The stock had previously closed at $2.03.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Weiss Ratings cut 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 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 stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $8.30.

Allogene Therapeutics Price Performance

The firm's 50 day moving average is $1.98 and its 200 day moving average is $2.14. The company has a market capitalization of $741.08 million, a PE ratio of -3.20 and a beta of 0.48.

Allogene Therapeutics (NASDAQ:ALLO - Get Free Report) last announced its quarterly earnings results on Wednesday, August 12th. The company reported ($0.13) earnings per share for the quarter, beating 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. As a group, analysts predict that Allogene Therapeutics, Inc. will post -0.59 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of ALLO. Pallas Capital Advisors LLC bought a new position in Allogene Therapeutics during the 2nd quarter valued at approximately $25,000. Kestra Private Wealth Services LLC purchased a new position in shares of Allogene Therapeutics during the first quarter valued at approximately $27,000. GTS Securities LLC purchased a new position in shares of Allogene Therapeutics during the second quarter valued at approximately $27,000. Russell Investments Group Ltd. raised its holdings in shares of Allogene Therapeutics by 11,159.8% during the third quarter. Russell Investments Group Ltd. now owns 21,844 shares of the company's stock valued at $27,000 after acquiring an additional 21,650 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd raised its holdings in shares of Allogene Therapeutics by 5,267.6% during the third quarter. Caitong International Asset Management Co. Ltd now owns 24,047 shares of the company's stock valued at $30,000 after acquiring an additional 23,599 shares in the last quarter. Hedge funds and other institutional investors own 83.63% of the company's stock.

Allogene Therapeutics Company 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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