Citigroup Issues Pessimistic Forecast for Allogene Therapeutics (NASDAQ:ALLO) Stock Price

Allogene Therapeutics (NASDAQ:ALLO) had its price target cut by equities researchers at Citigroup from $8.00 to $4.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup’s target price would indicate a potential upside of 260.36% from the stock’s previous close.

A number of other brokerages also recently weighed in on ALLO. Oppenheimer decreased their price objective on shares of Allogene Therapeutics from $10.00 to $9.00 and set an “outperform” rating for the company in a research report on Wednesday. Truist Financial cut their price target on Allogene Therapeutics from $14.00 to $10.00 and set a “buy” rating for the company in a research note on Wednesday. Citizens Jmp downgraded Allogene Therapeutics from an “outperform” rating to a “market perform” rating in a research report on Wednesday. Piper Sandler cut their price objective on Allogene Therapeutics from $9.00 to $7.00 and set an “overweight” rating for the company in a research report on Wednesday. Finally, HC Wainwright decreased their target price on Allogene Therapeutics from $9.00 to $8.00 and set a “buy” rating on the stock in a research report on Wednesday, March 19th. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, Allogene Therapeutics has an average rating of “Moderate Buy” and an average target price of $8.44.

Allogene Therapeutics Trading Up 1.8%

Allogene Therapeutics stock opened at $1.11 on Thursday. Allogene Therapeutics has a 12 month low of $0.86 and a 12 month high of $3.78. The stock’s 50 day simple moving average is $1.48 and its two-hundred day simple moving average is $1.92. The firm has a market cap of $242.76 million, a PE ratio of -0.71 and a beta of 0.60.

Allogene Therapeutics (NASDAQ:ALLO) last posted its earnings results on Tuesday, May 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.28). On average, equities research analysts forecast that Allogene Therapeutics will post -1.28 EPS for the current year.

Insider Buying and Selling at Allogene Therapeutics

In other Allogene Therapeutics news, CEO David D. Chang sold 46,668 shares of the stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $1.96, for a total value of $91,469.28. Following the completion of the sale, the chief executive officer now owns 5,276,569 shares in the company, valued at approximately $10,342,075.24. This represents a 0.88% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold 61,757 shares of company stock valued at $115,873 over the last quarter. 13.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Allogene Therapeutics

A number of large investors have recently made changes to their positions in ALLO. Cibc World Markets Corp acquired a new stake in shares of Allogene Therapeutics in the fourth quarter valued at approximately $26,000. PAX Financial Group LLC acquired a new stake in shares of Allogene Therapeutics in the 4th quarter worth $27,000. RPO LLC acquired a new stake in shares of Allogene Therapeutics in the 4th quarter worth $31,000. Caption Management LLC purchased a new position in shares of Allogene Therapeutics during the 4th quarter worth $32,000. Finally, Syon Capital LLC acquired a new position in shares of Allogene Therapeutics during the 4th quarter valued at about $39,000. 83.63% of the stock is currently owned by hedge funds and other institutional investors.

About Allogene Therapeutics

Allogene Therapeutics, Inc, a clinical stage immuno-oncology company, develops and commercializes genetically engineered allogeneic T cell therapies for the treatment of cancer. It develops, manufactures, and commercializes UCART19, an allogeneic chimeric antigen receptor (CAR) T cell product candidate for the treatment of pediatric and adult patients with R/R CD19 positive B-cell acute lymphoblastic leukemia (ALL).