Allogene Therapeutics (NASDAQ:ALLO) Trading Down 5.3% – Here’s Why

Allogene Therapeutics, Inc. (NASDAQ:ALLO) was down 5.3% on Friday . The stock traded as low as $2.65 and last traded at $2.7550. Approximately 717,863 shares were traded during trading, a decline of 87% from the average daily volume of 5,674,157 shares. The stock had previously closed at $2.91.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on ALLO shares. Citigroup upgraded Allogene Therapeutics from a “market perform” rating to an “outperform” rating in a report on Friday, January 9th. Jefferies Financial Group assumed coverage on Allogene Therapeutics in a report on Friday. They set a “buy” rating and a $6.00 price target on the stock. UBS Group assumed coverage on shares of Allogene Therapeutics in a research report on Wednesday, January 7th. They issued a “buy” rating and a $8.00 price objective on the stock. Citizens Jmp raised shares of Allogene Therapeutics from a “market perform” rating to an “outperform” rating and set a $5.00 price objective on the stock in a research report on Friday, January 9th. Finally, Truist Financial raised shares of Allogene Therapeutics to a “strong-buy” rating in a research report on Wednesday, March 25th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $8.30.

Allogene Therapeutics Trading Down 6.5%

The firm has a market cap of $663.08 million, a PE ratio of -3.13 and a beta of 0.53. The business has a fifty day moving average price of $2.27 and a 200 day moving average price of $1.69.

Allogene Therapeutics (NASDAQ:ALLO) last released its quarterly earnings data on Thursday, March 12th. The company reported ($0.17) EPS for the quarter, beating analysts’ consensus estimates of ($0.25) by $0.08. On average, research analysts expect that Allogene Therapeutics, Inc. will post -1.28 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO David D. Chang sold 95,269 shares of the stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $1.80, for a total value of $171,484.20. Following the transaction, the chief executive officer owned 5,185,862 shares in the company, valued at approximately $9,334,551.60. This represents a 1.80% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Earl Martin Douglas sold 22,900 shares of the stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $1.76, for a total transaction of $40,304.00. Following the completion of the transaction, the senior vice president directly owned 564,948 shares in the company, valued at $994,308.48. This trade represents a 3.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 278,452 shares of company stock worth $534,053. Insiders own 13.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of ALLO. AQR Capital Management LLC purchased a new position in shares of Allogene Therapeutics in the 1st quarter valued at $85,000. Goldman Sachs Group Inc. grew its position in shares of Allogene Therapeutics by 177.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 5,853,974 shares of the company’s stock valued at $8,547,000 after buying an additional 3,747,397 shares during the last quarter. Jane Street Group LLC grew its position in shares of Allogene Therapeutics by 578.7% in the 1st quarter. Jane Street Group LLC now owns 1,116,681 shares of the company’s stock valued at $1,630,000 after buying an additional 952,158 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Allogene Therapeutics by 13.0% in the 2nd quarter. Geode Capital Management LLC now owns 3,794,827 shares of the company’s stock valued at $4,289,000 after buying an additional 435,389 shares during the last quarter. Finally, Rhumbline Advisers grew its stake in Allogene Therapeutics by 14.0% during the 2nd quarter. Rhumbline Advisers now owns 209,336 shares of the company’s stock worth $237,000 after buying an additional 25,628 shares during the last quarter. 83.63% of the stock is owned by hedge funds and other institutional investors.

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.