Jefferies Financial Group Initiates Coverage on Allogene Therapeutics (NASDAQ:ALLO)

Investment analysts at Jefferies Financial Group started coverage on shares of Allogene Therapeutics (NASDAQ:ALLO) in a research report issued on Friday. The firm set a “buy” rating and a $6.00 price target on the stock. Jefferies Financial Group’s price objective would indicate a potential upside of 120.59% from the company’s current price.

Several other analysts have also weighed in on the stock. Truist Financial upgraded shares of Allogene Therapeutics to a “strong-buy” rating in a research note on Wednesday, March 25th. Citizens Jmp upgraded shares of Allogene Therapeutics from a “market perform” rating to an “outperform” rating and set a $5.00 price objective for the company in a research note on Friday, January 9th. Piper Sandler lifted their price objective on shares of Allogene Therapeutics from $7.00 to $8.00 and gave the company an “overweight” rating in a research note on Friday, March 13th. Citigroup upgraded shares of Allogene Therapeutics from a “market perform” rating to an “outperform” rating in a research note on Friday, January 9th. Finally, Wall Street Zen upgraded shares of Allogene Therapeutics from a “sell” rating to a “hold” rating in a research note on Sunday, February 22nd. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $8.30.

Allogene Therapeutics Stock Down 6.5%

ALLO stock opened at $2.72 on Friday. The company’s fifty day simple moving average is $2.27 and its 200 day simple moving average is $1.69. The firm has a market cap of $663.08 million, a price-to-earnings ratio of -3.13 and a beta of 0.53. Allogene Therapeutics has a 12-month low of $0.86 and a 12-month high of $2.95.

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

Insider Buying and Selling at Allogene Therapeutics

In related news, SVP Earl Martin Douglas sold 22,900 shares of Allogene Therapeutics stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $1.76, for a total value of $40,304.00. Following the completion of the sale, the senior vice president owned 564,948 shares of the company’s stock, valued at approximately $994,308.48. This trade represents a 3.90% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO David D. Chang sold 47,763 shares of Allogene Therapeutics stock in a transaction on Monday, March 16th. The shares were sold at an average price of $2.47, for a total transaction of $117,974.61. Following the completion of the sale, the chief executive officer directly owned 5,150,599 shares of the company’s stock, valued at approximately $12,721,979.53. The trade was a 0.92% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 278,452 shares of company stock worth $534,053. 13.20% of the stock is owned by company insiders.

Institutional Trading of Allogene Therapeutics

Hedge funds have recently bought and sold shares of the business. Savant Capital LLC acquired a new stake in Allogene Therapeutics in the 3rd quarter valued at $27,000. Russell Investments Group Ltd. grew its position in Allogene Therapeutics by 11,159.8% in the 3rd quarter. Russell Investments Group Ltd. now owns 21,844 shares of the company’s stock valued at $27,000 after purchasing an additional 21,650 shares during the period. Caitong International Asset Management Co. Ltd grew its position in Allogene Therapeutics by 5,267.6% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 24,047 shares of the company’s stock valued at $30,000 after purchasing an additional 23,599 shares during the period. Mercer Global Advisors Inc. ADV acquired a new stake in Allogene Therapeutics in the 3rd quarter valued at $30,000. Finally, Brighton Jones LLC grew its position in Allogene Therapeutics by 81.6% in the 3rd quarter. Brighton Jones LLC now owns 25,168 shares of the company’s stock valued at $31,000 after purchasing an additional 11,311 shares during the period. Institutional investors and hedge funds own 83.63% of the company’s stock.

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.