Short Interest in Allogene Therapeutics, Inc. (NASDAQ:ALLO) Rises By 19.8%

Allogene Therapeutics, Inc. (NASDAQ:ALLO) saw a significant increase in short interest in the month of February. As of February 27th, there was short interest totaling 23,927,216 shares, an increase of 19.8% from the February 12th total of 19,964,416 shares. Based on an average daily volume of 6,048,498 shares, the short-interest ratio is presently 4.0 days. Currently, 12.3% of the shares of the company are sold short. Currently, 12.3% of the shares of the company are sold short. Based on an average daily volume of 6,048,498 shares, the short-interest ratio is presently 4.0 days.

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 that occurred 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 transaction, the senior vice president directly owned 564,948 shares in the company, valued at approximately $994,308.48. The trade was a 3.90% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO David D. Chang sold 95,269 shares of the business’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $1.80, for a total transaction of $171,484.20. Following the sale, the chief executive officer directly owned 5,185,862 shares in the company, valued at $9,334,551.60. The trade was a 1.80% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 222,987 shares of company stock valued at $396,969. 13.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Allogene Therapeutics

A number of hedge funds have recently made changes to their positions in the business. Primecap Management Co. CA raised its position in Allogene Therapeutics by 23.8% in the 3rd quarter. Primecap Management Co. CA now owns 7,079,308 shares of the company’s stock worth $8,778,000 after purchasing an additional 1,360,168 shares during the period. Aberdeen Group plc lifted its stake in Allogene Therapeutics by 82.4% in the third quarter. Aberdeen Group plc now owns 1,582,265 shares of the company’s stock worth $1,962,000 after purchasing an additional 715,015 shares during the last quarter. Patient Square Capital LP boosted its position in Allogene Therapeutics by 11.3% during the second quarter. Patient Square Capital LP now owns 2,635,000 shares of the company’s stock valued at $2,978,000 after buying an additional 266,814 shares during the period. AustralianSuper Pty Ltd purchased a new stake in Allogene Therapeutics during the third quarter valued at about $474,000. Finally, Los Angeles Capital Management LLC bought a new position in shares of Allogene Therapeutics during the second quarter valued at about $41,000. 83.63% of the stock is currently owned by institutional investors.

Allogene Therapeutics Trading Up 1.7%

Shares of Allogene Therapeutics stock opened at $2.44 on Tuesday. The firm has a market capitalization of $594.82 million, a PE ratio of -2.80 and a beta of 0.50. Allogene Therapeutics has a 12 month low of $0.86 and a 12 month high of $2.80. The business’s 50-day moving average price is $1.96 and its 200-day moving average price is $1.52.

Allogene Therapeutics (NASDAQ:ALLO) last released its earnings results on Thursday, March 12th. The company reported ($0.17) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.25) by $0.08. As a group, analysts predict that Allogene Therapeutics will post -1.28 earnings per share for the current fiscal year.

Analysts Set New Price Targets

ALLO has been the subject of several recent research reports. Wall Street Zen upgraded Allogene Therapeutics from a “sell” rating to a “hold” rating in a research report on Sunday, February 22nd. UBS Group initiated coverage on Allogene Therapeutics in a research note on Wednesday, January 7th. They issued a “buy” rating and a $8.00 target price for the company. Canaccord Genuity Group reaffirmed a “buy” rating and set a $14.00 target price on shares of Allogene Therapeutics in a report on Friday. Piper Sandler upped their price target on Allogene Therapeutics from $7.00 to $8.00 and gave the company an “overweight” rating in a research report on Friday. Finally, Citigroup raised shares of Allogene Therapeutics from a “market perform” rating to an “outperform” rating in a report on Friday, January 9th. Ten analysts have rated the stock with a Buy rating and two have given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $8.50.

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.