Allogene Therapeutics (NASDAQ:ALLO) Stock Rating Upgraded by Truist Financial

Allogene Therapeutics (NASDAQ:ALLO) was upgraded by analysts at Truist Financial to a “strong-buy” rating in a report issued on Wednesday,Zacks.com reports.

Other equities research analysts have also issued reports about the stock. Citigroup raised shares of Allogene Therapeutics from a “market perform” rating to an “outperform” rating in a report on Friday, January 9th. Citizens Jmp upgraded 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 report on Friday, January 9th. Wall Street Zen raised shares of Allogene Therapeutics from a “sell” rating to a “hold” rating in a research report on Sunday, February 22nd. Canaccord Genuity Group reaffirmed a “buy” rating and set a $14.00 target price on shares of Allogene Therapeutics in a research report on Friday, March 13th. Finally, UBS Group initiated coverage on Allogene Therapeutics in a research note on Wednesday, January 7th. They issued a “buy” rating and a $8.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $8.56.

Allogene Therapeutics Stock Performance

Allogene Therapeutics stock opened at $2.41 on Wednesday. The firm has a market capitalization of $587.51 million, a PE ratio of -2.77 and a beta of 0.50. Allogene Therapeutics has a one year low of $0.86 and a one year high of $2.80. The stock’s 50 day moving average price is $2.07 and its 200 day moving average price is $1.58.

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

Insider Activity at Allogene Therapeutics

In other news, EVP Zachary Roberts sold 35,700 shares of the company’s stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $1.77, for a total value of $63,189.00. Following the sale, the executive vice president owned 581,166 shares in the company, valued at approximately $1,028,663.82. This represents a 5.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Earl Martin Douglas sold 22,900 shares of the stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $1.76, for a total transaction of $40,304.00. Following the transaction, the senior vice president directly owned 564,948 shares in the company, valued at $994,308.48. The trade was a 3.90% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 275,585 shares of company stock valued at $526,886. Insiders own 13.20% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the company. Savant Capital LLC acquired a new stake in shares of Allogene Therapeutics during the 3rd quarter valued at approximately $27,000. Russell Investments Group Ltd. increased its stake in 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 purchasing an additional 21,650 shares during the last quarter. Mercer Global Advisors Inc. ADV acquired a new stake in shares of Allogene Therapeutics during the third quarter worth $30,000. Caitong International Asset Management Co. Ltd lifted its position in shares of 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 worth $30,000 after buying an additional 23,599 shares during the last quarter. Finally, Brighton Jones LLC lifted its position in shares of Allogene Therapeutics by 81.6% in the 3rd quarter. Brighton Jones LLC now owns 25,168 shares of the company’s stock worth $31,000 after buying an additional 11,311 shares during the last quarter. 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.