Brokerages Set Allogene Therapeutics, Inc. (NASDAQ:ALLO) Target Price at $8.56

Allogene Therapeutics, Inc. (NASDAQ:ALLO) has earned a consensus rating of “Moderate Buy” from the eleven analysts that are presently covering the company, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell rating, eight have given a buy rating and one has given a strong buy rating to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $8.5556.

A number of research firms have recently commented on ALLO. 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 reiterated a “buy” rating and issued a $14.00 target price on shares of Allogene Therapeutics in a research note on Friday, March 13th. Piper Sandler lifted their target price on shares of Allogene Therapeutics from $7.00 to $8.00 and gave the stock an “overweight” rating in a report on Friday, March 13th. Citigroup raised shares of Allogene Therapeutics from a “market perform” rating to an “outperform” rating in a research report on Friday, January 9th. Finally, UBS Group began coverage on shares of Allogene Therapeutics in a report on Wednesday, January 7th. They set a “buy” rating and a $8.00 price target for the company.

Insiders Place Their Bets

In other Allogene Therapeutics news, EVP Zachary Roberts sold 35,700 shares of Allogene Therapeutics stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $1.77, for a total value of $63,189.00. Following the transaction, the executive vice president directly owned 581,166 shares of the company’s stock, valued at $1,028,663.82. The trade was a 5.79% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO David D. Chang sold 95,269 shares of the company’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $9,334,551.60. This trade represents a 1.80% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 275,585 shares of company stock worth $526,886 over the last quarter. 13.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Allogene Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Goldman Sachs Group Inc. raised its stake in Allogene Therapeutics by 177.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,853,974 shares of the company’s stock valued at $8,547,000 after purchasing an additional 3,747,397 shares during the last quarter. Kalehua Capital Management LLC acquired a new stake in Allogene Therapeutics in the 4th quarter worth $3,488,000. Patient Square Capital LP grew its position in Allogene Therapeutics by 66.5% in the 4th quarter. Patient Square Capital LP now owns 4,963,756 shares of the company’s stock worth $6,800,000 after purchasing an additional 1,982,360 shares during the last quarter. Millennium Management LLC increased its holdings in shares of Allogene Therapeutics by 125.6% during the 3rd quarter. Millennium Management LLC now owns 3,390,026 shares of the company’s stock worth $4,204,000 after purchasing an additional 1,887,302 shares during the period. Finally, Two Sigma Investments LP increased its holdings in shares of Allogene Therapeutics by 109.7% during the 3rd quarter. Two Sigma Investments LP now owns 3,383,644 shares of the company’s stock worth $4,196,000 after purchasing an additional 1,770,419 shares during the period. Institutional investors and hedge funds own 83.63% of the company’s stock.

Allogene Therapeutics Stock Performance

Shares of ALLO stock opened at $2.41 on Tuesday. The stock’s 50 day simple moving average is $2.07 and its 200 day simple moving average is $1.58. Allogene Therapeutics has a twelve month low of $0.86 and a twelve month high of $2.80. The company has a market capitalization of $587.51 million, a price-to-earnings ratio of -2.77 and a beta of 0.50.

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

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.