HC Wainwright Has Lowered Expectations for Allogene Therapeutics (NASDAQ:ALLO) Stock Price

Allogene Therapeutics (NASDAQ:ALLO) had its price target reduced by analysts at HC Wainwright from $9.00 to $8.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. HC Wainwright’s price target indicates a potential upside of 373.37% from the company’s previous close.

Several other brokerages also recently weighed in on ALLO. Citizens Jmp raised Allogene Therapeutics from a “market perform” rating to an “outperform” rating and set a $5.00 target price on the stock in a research note on Friday, March 14th. Royal Bank of Canada restated an “outperform” rating and issued a $10.00 target price on shares of Allogene Therapeutics in a report on Friday, March 14th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $14.00 target price on shares of Allogene Therapeutics in a research note on Friday, March 14th. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $9.29.

Allogene Therapeutics Price Performance

Allogene Therapeutics stock opened at $1.69 on Wednesday. Allogene Therapeutics has a 12 month low of $1.32 and a 12 month high of $4.63. The company has a market cap of $354.35 million, a price-to-earnings ratio of -1.08 and a beta of 1.02. The stock’s 50-day moving average is $1.92 and its 200-day moving average is $2.30.

Allogene Therapeutics (NASDAQ:ALLO) last issued its quarterly earnings data on Thursday, March 13th. The company reported ($0.28) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.06. Research analysts anticipate that Allogene Therapeutics will post -1.28 EPS for the current year.

Insiders Place Their Bets

In related news, CEO David D. Chang sold 46,668 shares of the firm’s stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $1.96, for a total value of $91,469.28. Following the completion of the sale, the chief executive officer now owns 5,276,569 shares of the company’s stock, valued at $10,342,075.24. This trade represents a 0.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Zachary Roberts sold 27,199 shares of Allogene Therapeutics stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $1.78, for a total transaction of $48,414.22. Following the sale, the executive vice president now directly owns 488,054 shares of the company’s stock, valued at $868,736.12. This represents a 5.28 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 104,866 shares of company stock worth $194,461 over the last quarter. Company insiders own 24.30% of the company’s stock.

Hedge Funds Weigh In On Allogene Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the company. Intech Investment Management LLC bought a new stake in Allogene Therapeutics during the 3rd quarter worth about $116,000. The Manufacturers Life Insurance Company increased its holdings in shares of Allogene Therapeutics by 1.2% during the third quarter. The Manufacturers Life Insurance Company now owns 486,023 shares of the company’s stock worth $1,361,000 after purchasing an additional 5,642 shares during the period. BNP Paribas Financial Markets increased its holdings in shares of Allogene Therapeutics by 541.5% during the third quarter. BNP Paribas Financial Markets now owns 46,374 shares of the company’s stock worth $130,000 after purchasing an additional 39,145 shares during the period. Erste Asset Management GmbH bought a new position in shares of Allogene Therapeutics during the third quarter worth approximately $91,000. Finally, EP Wealth Advisors LLC boosted its position in shares of Allogene Therapeutics by 125.6% during the 3rd quarter. EP Wealth Advisors LLC now owns 24,475 shares of the company’s stock worth $69,000 after acquiring an additional 13,625 shares in the last quarter. Institutional investors and hedge funds own 83.63% of the company’s stock.

About Allogene Therapeutics

Allogene Therapeutics, Inc, a clinical stage immuno-oncology company, develops and commercializes genetically engineered allogeneic T cell therapies for the treatment of cancer. It develops, manufactures, and commercializes UCART19, an allogeneic chimeric antigen receptor (CAR) T cell product candidate for the treatment of pediatric and adult patients with R/R CD19 positive B-cell acute lymphoblastic leukemia (ALL).