Allogene Therapeutics (NASDAQ:ALLO) Given New $4.00 Price Target at Citigroup

Allogene Therapeutics (NASDAQ:ALLO) had its price target trimmed by Citigroup from $8.00 to $4.00 in a research note released on Thursday,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other equities analysts have also commented on ALLO. Truist Financial decreased their price objective on shares of Allogene Therapeutics from $14.00 to $10.00 and set a “buy” rating for the company in a research note on Wednesday. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $10.00 target price on shares of Allogene Therapeutics in a research report on Wednesday. Piper Sandler reduced their price objective on Allogene Therapeutics from $9.00 to $7.00 and set an “overweight” rating for the company in a research note on Wednesday. Canaccord Genuity Group restated a “buy” rating and set a $14.00 price objective on shares of Allogene Therapeutics in a research report on Friday, March 14th. Finally, Oppenheimer dropped their target price on Allogene Therapeutics from $10.00 to $9.00 and set an “outperform” rating on the stock in a report on Wednesday. One analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $8.44.

Allogene Therapeutics Stock Up 14.4%

Shares of Allogene Therapeutics stock opened at $1.09 on Thursday. Allogene Therapeutics has a 12-month low of $0.86 and a 12-month high of $3.78. The firm has a market capitalization of $238.39 million, a PE ratio of -0.70 and a beta of 0.60. The stock’s fifty day moving average is $1.50 and its 200-day moving average is $1.93.

Allogene Therapeutics (NASDAQ:ALLO) last posted its quarterly earnings data on Tuesday, May 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.28). Analysts expect that Allogene Therapeutics will post -1.28 EPS for the current year.

Insider Buying and Selling at Allogene Therapeutics

In other news, CEO David D. Chang sold 46,668 shares of the stock in a transaction on Friday, March 14th. The shares were sold at an average price of $1.96, for a total transaction of $91,469.28. Following the transaction, the chief executive officer now owns 5,276,569 shares in the company, valued at $10,342,075.24. This represents a 0.88% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders sold 61,757 shares of company stock worth $115,873 over the last ninety days. 13.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Allogene Therapeutics

Large investors have recently bought and sold shares of the business. Lynx1 Capital Management LP lifted its position in shares of Allogene Therapeutics by 75.3% in the fourth quarter. Lynx1 Capital Management LP now owns 10,874,723 shares of the company’s stock worth $23,163,000 after buying an additional 4,672,349 shares during the last quarter. Foresite Capital Management VI LLC acquired a new stake in Allogene Therapeutics in the 4th quarter worth approximately $7,345,000. Patient Square Capital LP acquired a new position in Allogene Therapeutics during the fourth quarter valued at approximately $3,174,000. Gilead Sciences Inc. acquired a new position in Allogene Therapeutics during the fourth quarter valued at approximately $2,464,000. Finally, Frazier Life Sciences Management L.P. raised its position in shares of Allogene Therapeutics by 34.9% in the first quarter. Frazier Life Sciences Management L.P. now owns 3,868,750 shares of the company’s stock valued at $5,648,000 after purchasing an additional 1,001,000 shares during the period. 83.63% of the stock is currently owned by institutional investors.

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).