Allogene Therapeutics (NASDAQ:ALLO) Sets New 1-Year High – Should You Buy?

Shares of Allogene Therapeutics, Inc. (NASDAQ:ALLO) hit a new 52-week high on Wednesday . The stock traded as high as $2.82 and last traded at $2.6750, with a volume of 645742 shares. The stock had previously closed at $2.62.

Analyst Upgrades and Downgrades

ALLO has been the topic of several recent analyst reports. Citigroup upgraded shares of Allogene Therapeutics from a “market perform” rating to an “outperform” rating in a report on Friday, January 9th. Truist Financial upgraded shares of Allogene Therapeutics to a “strong-buy” rating in a report on Wednesday, March 25th. Canaccord Genuity Group reiterated a “buy” rating and set a $14.00 price objective on shares of Allogene Therapeutics in a report on Friday, March 13th. 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. Finally, Piper Sandler raised their price target on shares of Allogene Therapeutics from $7.00 to $8.00 and gave the company an “overweight” rating in a report on Friday, March 13th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Allogene Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus target price of $8.56.

Allogene Therapeutics Stock Performance

The business’s fifty day simple moving average is $2.20 and its 200 day simple moving average is $1.66. The stock has a market cap of $647.23 million, a price-to-earnings ratio of -3.05 and a beta of 0.53.

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

Insiders Place Their Bets

In other news, CEO David D. Chang sold 47,763 shares of the firm’s stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $2.47, for a total transaction of $117,974.61. Following the completion of the sale, the chief executive officer owned 5,150,599 shares of the company’s stock, valued at approximately $12,721,979.53. This trade represents a 0.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Zachary Roberts sold 35,700 shares of the firm’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $1.77, for a total transaction of $63,189.00. Following the sale, 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 278,452 shares of company stock valued at $534,053 over the last 90 days. 13.20% of the stock is owned by company insiders.

Institutional Trading of Allogene Therapeutics

Hedge funds have recently made changes to their positions in the stock. Primecap Management Co. CA grew its position in shares of Allogene Therapeutics by 23.8% during the third quarter. Primecap Management Co. CA now owns 7,079,308 shares of the company’s stock worth $8,778,000 after buying an additional 1,360,168 shares in the last quarter. Aberdeen Group plc grew its position in shares of Allogene Therapeutics by 82.4% during the third quarter. Aberdeen Group plc now owns 1,582,265 shares of the company’s stock worth $1,962,000 after buying an additional 715,015 shares in the last quarter. AustralianSuper Pty Ltd acquired a new stake in shares of Allogene Therapeutics during the third quarter worth approximately $474,000. Patient Square Capital LP grew its position in shares of Allogene Therapeutics by 13.1% during the third quarter. Patient Square Capital LP now owns 2,981,396 shares of the company’s stock worth $3,697,000 after buying an additional 346,396 shares in the last quarter. Finally, CWM LLC grew its position in shares of Allogene Therapeutics by 665.3% during the third quarter. CWM LLC now owns 64,332 shares of the company’s stock worth $80,000 after buying an additional 55,926 shares in the last quarter. Institutional investors and hedge funds 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.