Allogene Therapeutics, Inc. (NASDAQ:ALLO) Stock Has Average Price Target of $8.30 According to Brokerages

Shares of Allogene Therapeutics, Inc. (NASDAQ:ALLO) have been assigned a consensus recommendation of “Moderate Buy” from the fourteen ratings firms that are currently covering the company, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation, eight have given a buy recommendation and two have issued a strong buy recommendation on the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $8.30.

A number of equities research analysts have weighed in on ALLO shares. Citizens Jmp reiterated a “market outperform” rating and set a $6.00 price target on shares of Allogene Therapeutics in a research report on Monday, August 17th. William Blair upgraded shares of Allogene Therapeutics to a “strong-buy” rating in a report on Wednesday, September 23rd. Finally, Weiss Ratings raised shares of Allogene Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, October 21st.

Insider Buying and Selling

In other news, CFO Geoffrey M. Parker sold 36,342 shares of the firm’s stock in a transaction on Wednesday, October 21st. The stock was sold at an average price of $1.34, for a total transaction of $48,698.28. Following the completion of the transaction, the chief financial officer directly owned 1,045,877 shares in the company, valued at $1,401,475.18. This trade represents a 3.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Earl Douglas sold 29,697 shares of Allogene Therapeutics stock in a transaction on Friday, August 21st. The shares were sold at an average price of $2.12, for a total value of $62,957.64. Following the completion of the sale, the senior vice president directly owned 488,267 shares of the company’s stock, valued at $1,035,126.04. The trade was a 5.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 13.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Allogene Therapeutics

Hedge funds have recently bought and sold shares of the company. Hennion & Walsh Asset Management Inc. purchased a new position in shares of Allogene Therapeutics in the second quarter valued at approximately $1,504,000. Bank of America Corp DE acquired a new position in shares of Allogene Therapeutics in the second quarter valued at approximately $6,630,000. BlackRock Inc. purchased a new stake in Allogene Therapeutics during the 2nd quarter worth approximately $62,706,000. Walleye Capital LLC purchased a new stake in Allogene Therapeutics during the 2nd quarter worth approximately $6,797,000. Finally, Frazier Life Sciences Management L.P. lifted its holdings in Allogene Therapeutics by 491.2% during the 2nd quarter. Frazier Life Sciences Management L.P. now owns 22,446,668 shares of the company’s stock worth $46,689,000 after buying an additional 18,650,000 shares in the last quarter. Institutional investors and hedge funds own 83.63% of the company’s stock.

Allogene Therapeutics Trading Up 2.8%

NASDAQ ALLO opened at $1.12 on Wednesday. The stock has a market cap of $386.95 million, a PE ratio of -1.67 and a beta of 0.76. Allogene Therapeutics has a twelve month low of $1.04 and a twelve month high of $4.46. The stock has a fifty day simple moving average of $1.58 and a 200-day simple moving average of $1.97.

Allogene Therapeutics (NASDAQ:ALLO) last issued its quarterly earnings data on Wednesday, August 12th. The company reported ($0.13) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.04. The business had revenue of $4.64 million for the quarter, compared to analyst estimates of $0.00 million. Research analysts predict that Allogene Therapeutics will post -0.58 EPS for the current year.

Allogene Therapeutics Company Profile

Allogene Therapeutics, Inc is a clinical-stage biotechnology company focused on developing allogeneic, or “off-the-shelf,” CAR T cell therapies for cancer. Unlike conventional autologous CAR T treatments, which are manufactured from an individual patient’s own cells, Allogene’s approach uses healthy donor cells that can potentially be produced in advance and administered more quickly.

The company’s investigational pipeline has included cemacabtagene ansegedleucel (cema-cel, formerly ALLO-501A) for certain patients with large B-cell lymphoma, as well as other allogeneic CAR T candidates being studied in blood cancers such as multiple myeloma and in solid tumors, including renal cell carcinoma.