Allogene Therapeutics (NASDAQ:ALLO) Upgraded to Strong-Buy at UBS Group

UBS Group upgraded shares of Allogene Therapeutics (NASDAQ:ALLO) to a strong-buy rating in a research report sent to investors on Wednesday,Zacks.com reports.

Several other research analysts have also recently issued reports on the stock. Wall Street Zen raised shares of Allogene Therapeutics from a “sell” rating to a “hold” rating in a report on Friday, November 28th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Allogene Therapeutics in a research note on Wednesday, October 8th. Finally, JPMorgan Chase & Co. reissued an “underweight” rating on shares of Allogene Therapeutics in a report on Friday, October 10th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, two have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $8.40.

Allogene Therapeutics Stock Performance

Shares of ALLO opened at $1.49 on Wednesday. The firm has a market cap of $334.85 million, a PE ratio of -1.52 and a beta of 0.51. Allogene Therapeutics has a 12 month low of $0.86 and a 12 month high of $3.78. The stock has a fifty day moving average price of $1.35 and a 200-day moving average price of $1.26.

Allogene Therapeutics (NASDAQ:ALLO) last released its earnings results on Thursday, November 6th. The company reported ($0.19) earnings per share for the quarter, topping the consensus estimate of ($0.23) by $0.04. As a group, research analysts forecast that Allogene Therapeutics will post -1.28 EPS for the current year.

Insider Activity

In other Allogene Therapeutics news, CFO Geoffrey M. Parker sold 36,744 shares of the firm’s stock in a transaction on Tuesday, October 21st. The stock was sold at an average price of $1.26, for a total value of $46,297.44. Following the completion of the sale, the chief financial officer directly owned 1,276,796 shares of the company’s stock, valued at $1,608,762.96. This trade represents a 2.80% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 13.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Allogene Therapeutics

A number of hedge funds have recently modified their holdings of the company. Goldman Sachs Group Inc. increased its position in Allogene Therapeutics by 177.9% during the first quarter. Goldman Sachs Group Inc. now owns 5,853,974 shares of the company’s stock worth $8,547,000 after purchasing an additional 3,747,397 shares during the last quarter. Millennium Management LLC grew its stake in shares of Allogene Therapeutics by 125.6% in the 3rd quarter. Millennium Management LLC now owns 3,390,026 shares of the company’s stock valued at $4,204,000 after buying an additional 1,887,302 shares during the period. 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 buying an additional 1,770,419 shares during the last quarter. UBS Group AG raised its position in shares of Allogene Therapeutics by 75.1% during the 3rd quarter. UBS Group AG now owns 3,571,157 shares of the company’s stock valued at $4,428,000 after buying an additional 1,532,238 shares during the period. Finally, Primecap Management Co. CA lifted its holdings in Allogene Therapeutics by 23.8% in the third quarter. Primecap Management Co. CA now owns 7,079,308 shares of the company’s stock valued at $8,778,000 after acquiring an additional 1,360,168 shares during the last quarter. Hedge funds and other institutional investors own 83.63% of the company’s stock.

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.