Allogene Therapeutics (NASDAQ:ALLO) Releases Quarterly Earnings Results, Beats Estimates By $0.08 EPS

Allogene Therapeutics (NASDAQ:ALLO) posted its quarterly earnings data on Thursday. The company reported ($0.17) earnings per share for the quarter, topping the consensus estimate of ($0.25) by $0.08, FiscalAI reports.

Allogene Therapeutics Stock Down 6.1%

Shares of ALLO traded down $0.16 during trading hours on Thursday, hitting $2.47. 3,265,936 shares of the company were exchanged, compared to its average volume of 5,711,360. Allogene Therapeutics has a fifty-two week low of $0.86 and a fifty-two week high of $2.80. The company has a market cap of $555.08 million, a price-to-earnings ratio of -2.52 and a beta of 0.50. The firm’s fifty day moving average is $1.89 and its 200 day moving average is $1.49.

Insiders Place Their Bets

In related news, SVP Earl Martin Douglas sold 22,900 shares of the firm’s stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $1.76, for a total value of $40,304.00. Following the sale, the senior vice president directly owned 564,948 shares of the company’s stock, valued at $994,308.48. This trade represents a 3.90% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO David D. Chang sold 95,269 shares of the company’s stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $1.80, for a total transaction of $171,484.20. Following the transaction, the chief executive officer owned 5,185,862 shares of the company’s stock, valued at $9,334,551.60. This trade represents a 1.80% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 222,987 shares of company stock valued at $396,969 in the last quarter. Corporate insiders own 13.20% of the company’s stock.

Institutional Trading of Allogene Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Russell Investments Group Ltd. lifted its position in shares of Allogene Therapeutics by 11,159.8% in the 3rd quarter. Russell Investments Group Ltd. now owns 21,844 shares of the company’s stock worth $27,000 after purchasing an additional 21,650 shares during the period. Mercer Global Advisors Inc. ADV bought a new position in Allogene Therapeutics during the third quarter worth $30,000. Caitong International Asset Management Co. Ltd boosted its position in shares of Allogene Therapeutics by 5,267.6% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 24,047 shares of the company’s stock worth $30,000 after purchasing an additional 23,599 shares in the last quarter. Scientech Research LLC bought a new stake in shares of Allogene Therapeutics during the third quarter valued at approximately $33,000. Finally, Smartleaf Asset Management LLC bought a new position in shares of Allogene Therapeutics in the 4th quarter worth $38,000. Institutional investors and hedge funds own 83.63% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Citizens Jmp upgraded Allogene Therapeutics from a “market perform” rating to an “outperform” rating and set a $5.00 price objective on the stock in a research report on Friday, January 9th. Citigroup raised shares of Allogene Therapeutics from a “market perform” rating to an “outperform” rating in a report on Friday, January 9th. Wall Street Zen upgraded shares of Allogene Therapeutics from a “sell” rating to a “hold” rating in a research report on Sunday, February 22nd. Finally, UBS Group initiated coverage on shares of Allogene Therapeutics in a research note on Wednesday, January 7th. They issued a “buy” rating and a $8.00 target price for the company. Ten equities research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $8.40.

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.