Allogene Therapeutics (NASDAQ:ALLO) Given “Buy” Rating at Canaccord Genuity Group

Allogene Therapeutics (NASDAQ:ALLO)‘s stock had its “buy” rating reissued by equities researchers at Canaccord Genuity Group in a research report issued on Friday,Benzinga reports. They presently have a $14.00 price target on the stock. Canaccord Genuity Group’s price target would suggest a potential upside of 484.55% from the stock’s previous close.

A number of other equities research analysts also recently weighed in on the company. Citigroup upgraded Allogene Therapeutics from a “market perform” rating to an “outperform” rating in a report on Friday, January 9th. Wall Street Zen raised shares of Allogene Therapeutics from a “sell” rating to a “hold” rating in a report on Sunday, February 22nd. UBS Group began coverage on shares of Allogene Therapeutics in a report on Wednesday, January 7th. They set a “buy” rating and a $8.00 target price on the stock. Piper Sandler raised their price target on shares of Allogene Therapeutics from $7.00 to $8.00 and gave the stock an “overweight” rating in a research report on Friday. Finally, Citizens Jmp raised shares of Allogene Therapeutics from a “market perform” rating to an “outperform” rating and set a $5.00 price target for the company in a report on Friday, January 9th. Ten investment analysts have rated the stock with a Buy rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $8.50.

Allogene Therapeutics Price Performance

Shares of NASDAQ:ALLO traded down $0.08 during midday trading on Friday, reaching $2.40. The company had a trading volume of 4,176,966 shares, compared to its average volume of 5,684,809. The stock has a market capitalization of $538.23 million, a P/E ratio of -2.44 and a beta of 0.50. The stock’s fifty day moving average price is $1.92 and its 200-day moving average price is $1.50. Allogene Therapeutics has a one year low of $0.86 and a one year high of $2.80.

Allogene Therapeutics (NASDAQ:ALLO) last posted its quarterly earnings data on Thursday, March 12th. The company reported ($0.17) EPS for the quarter, beating analysts’ consensus estimates of ($0.25) by $0.08. As a group, sell-side analysts forecast that Allogene Therapeutics will post -1.28 earnings per share for the current year.

Insider Activity

In other news, EVP Zachary Roberts sold 35,700 shares of the stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $1.77, for a total value of $63,189.00. Following the completion of the transaction, the executive vice president owned 581,166 shares of the company’s stock, valued at approximately $1,028,663.82. This represents a 5.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Earl Martin Douglas sold 22,900 shares of the firm’s stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $1.76, for a total value of $40,304.00. Following the transaction, the senior vice president directly owned 564,948 shares in the company, valued at $994,308.48. This trade represents a 3.90% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 222,987 shares of company stock valued at $396,969. Company insiders own 13.20% of the company’s stock.

Institutional Investors Weigh In On Allogene Therapeutics

Several institutional investors have recently bought and sold shares of the stock. Savant Capital LLC acquired a new position in Allogene Therapeutics during the 3rd quarter valued at about $27,000. Russell Investments Group Ltd. lifted its stake 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 acquiring an additional 21,650 shares during the period. Mercer Global Advisors Inc. ADV bought a new position in shares of Allogene Therapeutics in the third quarter valued at approximately $30,000. Caitong International Asset Management Co. Ltd boosted its holdings in shares of Allogene Therapeutics by 5,267.6% in the third quarter. Caitong International Asset Management Co. Ltd now owns 24,047 shares of the company’s stock valued at $30,000 after acquiring an additional 23,599 shares in the last quarter. Finally, Brighton Jones LLC increased its stake in shares of Allogene Therapeutics by 81.6% during the third quarter. Brighton Jones LLC now owns 25,168 shares of the company’s stock valued at $31,000 after acquiring an additional 11,311 shares during the period. 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.