Allogene Therapeutics (NASDAQ:ALLO) Stock Price Expected to Rise, Piper Sandler Analyst Says

Allogene Therapeutics (NASDAQ:ALLO) had its price target raised by investment analysts at Piper Sandler from $7.00 to $8.00 in a report issued on Friday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Piper Sandler’s price target suggests a potential upside of 233.89% from the stock’s previous close.

A number of other research firms have also issued reports on ALLO. Citigroup upgraded shares of Allogene Therapeutics from a “market perform” rating to an “outperform” rating in a research note on Friday, January 9th. Wall Street Zen upgraded shares of Allogene Therapeutics from a “sell” rating to a “hold” rating in a report on Sunday, February 22nd. UBS Group initiated coverage on Allogene Therapeutics in a research report on Wednesday, January 7th. They issued a “buy” rating and a $8.00 price target on the stock. Finally, 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 note on Friday, January 9th. Ten investment analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Allogene Therapeutics currently has a consensus rating of “Moderate Buy” and an average price target of $8.50.

Allogene Therapeutics Trading Down 3.0%

Allogene Therapeutics stock traded down $0.07 during trading hours on Friday, reaching $2.40. 2,565,700 shares of the company were exchanged, compared to its average volume of 5,643,699. Allogene Therapeutics has a 12 month low of $0.86 and a 12 month high of $2.80. The stock has a 50-day moving average of $1.92 and a 200 day moving average of $1.50. The firm has a market cap of $538.45 million, a price-to-earnings ratio of -2.44 and a beta of 0.50.

Allogene Therapeutics (NASDAQ:ALLO) last released its quarterly earnings results 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, research analysts forecast that Allogene Therapeutics will post -1.28 EPS for the current year.

Insider Activity at Allogene Therapeutics

In related news, CFO Geoffrey M. Parker sold 24,001 shares of the stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $1.76, for a total value of $42,241.76. Following the completion of the sale, the chief financial officer owned 1,252,795 shares in the company, valued at approximately $2,204,919.20. This trade represents a 1.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Zachary Roberts sold 35,700 shares of Allogene Therapeutics stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $1.77, for a total value of $63,189.00. Following the sale, the executive vice president directly owned 581,166 shares in the company, valued at approximately $1,028,663.82. This trade represents a 5.79% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 222,987 shares of company stock worth $396,969 over the last ninety days. Corporate insiders own 13.20% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Savant Capital LLC bought a new position in Allogene Therapeutics in the third quarter worth $27,000. Russell Investments Group Ltd. increased its holdings in Allogene Therapeutics by 11,159.8% in the 3rd quarter. Russell Investments Group Ltd. now owns 21,844 shares of the company’s stock valued at $27,000 after buying an additional 21,650 shares during the period. Mercer Global Advisors Inc. ADV acquired a new position in shares of Allogene Therapeutics in the 3rd quarter valued at $30,000. Caitong International Asset Management Co. Ltd raised its stake in shares of Allogene Therapeutics by 5,267.6% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 24,047 shares of the company’s stock valued at $30,000 after buying an additional 23,599 shares in the last quarter. Finally, Brighton Jones LLC lifted its holdings in shares of Allogene Therapeutics by 81.6% during the 3rd quarter. Brighton Jones LLC now owns 25,168 shares of the company’s stock worth $31,000 after acquiring an additional 11,311 shares during the period. 83.63% of the stock is currently owned by institutional investors and hedge funds.

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.