Insider Selling: Allogene Therapeutics (NASDAQ:ALLO) CEO Sells $117,974.61 in Stock

Allogene Therapeutics, Inc. (NASDAQ:ALLO) CEO David Chang sold 47,763 shares of the firm’s stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $2.47, for a total value of $117,974.61. Following the completion of the sale, the chief executive officer owned 5,150,599 shares in the company, valued at approximately $12,721,979.53. This represents a 0.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Allogene Therapeutics Stock Performance

Shares of ALLO stock opened at $2.07 on Friday. Allogene Therapeutics, Inc. has a 1 year low of $0.86 and a 1 year high of $2.80. The stock has a fifty day moving average of $2.01 and a two-hundred day moving average of $1.55. The firm has a market capitalization of $504.62 million, a PE ratio of -2.38 and a beta of 0.50.

Allogene Therapeutics (NASDAQ:ALLO) last issued 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. Equities research analysts predict that Allogene Therapeutics, Inc. will post -1.28 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms have commented on ALLO. Citigroup raised shares of Allogene Therapeutics from a “market perform” rating to an “outperform” rating in a research note on Friday, January 9th. Wall Street Zen raised shares of Allogene Therapeutics from a “sell” rating to a “hold” rating in a research note on Sunday, February 22nd. Piper Sandler increased their price objective on shares of Allogene Therapeutics from $7.00 to $8.00 and gave the company an “overweight” rating in a report on Friday, March 13th. Canaccord Genuity Group reiterated a “buy” rating and set a $14.00 price objective on shares of Allogene Therapeutics in a research note on Friday, March 13th. Finally, UBS Group began coverage on Allogene Therapeutics in a report on Wednesday, January 7th. They set a “buy” rating and a $8.00 target price on the stock. Nine equities research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $8.56.

Hedge Funds Weigh In On Allogene Therapeutics

Several large investors have recently made changes to their positions in the business. Savant Capital LLC acquired a new position in shares of Allogene Therapeutics in the 3rd quarter worth approximately $27,000. Russell Investments Group Ltd. lifted its stake in Allogene Therapeutics by 11,159.8% during the third quarter. Russell Investments Group Ltd. now owns 21,844 shares of the company’s stock valued at $27,000 after purchasing an additional 21,650 shares during the last quarter. Caitong International Asset Management Co. Ltd lifted its stake in Allogene Therapeutics by 5,267.6% during the third quarter. Caitong International Asset Management Co. Ltd now owns 24,047 shares of the company’s stock valued at $30,000 after purchasing an additional 23,599 shares during the last quarter. Mercer Global Advisors Inc. ADV bought a new stake in Allogene Therapeutics during the third quarter worth approximately $30,000. Finally, Brighton Jones LLC boosted its holdings in Allogene Therapeutics by 81.6% during the third quarter. Brighton Jones LLC now owns 25,168 shares of the company’s stock worth $31,000 after buying an additional 11,311 shares in the last quarter. Institutional investors 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.