Allogene Therapeutics (NASDAQ:ALLO) Trading Up 4.2% – Should You Buy?

Shares of Allogene Therapeutics, Inc. (NASDAQ:ALLO) shot up 4.2% during mid-day trading on Monday . The stock traded as high as $2.24 and last traded at $2.22. 14,650,537 shares changed hands during mid-day trading, an increase of 66% from the average session volume of 8,847,670 shares. The stock had previously closed at $2.13.

Wall Street Analyst Weigh In

A number of analysts recently commented on ALLO shares. Weiss Ratings restated a “sell (d-)” rating on shares of Allogene Therapeutics in a research report on Friday, May 1st. Robert W. Baird boosted their target price on Allogene Therapeutics from $7.00 to $9.00 and gave the company an “outperform” rating in a research note on Tuesday, April 14th. HC Wainwright boosted their target price on Allogene Therapeutics from $8.00 to $12.00 and gave the company a “buy” rating in a research note on Tuesday, April 14th. Canaccord Genuity Group restated a “buy” rating and set a $14.00 target price on shares of Allogene Therapeutics in a report on Friday, March 13th. Finally, Jefferies Financial Group lifted their price target on shares of Allogene Therapeutics from $6.00 to $10.00 and gave the company a “buy” rating in a research note on Monday, April 13th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Allogene Therapeutics currently has an average rating of “Moderate Buy” and a consensus target price of $8.52.

Allogene Therapeutics Stock Up 1.4%

The company has a market capitalization of $728.27 million, a P/E ratio of -2.74 and a beta of 0.46. The business has a fifty day moving average price of $2.10 and a 200 day moving average price of $2.02.

Allogene Therapeutics (NASDAQ:ALLO) last posted its quarterly earnings data on Wednesday, May 13th. The company reported ($0.18) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.01. As a group, equities analysts forecast that Allogene Therapeutics, Inc. will post -0.7 earnings per share for the current year.

Institutional Trading of Allogene Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the business. Kestra Private Wealth Services LLC bought a new stake in shares of Allogene Therapeutics in the first quarter worth $27,000. Russell Investments Group Ltd. grew its position in Allogene Therapeutics by 11,159.8% in 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 in the last quarter. Caitong International Asset Management Co. Ltd grew its position in 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 purchasing an additional 23,599 shares in the last quarter. Mercer Global Advisors Inc. ADV acquired a new stake in Allogene Therapeutics in the 3rd quarter valued at $30,000. Finally, Bull Harbor Capital LLC acquired a new stake in Allogene Therapeutics in the 1st quarter valued at $31,000. 83.63% of the stock is currently owned by institutional investors and hedge funds.

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.