Allogene Therapeutics, Inc. (NASDAQ:ALLO) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Allogene Therapeutics, Inc. (NASDAQ:ALLO) has been assigned a consensus recommendation of “Moderate Buy” from the thirteen analysts that are covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, three have given a hold recommendation, eight have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $8.5222.

A number of research analysts recently weighed in on the stock. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $14.00 price target on shares of Allogene Therapeutics in a research note on Friday, March 13th. Truist Financial upgraded Allogene Therapeutics to a “strong-buy” rating in a research note on Wednesday, March 25th. JPMorgan Chase & Co. raised Allogene Therapeutics from an “underweight” rating to a “neutral” rating in a report on Thursday, April 16th. HC Wainwright raised their target price on Allogene Therapeutics from $8.00 to $12.00 and gave the company a “buy” rating in a research report on Tuesday, April 14th. Finally, Robert W. Baird lifted their price target on Allogene Therapeutics from $7.00 to $9.00 and gave the stock an “outperform” rating in a research note on Tuesday, April 14th.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ALLO. Vanguard Group Inc. boosted its stake in Allogene Therapeutics by 9.2% during the 3rd quarter. Vanguard Group Inc. now owns 9,020,770 shares of the company’s stock worth $11,186,000 after purchasing an additional 761,642 shares during the last quarter. Primecap Management Co. CA raised its position in shares of Allogene Therapeutics by 15.0% in the fourth quarter. Primecap Management Co. CA now owns 8,139,840 shares of the company’s stock valued at $11,152,000 after buying an additional 1,060,532 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of Allogene Therapeutics by 177.9% in the first quarter. Goldman Sachs Group Inc. now owns 5,853,974 shares of the company’s stock worth $8,547,000 after buying an additional 3,747,397 shares in the last quarter. Patient Square Capital LP lifted its stake in shares of Allogene Therapeutics by 66.5% in the fourth quarter. Patient Square Capital LP now owns 4,963,756 shares of the company’s stock worth $6,800,000 after buying an additional 1,982,360 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in Allogene Therapeutics by 2.6% during the fourth quarter. Geode Capital Management LLC now owns 3,932,910 shares of the company’s stock worth $5,389,000 after acquiring an additional 99,025 shares during the last quarter. Hedge funds and other institutional investors own 83.63% of the company’s stock.

Allogene Therapeutics Stock Performance

NASDAQ:ALLO opened at $2.11 on Thursday. The stock has a market capitalization of $728.27 million, a PE ratio of -2.74 and a beta of 0.46. Allogene Therapeutics has a fifty-two week low of $0.98 and a fifty-two week high of $4.46. The company has a fifty day moving average of $2.09 and a two-hundred day moving average of $2.02.

Allogene Therapeutics (NASDAQ:ALLO) last announced its earnings results on Wednesday, May 13th. The company reported ($0.18) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.19) by $0.01. Research analysts forecast that Allogene Therapeutics will post -0.7 earnings per share for the current year.

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.