Allogene Therapeutics (NASDAQ:ALLO) Stock Price Down 4.8% After Insider Selling

Allogene Therapeutics, Inc. (NASDAQ:ALLO) traded down 4.8% during mid-day trading on Wednesday following insider selling activity. The company traded as low as $2.08 and last traded at $2.0650. Approximately 585,373 shares traded hands during mid-day trading, a decline of 93% from the average daily volume of 8,033,539 shares. The stock had previously closed at $2.17.

Specifically, SVP Earl Martin Douglas sold 29,697 shares of the stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $2.12, for a total transaction of $62,957.64. Following the transaction, the senior vice president directly owned 488,267 shares in the company, valued at approximately $1,035,126.04. This represents a 5.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Analysts Set New Price Targets

A number of research firms recently weighed in on ALLO. Weiss Ratings downgraded Allogene Therapeutics from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, August 12th. Citizens Jmp reiterated a “market outperform” rating and set a $6.00 price target on shares of Allogene Therapeutics in a research report on Monday, August 17th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $8.30.

Allogene Therapeutics Stock Down 4.8%

The firm’s 50-day simple moving average is $1.99 and its 200-day simple moving average is $2.14. The firm has a market capitalization of $713.44 million, a PE ratio of -3.08 and a beta of 0.48.

Allogene Therapeutics (NASDAQ:ALLO) last released its quarterly earnings data on Wednesday, August 12th. The company reported ($0.13) EPS for the quarter, topping the consensus estimate of ($0.17) by $0.04. The company had revenue of $4.64 million during the quarter, compared to analysts’ expectations of $0.00 million. On average, equities research analysts forecast that Allogene Therapeutics, Inc. will post -0.59 earnings per share for the current year.

Institutional Investors Weigh In On Allogene Therapeutics

Several institutional investors have recently bought and sold shares of ALLO. Kestra Private Wealth Services LLC purchased a new position in Allogene Therapeutics in the 1st quarter worth approximately $27,000. Pallas Capital Advisors LLC bought a new stake in Allogene Therapeutics in the second quarter valued at approximately $25,000. Bull Harbor Capital LLC purchased a new stake in shares of Allogene Therapeutics during the first quarter valued at approximately $31,000. GTS Securities LLC purchased a new stake in shares of Allogene Therapeutics during the second quarter valued at approximately $27,000. Finally, Krilogy Financial LLC bought a new position in shares of Allogene Therapeutics in the first quarter worth approximately $40,000. 83.63% of the stock is currently owned by hedge funds and other institutional investors.

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.