Allogene Therapeutics (NASDAQ:ALLO) Stock Price Down 7.7% – Time to Sell?

Shares of Allogene Therapeutics, Inc. (NASDAQ:ALLO) fell 7.7% on Thursday . The company traded as low as $2.14 and last traded at $2.15. 2,180,620 shares changed hands during trading, a decline of 74% from the average session volume of 8,317,512 shares. The stock had previously closed at $2.33.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on ALLO. JPMorgan Chase & Co. upgraded Allogene Therapeutics from an “underweight” rating to a “neutral” rating in a research report on Thursday, April 16th. Weiss Ratings restated a “sell (d-)” rating on shares of Allogene Therapeutics in a research report on Friday, May 1st. Jefferies Financial Group boosted their target price on Allogene Therapeutics from $6.00 to $10.00 and gave the stock a “buy” rating in a research report on Monday, April 13th. Wall Street Zen upgraded Allogene Therapeutics from a “sell” rating to a “hold” rating in a research report on Sunday, February 22nd. Finally, Citigroup reiterated an “outperform” rating on shares of Allogene Therapeutics in a report on Tuesday, April 14th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Allogene Therapeutics has an average rating of “Moderate Buy” and a consensus target price of $8.52.

Allogene Therapeutics Stock Down 6.5%

The firm has a fifty day simple moving average of $2.37 and a 200-day simple moving average of $1.85. The company has a market capitalization of $489.64 million, a P/E ratio of -2.60 and a beta of 0.46.

Allogene Therapeutics (NASDAQ:ALLO) last announced its quarterly earnings results on Wednesday, May 13th. The company reported ($0.18) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.19) by $0.01. On average, sell-side analysts predict that Allogene Therapeutics, Inc. will post -0.73 earnings per share for the current fiscal year.

Insider Buying and Selling at Allogene Therapeutics

In other news, CEO David D. Chang sold 47,763 shares of the company’s stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $2.47, for a total transaction of $117,974.61. Following the completion of the transaction, the chief executive officer directly owned 5,150,599 shares of the company’s stock, valued at $12,721,979.53. This represents a 0.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold 72,183 shares of company stock worth $177,771 over the last ninety days. 13.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Mercer Global Advisors Inc. ADV boosted its position in shares of Allogene Therapeutics by 23.0% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 29,512 shares of the company’s stock worth $40,000 after buying an additional 5,514 shares during the period. CANADA LIFE ASSURANCE Co boosted its position in shares of Allogene Therapeutics by 27.3% during the third quarter. CANADA LIFE ASSURANCE Co now owns 39,730 shares of the company’s stock worth $50,000 after buying an additional 8,519 shares during the period. Abel Hall LLC boosted its position in shares of Allogene Therapeutics by 56.4% during the first quarter. Abel Hall LLC now owns 26,647 shares of the company’s stock worth $65,000 after buying an additional 9,604 shares during the period. Kestra Private Wealth Services LLC acquired a new position in shares of Allogene Therapeutics during the first quarter worth about $27,000. Finally, Zacks Investment Management boosted its position in shares of Allogene Therapeutics by 2.7% during the third quarter. Zacks Investment Management now owns 526,132 shares of the company’s stock worth $652,000 after buying an additional 13,831 shares during the period. 83.63% of the stock is 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.