Allogene Therapeutics (NASDAQ:ALLO) Shares Gap Down to $2.74

Shares of Allogene Therapeutics, Inc. (NASDAQ:ALLO) gapped down before the market opened on Friday . The stock had previously closed at $2.74, but opened at $2.50. Allogene Therapeutics shares last traded at $2.56, with a volume of 446,816 shares changing hands.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on ALLO shares. Truist Financial restated a “buy” rating and issued a $17.00 price objective on shares of Allogene Therapeutics in a research report on Wednesday, May 15th. HC Wainwright dropped their price target on shares of Allogene Therapeutics from $10.00 to $9.00 and set a “buy” rating on the stock in a research report on Thursday, May 16th. Piper Sandler initiated coverage on shares of Allogene Therapeutics in a research report on Friday, May 31st. They issued an “overweight” rating and a $11.00 price objective for the company. Oppenheimer dropped their target price on Allogene Therapeutics from $14.00 to $13.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 21st. Finally, Stifel Nicolaus upped their price target on Allogene Therapeutics from $4.40 to $4.60 and gave the stock a “hold” rating in a report on Tuesday, May 14th. Three research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $9.95.

Allogene Therapeutics Price Performance

The stock has a market capitalization of $537.13 million, a price-to-earnings ratio of -1.39 and a beta of 0.85. The stock has a 50 day moving average price of $2.57 and a 200-day moving average price of $3.43.

Allogene Therapeutics (NASDAQ:ALLO) last announced its earnings results on Monday, May 13th. The company reported ($0.38) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.41) by $0.03. The company had revenue of $0.02 million for the quarter, compared to analysts’ expectations of $0.01 million. Allogene Therapeutics had a negative net margin of 223,139.98% and a negative return on equity of 50.81%. The firm’s quarterly revenue was down 26.7% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.68) EPS. As a group, research analysts forecast that Allogene Therapeutics, Inc. will post -1.5 earnings per share for the current year.

Insider Buying and Selling at Allogene Therapeutics

In related news, Director Arie Belldegrun purchased 1,724,137 shares of Allogene Therapeutics stock in a transaction dated Thursday, May 16th. The shares were acquired at an average price of $2.90 per share, for a total transaction of $4,999,997.30. Following the acquisition, the director now directly owns 1,724,137 shares in the company, valued at $4,999,997.30. The purchase was disclosed in a filing with the SEC, which is available through this link. In other news, Director Arie Belldegrun purchased 1,724,137 shares of Allogene Therapeutics stock in a transaction dated Thursday, May 16th. The shares were purchased at an average price of $2.90 per share, with a total value of $4,999,997.30. Following the transaction, the director now owns 1,724,137 shares in the company, valued at $4,999,997.30. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, Director Franz B. Humer sold 11,200 shares of the firm’s stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $2.34, for a total value of $26,208.00. Following the sale, the director now directly owns 255,253 shares of the company’s stock, valued at approximately $597,292.02. The disclosure for this sale can be found here. 24.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of ALLO. Axxcess Wealth Management LLC acquired a new position in shares of Allogene Therapeutics in the 4th quarter worth approximately $34,000. Aaron Wealth Advisors LLC acquired a new stake in shares of Allogene Therapeutics in the fourth quarter valued at $34,000. Nisa Investment Advisors LLC raised its holdings in shares of Allogene Therapeutics by 429.6% in the 2nd quarter. Nisa Investment Advisors LLC now owns 10,767 shares of the company’s stock valued at $25,000 after buying an additional 8,734 shares during the period. Phoenix Wealth Advisors acquired a new position in Allogene Therapeutics during the 2nd quarter worth about $30,000. Finally, Victory Capital Management Inc. boosted its holdings in Allogene Therapeutics by 23.1% during the 4th quarter. Victory Capital Management Inc. now owns 14,283 shares of the company’s stock valued at $46,000 after acquiring an additional 2,680 shares during the period. Institutional investors and hedge funds own 83.63% of the company’s stock.

About Allogene Therapeutics

Allogene Therapeutics, Inc, a clinical stage immuno-oncology company, develops and commercializes genetically engineered allogeneic T cell therapies for the treatment of cancer. It develops, manufactures, and commercializes UCART19, an allogeneic chimeric antigen receptor (CAR) T cell product candidate for the treatment of pediatric and adult patients with R/R CD19 positive B-cell acute lymphoblastic leukemia (ALL).