Allogene Therapeutics (NASDAQ:ALLO) Coverage Initiated by Analysts at Oppenheimer

Oppenheimer began coverage on shares of Allogene Therapeutics (NASDAQ:ALLO) in a report released on Thursday morning, MarketBeat.com reports. The firm issued an outperform rating and a $11.00 price objective on the stock.

Several other brokerages also recently issued reports on ALLO. HC Wainwright lowered their price target on Allogene Therapeutics from $10.00 to $9.00 and set a buy rating for the company in a report on Thursday, May 16th. Stifel Nicolaus increased their target price on Allogene Therapeutics from $4.40 to $4.60 and gave the company a hold rating in a research note on Tuesday, May 14th. Piper Sandler initiated coverage on Allogene Therapeutics in a research report on Friday, May 31st. They set an overweight rating and a $11.00 price target on the stock. Truist Financial reaffirmed a buy rating and issued a $17.00 price objective on shares of Allogene Therapeutics in a research report on Wednesday, May 15th. Finally, Canaccord Genuity Group reduced their target price on shares of Allogene Therapeutics from $35.00 to $14.00 and set a buy rating on the stock in a research report on Thursday. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of Moderate Buy and a consensus target price of $9.84.

Allogene Therapeutics Trading Down 1.7 %

NASDAQ:ALLO traded down $0.04 on Thursday, hitting $2.32. 1,874,558 shares of the stock were exchanged, compared to its average volume of 2,674,661. The stock has a fifty day moving average of $2.57 and a 200-day moving average of $3.41. The stock has a market cap of $484.88 million, a PE ratio of -1.32 and a beta of 0.85. Allogene Therapeutics has a fifty-two week low of $2.01 and a fifty-two week high of $5.78.

Allogene Therapeutics (NASDAQ:ALLO) last posted its earnings results on Monday, May 13th. The company reported ($0.38) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.41) by $0.03. The firm had revenue of $0.02 million during the quarter, compared to the consensus estimate 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 company’s revenue was down 26.7% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.68) EPS. As a group, analysts predict that Allogene Therapeutics will post -1.5 earnings per share for the current year.

Insider Activity

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

Institutional Investors Weigh In On Allogene Therapeutics

Several large investors have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD grew its position in shares of Allogene Therapeutics by 76.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 4,177,619 shares of the company’s stock worth $18,675,000 after acquiring an additional 1,806,147 shares during the last quarter. Affinity Asset Advisors LLC bought a new position in shares of Allogene Therapeutics in the fourth quarter valued at approximately $1,284,000. Caxton Associates LP boosted its holdings in shares of Allogene Therapeutics by 61.4% in the fourth quarter. Caxton Associates LP now owns 775,093 shares of the company’s stock valued at $2,488,000 after acquiring an additional 294,989 shares in the last quarter. Susquehanna Fundamental Investments LLC acquired a new position in shares of Allogene Therapeutics during the first quarter valued at approximately $1,280,000. Finally, SG Americas Securities LLC bought a new stake in Allogene Therapeutics during the fourth quarter worth approximately $172,000. 83.63% of the stock is owned by institutional investors and hedge funds.

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).