Allogene Therapeutics (NASDAQ:ALLO) Stock Price Down 4.7% – Should You Sell?

Allogene Therapeutics, Inc. (NASDAQ:ALLO) shares dropped 4.7% during trading on Tuesday . The company traded as low as $2.40 and last traded at $2.43. Approximately 656,726 shares changed hands during mid-day trading, a decline of 73% from the average daily volume of 2,467,050 shares. The stock had previously closed at $2.55.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Canaccord Genuity Group lowered their price target on Allogene Therapeutics from $35.00 to $14.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. Truist Financial restated a “buy” rating and issued a $14.00 target price (down previously from $17.00) on shares of Allogene Therapeutics in a research report on Friday, August 9th. Oppenheimer started coverage on shares of Allogene Therapeutics in a research report on Thursday, August 8th. They set an “outperform” rating and a $11.00 price target on the stock. William Blair restated an “outperform” rating on shares of Allogene Therapeutics in a report on Thursday, November 14th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $9.00 target price on shares of Allogene Therapeutics in a report on Friday, November 8th. Three research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $9.73.

Allogene Therapeutics Stock Down 7.5 %

The company has a market capitalization of $494.82 million, a PE ratio of -1.51 and a beta of 0.83. The stock’s fifty day moving average price is $2.65 and its two-hundred day moving average price is $2.61.

Hedge Funds Weigh In On Allogene Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the business. Nisa Investment Advisors LLC boosted its holdings in Allogene Therapeutics by 429.6% in the second quarter. Nisa Investment Advisors LLC now owns 10,767 shares of the company’s stock valued at $25,000 after acquiring an additional 8,734 shares in the last quarter. Federated Hermes Inc. purchased a new stake in shares of Allogene Therapeutics in the 2nd quarter worth about $29,000. Phoenix Wealth Advisors bought a new stake in shares of Allogene Therapeutics during the 2nd quarter valued at about $30,000. Private Advisor Group LLC bought a new position in Allogene Therapeutics in the third quarter worth about $34,000. Finally, Algert Global LLC bought a new position in Allogene Therapeutics in the second quarter worth about $35,000. Institutional investors own 83.63% of the company’s stock.

Allogene Therapeutics Company Profile

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).