Allogene Therapeutics (NASDAQ:ALLO) PT Raised to $8.00 at Citigroup

Allogene Therapeutics (NASDAQ:ALLO) had its price objective boosted by equities research analysts at Citigroup from $7.00 to $8.00 in a research note issued on Friday, Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s price objective suggests a potential upside of 244.83% from the stock’s current price.

A number of other equities research analysts also recently weighed in on the stock. Piper Sandler began coverage on shares of Allogene Therapeutics in a research note on Friday, May 31st. They set an “overweight” rating and a $11.00 price target for the company. Stifel Nicolaus raised their price target on Allogene Therapeutics from $4.40 to $4.60 and gave the stock a “hold” rating in a research report on Tuesday, May 14th. Truist Financial reissued a “buy” rating and issued a $14.00 target price (down previously from $17.00) on shares of Allogene Therapeutics in a research note on Friday. HC Wainwright decreased their target price on Allogene Therapeutics from $10.00 to $9.00 and set a “buy” rating for the company in a research report on Thursday, May 16th. Finally, Canaccord Genuity Group lowered their price objective on shares of Allogene Therapeutics from $35.00 to $14.00 and set a “buy” rating for the company in a research report on Thursday. Three equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $9.96.

Allogene Therapeutics Price Performance

Shares of NASDAQ:ALLO traded down $0.04 during trading on Friday, reaching $2.32. The stock had a trading volume of 1,874,513 shares, compared to its average volume of 2,674,661. The stock has a market capitalization of $484.88 million, a PE ratio of -1.30 and a beta of 0.85. Allogene Therapeutics has a 52 week low of $2.01 and a 52 week high of $5.78. The business’s 50-day moving average price is $2.57 and its 200 day moving average price is $3.41.

Allogene Therapeutics (NASDAQ:ALLO) last issued its quarterly 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. Allogene Therapeutics had a negative net margin of 223,139.98% and a negative return on equity of 50.81%. The business had revenue of $0.02 million for the quarter, compared to the consensus estimate of $0.01 million. During the same quarter in the prior year, the company earned ($0.68) EPS. The firm’s quarterly revenue was down 26.7% on a year-over-year basis. Analysts forecast that Allogene Therapeutics will post -1.5 EPS for the current year.

Insiders Place Their Bets

In other news, Director Franz B. Humer sold 11,200 shares of the company’s stock in a transaction dated Thursday, May 30th. The shares were 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 sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, Director Franz B. Humer sold 11,200 shares of Allogene Therapeutics stock in a transaction that occurred on 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Arie Belldegrun purchased 1,724,137 shares of the company’s stock in a transaction that occurred on Thursday, May 16th. The stock was acquired at an average price of $2.90 per share, for a total transaction of $4,999,997.30. Following the purchase, the director now owns 1,724,137 shares in the company, valued at approximately $4,999,997.30. The disclosure for this purchase can be found here. Insiders own 24.30% of the company’s stock.

Institutional Trading of Allogene Therapeutics

Institutional investors have recently added to or reduced their stakes in the company. Victory Capital Management Inc. increased its position in Allogene Therapeutics by 23.1% during the 4th quarter. Victory Capital Management Inc. now owns 14,283 shares of the company’s stock worth $46,000 after buying an additional 2,680 shares during the period. Vontobel Holding Ltd. increased its position in Allogene Therapeutics by 28.6% during the fourth quarter. Vontobel Holding Ltd. now owns 18,000 shares of the company’s stock worth $58,000 after acquiring an additional 4,000 shares during the period. Arizona State Retirement System raised its stake in Allogene Therapeutics by 22.2% in the 4th quarter. Arizona State Retirement System now owns 30,458 shares of the company’s stock worth $98,000 after purchasing an additional 5,543 shares in the last quarter. Bourgeon Capital Management LLC boosted its holdings in Allogene Therapeutics by 12.8% in the 1st quarter. Bourgeon Capital Management LLC now owns 57,200 shares of the company’s stock valued at $256,000 after purchasing an additional 6,500 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Allogene Therapeutics by 55.4% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,551 shares of the company’s stock valued at $72,000 after purchasing an additional 8,037 shares during the period. 83.63% of the stock is currently owned by institutional investors.

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).