Piper Sandler Issues Positive Forecast for Allogene Therapeutics (NASDAQ:ALLO) Stock Price

Allogene Therapeutics (NASDAQ:ALLO) had its price objective raised by Piper Sandler from $7.00 to $8.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Piper Sandler’s target price would suggest a potential upside of 233.89% from the company’s previous close.

Several other research firms have also issued reports on ALLO. UBS Group started coverage on Allogene Therapeutics in a research note on Wednesday, January 7th. They set a “buy” rating and a $8.00 price objective for the company. Citigroup raised shares of Allogene Therapeutics from a “market perform” rating to an “outperform” rating in a report on Friday, January 9th. Wall Street Zen upgraded shares of Allogene Therapeutics from a “sell” rating to a “hold” rating in a research report on Sunday, February 22nd. Finally, Citizens Jmp raised shares of Allogene Therapeutics from a “market perform” rating to an “outperform” rating and set a $5.00 price target for the company in a report on Friday, January 9th. Ten analysts have rated the stock with a Buy rating and two have given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $8.50.

Allogene Therapeutics Stock Performance

Shares of ALLO stock traded down $0.07 during trading hours on Friday, hitting $2.40. The company had a trading volume of 2,565,700 shares, compared to its average volume of 5,643,699. Allogene Therapeutics has a 12 month low of $0.86 and a 12 month high of $2.80. The firm has a market capitalization of $538.45 million, a price-to-earnings ratio of -2.44 and a beta of 0.50. The firm’s fifty day moving average is $1.92 and its 200 day moving average is $1.50.

Allogene Therapeutics (NASDAQ:ALLO) last issued its earnings results on Thursday, March 12th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.25) by $0.08. On average, sell-side analysts expect that Allogene Therapeutics will post -1.28 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, SVP Earl Martin Douglas sold 22,900 shares of the firm’s stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $1.76, for a total value of $40,304.00. Following the completion of the sale, the senior vice president directly owned 564,948 shares in the company, valued at approximately $994,308.48. This trade represents a 3.90% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Geoffrey M. Parker sold 24,001 shares of Allogene Therapeutics stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $1.76, for a total value of $42,241.76. Following the completion of the transaction, the chief financial officer directly owned 1,252,795 shares of the company’s stock, valued at $2,204,919.20. This represents a 1.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 222,987 shares of company stock worth $396,969. 13.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Allogene Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Caitong International Asset Management Co. Ltd lifted its position in shares of Allogene Therapeutics by 84.4% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 44,334 shares of the company’s stock worth $61,000 after purchasing an additional 20,287 shares in the last quarter. Virtu Financial LLC increased its holdings in shares of Allogene Therapeutics by 55.9% in the fourth quarter. Virtu Financial LLC now owns 42,351 shares of the company’s stock valued at $58,000 after purchasing an additional 15,178 shares in the last quarter. Invesco Ltd. raised its position in Allogene Therapeutics by 16.1% in the 4th quarter. Invesco Ltd. now owns 609,807 shares of the company’s stock worth $835,000 after purchasing an additional 84,494 shares during the last quarter. Mercer Global Advisors Inc. ADV raised its position in Allogene Therapeutics by 23.0% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 29,512 shares of the company’s stock worth $40,000 after purchasing an additional 5,514 shares during the last quarter. Finally, Virtus Investment Advisers LLC lifted its holdings in Allogene Therapeutics by 116.8% during the 4th quarter. Virtus Investment Advisers LLC now owns 176,178 shares of the company’s stock worth $241,000 after buying an additional 94,902 shares in the last quarter. Institutional investors and hedge funds own 83.63% of the company’s stock.

About Allogene Therapeutics

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.