Piper Sandler Has Lowered Expectations for Allogene Therapeutics (NASDAQ:ALLO) Stock Price

Allogene Therapeutics (NASDAQ:ALLO) had its target price decreased by analysts at Piper Sandler from $11.00 to $9.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Piper Sandler’s target price indicates a potential upside of 296.48% from the company’s current price.

Several other equities research analysts have also issued reports on ALLO. Truist Financial restated a “buy” rating and set a $14.00 price target (down previously from $17.00) on shares of Allogene Therapeutics in a research note on Friday, August 9th. Canaccord Genuity Group decreased their target price on Allogene Therapeutics from $35.00 to $14.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. Citigroup increased their price target on Allogene Therapeutics from $7.00 to $8.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. Oppenheimer began coverage on shares of Allogene Therapeutics in a research note on Thursday, August 8th. They issued an “outperform” rating and a $11.00 target price for the company. Finally, HC Wainwright reissued a “buy” rating and issued a $9.00 price target on shares of Allogene Therapeutics in a research report on Friday, November 8th. Three equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, Allogene Therapeutics currently has a consensus rating of “Moderate Buy” and an average price target of $9.73.

Allogene Therapeutics Stock Down 7.7 %

ALLO stock opened at $2.27 on Thursday. The firm has a market cap of $475.95 million, a PE ratio of -1.46 and a beta of 0.84. The business has a 50 day moving average of $2.75 and a 200-day moving average of $2.66. Allogene Therapeutics has a 12-month low of $2.01 and a 12-month high of $5.78.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Perceptive Advisors LLC bought a new stake in Allogene Therapeutics in the second quarter worth about $6,349,000. Lynx1 Capital Management LP purchased a new position in Allogene Therapeutics during the 2nd quarter valued at $5,192,000. Price T Rowe Associates Inc. MD grew its position in Allogene Therapeutics by 76.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,177,619 shares of the company’s stock valued at $18,675,000 after acquiring an additional 1,806,147 shares during the last quarter. Renaissance Technologies LLC increased its stake in Allogene Therapeutics by 340.4% in the second quarter. Renaissance Technologies LLC now owns 1,747,955 shares of the company’s stock worth $4,073,000 after purchasing an additional 1,351,055 shares during the period. Finally, Zacks Investment Management bought a new stake in shares of Allogene Therapeutics during the third quarter worth $1,446,000. 83.63% of the stock is owned by hedge funds and other 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).