Allogene Therapeutics (NASDAQ:ALLO) Shares Gap Up – Here’s Why

Allogene Therapeutics, Inc. (NASDAQ:ALLO)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $2.28, but opened at $2.69. Allogene Therapeutics shares last traded at $2.69, with a volume of 177,734 shares changing hands.

Analyst Ratings Changes

Several brokerages have recently weighed in on ALLO. Citigroup increased their price objective on shares of Allogene Therapeutics from $7.00 to $8.00 and gave the stock a “buy” rating in a report on Friday, August 9th. Truist Financial reiterated a “buy” rating and issued a $14.00 price target (down previously from $17.00) on shares of Allogene Therapeutics in a report on Friday, August 9th. HC Wainwright reaffirmed a “buy” rating and issued a $9.00 target price on shares of Allogene Therapeutics in a research report on Friday, November 8th. Oppenheimer assumed coverage on Allogene Therapeutics in a research note on Thursday, August 8th. They set an “outperform” rating and a $11.00 price target for the company. Finally, William Blair reiterated an “outperform” rating on shares of Allogene Therapeutics in a report on Thursday, November 14th. Three investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, Allogene Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus price target of $9.73.

Allogene Therapeutics Trading Down 0.8 %

The company’s 50 day moving average is $2.67 and its 200-day moving average is $2.62. The stock has a market cap of $524.18 million, a PE ratio of -1.60 and a beta of 0.84.

Institutional Investors Weigh In On Allogene Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the business. Barclays PLC grew its position in shares of Allogene Therapeutics by 101.5% during the third quarter. Barclays PLC now owns 342,973 shares of the company’s stock worth $959,000 after buying an additional 172,745 shares in the last quarter. Geode Capital Management LLC boosted its stake in Allogene Therapeutics by 14.4% during the 3rd quarter. Geode Capital Management LLC now owns 3,227,104 shares of the company’s stock valued at $9,037,000 after acquiring an additional 407,070 shares during the last quarter. MML Investors Services LLC bought a new position in Allogene Therapeutics during the 3rd quarter valued at $56,000. Zacks Investment Management bought a new stake in Allogene Therapeutics in the third quarter valued at about $1,446,000. Finally, EP Wealth Advisors LLC lifted its stake in Allogene Therapeutics by 125.6% during the third quarter. EP Wealth Advisors LLC now owns 24,475 shares of the company’s stock worth $69,000 after purchasing an additional 13,625 shares during the last quarter. 83.63% of the stock is currently owned by hedge funds and other institutional investors.

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).