Allogene Therapeutics (NASDAQ:ALLO) Stock Price Down 6.3% on Analyst Downgrade

Allogene Therapeutics, Inc. (NASDAQ:ALLO)’s share price fell 6.3% on Thursday after Piper Sandler lowered their price target on the stock from $11.00 to $9.00. Piper Sandler currently has an overweight rating on the stock. Allogene Therapeutics traded as low as $2.54 and last traded at $2.55. 570,027 shares were traded during trading, a decline of 77% from the average session volume of 2,454,845 shares. The stock had previously closed at $2.72.

Several other analysts also recently weighed in on ALLO. Canaccord Genuity Group dropped their price target on Allogene Therapeutics from $35.00 to $14.00 and set a “buy” rating on the stock in a research note on Thursday, August 8th. HC Wainwright restated a “buy” rating and issued a $9.00 target price on shares of Allogene Therapeutics in a research note on Friday, November 8th. Oppenheimer began coverage on Allogene Therapeutics in a research note on Thursday, August 8th. They issued an “outperform” rating and a $11.00 target price on the stock. Citigroup upped their target price on Allogene Therapeutics from $7.00 to $8.00 and gave the stock a “buy” rating in a research note on Friday, August 9th. Finally, 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 note on Friday, August 9th. Three equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $9.73.

Hedge Funds Weigh In On Allogene Therapeutics

A number of hedge funds have recently bought and sold shares of ALLO. Nisa Investment Advisors LLC boosted its position in Allogene Therapeutics by 429.6% during the second quarter. Nisa Investment Advisors LLC now owns 10,767 shares of the company’s stock worth $25,000 after purchasing an additional 8,734 shares in the last quarter. Federated Hermes Inc. purchased a new position in Allogene Therapeutics during the second quarter worth approximately $29,000. Phoenix Wealth Advisors purchased a new position in Allogene Therapeutics during the second quarter worth approximately $30,000. Private Advisor Group LLC purchased a new position in Allogene Therapeutics during the third quarter worth approximately $34,000. Finally, Algert Global LLC acquired a new position in shares of Allogene Therapeutics during the second quarter valued at approximately $35,000. Hedge funds and other institutional investors own 83.63% of the company’s stock.

Allogene Therapeutics Price Performance

The business has a fifty day simple moving average of $2.75 and a 200 day simple moving average of $2.66. The firm has a market cap of $475.95 million, a price-to-earnings ratio of -1.46 and a beta of 0.84.

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).