Allogene Therapeutics (NASDAQ:ALLO) Shares Down 8.7% – Should You Sell?

Allogene Therapeutics, Inc. (NASDAQ:ALLO)’s share price traded down 8.7% during trading on Friday . The company traded as low as $2.05 and last traded at $2.0550. 1,340,698 shares traded hands during mid-day trading, a decline of 84% from the average session volume of 8,145,884 shares. The stock had previously closed at $2.25.

Analyst Ratings Changes

A number of research firms have recently issued reports on ALLO. Weiss Ratings restated a “sell (d-)” rating on shares of Allogene Therapeutics in a research note on Friday, May 1st. Citizens Jmp raised their price target on Allogene Therapeutics from $5.00 to $8.00 and gave the stock a “market outperform” rating in a research note on Tuesday, April 14th. HC Wainwright raised their price target on Allogene Therapeutics from $8.00 to $12.00 and gave the stock a “buy” rating in a research note on Tuesday, April 14th. Canaccord Genuity Group restated a “buy” rating and issued a $14.00 price target on shares of Allogene Therapeutics in a research note on Friday, March 13th. Finally, Piper Sandler raised their price target on Allogene Therapeutics from $7.00 to $8.00 and gave the stock an “overweight” rating in a research note on Friday, March 13th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, three have assigned a Hold rating and one has issued 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 $8.52.

Allogene Therapeutics Trading Down 3.6%

The stock has a market capitalization of $748.98 million, a PE ratio of -2.82 and a beta of 0.46. The stock has a 50 day moving average price of $2.30 and a 200-day moving average price of $1.91.

Allogene Therapeutics (NASDAQ:ALLO) last released its quarterly earnings results on Wednesday, May 13th. The company reported ($0.18) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.01. Research analysts forecast that Allogene Therapeutics, Inc. will post -0.72 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO David D. Chang sold 47,763 shares of Allogene Therapeutics stock in a transaction on Monday, March 16th. The stock was sold at an average price of $2.47, for a total transaction of $117,974.61. Following the transaction, the chief executive officer directly owned 5,150,599 shares in the company, valued at approximately $12,721,979.53. The trade was a 0.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold 72,183 shares of company stock worth $177,771 in the last quarter. 13.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Allogene Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of ALLO. AQR Capital Management LLC purchased a new position in Allogene Therapeutics during the first quarter valued at $85,000. Goldman Sachs Group Inc. lifted its position in Allogene Therapeutics by 177.9% during the first quarter. Goldman Sachs Group Inc. now owns 5,853,974 shares of the company’s stock valued at $8,547,000 after purchasing an additional 3,747,397 shares in the last quarter. Jane Street Group LLC lifted its position in Allogene Therapeutics by 578.7% during the first quarter. Jane Street Group LLC now owns 1,116,681 shares of the company’s stock valued at $1,630,000 after purchasing an additional 952,158 shares in the last quarter. Geode Capital Management LLC raised its holdings in Allogene Therapeutics by 13.0% during the second quarter. Geode Capital Management LLC now owns 3,794,827 shares of the company’s stock valued at $4,289,000 after acquiring an additional 435,389 shares during the period. Finally, Rhumbline Advisers raised its holdings in Allogene Therapeutics by 14.0% during the second quarter. Rhumbline Advisers now owns 209,336 shares of the company’s stock valued at $237,000 after acquiring an additional 25,628 shares during the period. 83.63% of the stock is currently owned by hedge funds and other institutional investors.

Allogene Therapeutics Company Profile

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.