Allogene Therapeutics (NASDAQ:ALLO) Price Target Cut to $10.00 by Analysts at Truist Financial

Allogene Therapeutics (NASDAQ:ALLO) had its price target dropped by research analysts at Truist Financial from $14.00 to $10.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock.

Other equities research analysts have also issued research reports about the company. Robert W. Baird dropped their price target on Allogene Therapeutics from $12.00 to $9.00 and set an “outperform” rating on the stock in a research report on Wednesday. HC Wainwright dropped their price target on Allogene Therapeutics from $9.00 to $8.00 and set a “buy” rating on the stock in a research report on Wednesday, March 19th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $10.00 price target on shares of Allogene Therapeutics in a research report on Wednesday. Canaccord Genuity Group reissued a “buy” rating and issued a $14.00 target price on shares of Allogene Therapeutics in a research report on Friday, March 14th. Finally, Citizens Jmp lowered Allogene Therapeutics from an “outperform” rating to a “market perform” rating in a research report on Wednesday. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $8.44.

Allogene Therapeutics Price Performance

NASDAQ ALLO opened at $1.09 on Wednesday. The firm has a market cap of $238.39 million, a P/E ratio of -0.70 and a beta of 0.60. The stock’s 50-day moving average is $1.50 and its 200-day moving average is $1.93. Allogene Therapeutics has a one year low of $0.86 and a one year high of $3.78.

Allogene Therapeutics (NASDAQ:ALLO) last released its quarterly earnings results on Tuesday, May 13th. The company reported ($0.28) EPS for the quarter, hitting analysts’ consensus estimates of ($0.28). Equities analysts anticipate that Allogene Therapeutics will post -1.28 EPS for the current year.

Insider Activity at Allogene Therapeutics

In related news, CEO David D. Chang sold 46,668 shares of Allogene Therapeutics stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $1.96, for a total value of $91,469.28. Following the sale, the chief executive officer now owns 5,276,569 shares of the company’s stock, valued at approximately $10,342,075.24. This trade represents a 0.88% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last quarter, insiders have sold 61,757 shares of company stock valued at $115,873. 13.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in ALLO. Lynx1 Capital Management LP increased its position in shares of Allogene Therapeutics by 75.3% during the 4th quarter. Lynx1 Capital Management LP now owns 10,874,723 shares of the company’s stock worth $23,163,000 after purchasing an additional 4,672,349 shares during the last quarter. Foresite Capital Management VI LLC acquired a new position in shares of Allogene Therapeutics during the 4th quarter worth approximately $7,345,000. Patient Square Capital LP acquired a new position in shares of Allogene Therapeutics during the 4th quarter worth approximately $3,174,000. Gilead Sciences Inc. acquired a new position in shares of Allogene Therapeutics during the 4th quarter worth approximately $2,464,000. Finally, Frazier Life Sciences Management L.P. increased its position in shares of Allogene Therapeutics by 34.9% during the 1st quarter. Frazier Life Sciences Management L.P. now owns 3,868,750 shares of the company’s stock worth $5,648,000 after purchasing an additional 1,001,000 shares during the last quarter. Institutional investors and hedge funds own 83.63% of the company’s stock.

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).