Citigroup Issues Pessimistic Forecast for Allogene Therapeutics (NASDAQ:ALLO) Stock Price

Allogene Therapeutics (NASDAQ:ALLO) had its target price cut by equities research analysts at Citigroup from $8.00 to $4.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Citigroup’s target price would suggest a potential upside of 260.36% from the company’s current price.

Other equities research analysts have also issued reports about the stock. Piper Sandler reduced their target price on shares of Allogene Therapeutics from $9.00 to $7.00 and set an “overweight” rating on the stock in a report on Wednesday. Royal Bank of Canada reiterated an “outperform” rating and issued a $10.00 price objective on shares of Allogene Therapeutics in a research note on Wednesday. HC Wainwright lowered their target price on Allogene Therapeutics from $9.00 to $8.00 and set a “buy” rating for the company in a research note on Wednesday, March 19th. Canaccord Genuity Group restated a “buy” rating and set a $14.00 price target on shares of Allogene Therapeutics in a report on Friday, March 14th. Finally, Robert W. Baird decreased their price objective on Allogene Therapeutics from $12.00 to $9.00 and set an “outperform” rating for the company in a research note on Wednesday. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $8.44.

Allogene Therapeutics Stock Performance

Shares of Allogene Therapeutics stock opened at $1.11 on Thursday. The stock has a 50 day moving average of $1.48 and a 200 day moving average of $1.92. The firm has a market capitalization of $242.76 million, a price-to-earnings ratio of -0.71 and a beta of 0.60. Allogene Therapeutics has a fifty-two week low of $0.86 and a fifty-two week high of $3.78.

Allogene Therapeutics (NASDAQ:ALLO) last announced its quarterly earnings results on Tuesday, May 13th. The company reported ($0.28) EPS for the quarter, meeting the consensus estimate of ($0.28). Analysts forecast that Allogene Therapeutics will post -1.28 EPS for the current year.

Insiders Place Their Bets

In related news, CEO David D. Chang sold 46,668 shares of the company’s stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $1.96, for a total transaction of $91,469.28. Following the completion of the transaction, the chief executive officer now owns 5,276,569 shares of the company’s stock, valued at approximately $10,342,075.24. This represents a 0.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have sold a total of 61,757 shares of company stock valued at $115,873 in the last quarter. 13.20% of the stock is currently owned by company insiders.

Institutional Trading of Allogene Therapeutics

Institutional investors have recently made changes to their positions in the stock. Cibc World Markets Corp acquired a new position in Allogene Therapeutics in the fourth quarter valued at $26,000. PAX Financial Group LLC acquired a new stake in Allogene Therapeutics during the 4th quarter worth approximately $27,000. Wealth Enhancement Advisory Services LLC purchased a new position in Allogene Therapeutics in the first quarter valued at approximately $28,000. RPO LLC purchased a new position in Allogene Therapeutics in the fourth quarter valued at approximately $31,000. Finally, Caption Management LLC purchased a new stake in Allogene Therapeutics during the fourth quarter worth approximately $32,000. 83.63% of the stock is 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).