Allogene Therapeutics (NASDAQ:ALLO) Shares Down 7.5%

Allogene Therapeutics, Inc. (NASDAQ:ALLO) dropped 7.5% during trading on Wednesday . The company traded as low as $2.47 and last traded at $2.48. Approximately 1,303,217 shares traded hands during trading, a decline of 50% from the average daily volume of 2,596,004 shares. The stock had previously closed at $2.68.

Wall Street Analyst Weigh In

ALLO has been the subject of several recent research reports. Citigroup lifted their price objective on 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 target price (down previously from $17.00) on shares of Allogene Therapeutics in a research note on Friday, August 9th. Piper Sandler initiated coverage on shares of Allogene Therapeutics in a report on Friday, May 31st. They issued an “overweight” rating and a $11.00 price objective for the company. Stifel Nicolaus upped their price objective on shares of Allogene Therapeutics from $4.40 to $4.60 and gave the stock a “hold” rating in a research report on Tuesday, May 14th. Finally, Canaccord Genuity Group dropped their price target on Allogene Therapeutics from $35.00 to $14.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, Allogene Therapeutics presently has a consensus rating of “Moderate Buy” and an average target price of $9.96.

Allogene Therapeutics Trading Down 1.1 %

The firm has a fifty day moving average of $2.61 and a two-hundred day moving average of $3.27. The company has a market capitalization of $549.67 million, a PE ratio of -1.47 and a beta of 0.85.

Allogene Therapeutics (NASDAQ:ALLO) last released its quarterly earnings data on Wednesday, August 7th. The company reported ($0.32) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.35) by $0.03. Allogene Therapeutics had a negative return on equity of 50.81% and a negative net margin of 223,139.98%. On average, equities analysts expect that Allogene Therapeutics, Inc. will post -1.5 EPS for the current fiscal year.

Institutional Investors Weigh In On Allogene Therapeutics

Several institutional investors have recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Allogene Therapeutics by 55.4% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 22,551 shares of the company’s stock valued at $72,000 after acquiring an additional 8,037 shares during the last quarter. Victory Capital Management Inc. raised its position in Allogene Therapeutics by 23.1% during the 4th quarter. Victory Capital Management Inc. now owns 14,283 shares of the company’s stock valued at $46,000 after purchasing an additional 2,680 shares during the last quarter. Swiss National Bank raised its position in Allogene Therapeutics by 11.6% during the 4th quarter. Swiss National Bank now owns 214,800 shares of the company’s stock valued at $690,000 after purchasing an additional 22,400 shares during the last quarter. Los Angeles Capital Management LLC purchased a new stake in Allogene Therapeutics in the 4th quarter worth approximately $533,000. Finally, Axxcess Wealth Management LLC bought a new stake in shares of Allogene Therapeutics in the 4th quarter worth approximately $34,000. Hedge funds and other institutional investors own 83.63% of the company’s stock.

About Allogene Therapeutics

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).