Short Interest in Allogene Therapeutics, Inc. (NASDAQ:ALLO) Drops By 5.8%

Allogene Therapeutics, Inc. (NASDAQ:ALLO) was the recipient of a significant decrease in short interest during the month of October. As of October 31st, there was short interest totalling 37,040,000 shares, a decrease of 5.8% from the October 15th total of 39,320,000 shares. Based on an average daily trading volume, of 1,980,000 shares, the days-to-cover ratio is currently 18.7 days. Currently, 26.7% of the company’s stock are short sold.

Allogene Therapeutics Stock Performance

NASDAQ:ALLO opened at $2.15 on Tuesday. The stock has a 50-day simple moving average of $2.74 and a two-hundred day simple moving average of $2.65. The firm has a market capitalization of $450.79 million, a PE ratio of -1.38 and a beta of 0.84. Allogene Therapeutics has a 52-week low of $2.01 and a 52-week high of $5.78.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Perceptive Advisors LLC bought a new stake in Allogene Therapeutics during the 2nd quarter worth approximately $6,349,000. Lynx1 Capital Management LP purchased a new position in shares of Allogene Therapeutics during the 2nd quarter valued at $5,192,000. Price T Rowe Associates Inc. MD lifted its stake in shares of Allogene Therapeutics by 76.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,177,619 shares of the company’s stock valued at $18,675,000 after buying an additional 1,806,147 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in Allogene Therapeutics by 340.4% in the 2nd quarter. Renaissance Technologies LLC now owns 1,747,955 shares of the company’s stock worth $4,073,000 after buying an additional 1,351,055 shares during the period. Finally, Zacks Investment Management purchased a new stake in Allogene Therapeutics in the 3rd quarter worth $1,446,000. 83.63% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on ALLO shares. Oppenheimer started coverage on shares of Allogene Therapeutics in a report on Thursday, August 8th. They issued an “outperform” rating and a $11.00 price objective for the company. Canaccord Genuity Group decreased 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. Piper Sandler dropped their price objective on Allogene Therapeutics from $11.00 to $9.00 and set an “overweight” rating on the stock in a research report on Thursday, November 14th. 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. Finally, William Blair restated an “outperform” rating on shares of Allogene Therapeutics in a research note on Thursday, November 14th. Three equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $9.73.

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).