Allogene Therapeutics (NASDAQ:ALLO) Shares Gap Up – Should You Buy?

Allogene Therapeutics, Inc. (NASDAQ:ALLO)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $2.28, but opened at $2.69. Allogene Therapeutics shares last traded at $2.69, with a volume of 177,734 shares trading hands.

Analyst Ratings Changes

Several analysts have issued reports on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $9.00 price target on shares of Allogene Therapeutics in a report on Friday, November 8th. Oppenheimer began coverage on Allogene Therapeutics in a research note on Thursday, August 8th. They issued an “outperform” rating and a $11.00 target price on the stock. Canaccord Genuity Group lowered their target price on Allogene Therapeutics from $35.00 to $14.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. Piper Sandler cut their price target on Allogene Therapeutics from $11.00 to $9.00 and set an “overweight” rating for the company in a report on Thursday, November 14th. Finally, Citigroup increased their price objective on Allogene Therapeutics from $7.00 to $8.00 and gave the company a “buy” rating in a research note on Friday, August 9th. Three research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $9.73.

Allogene Therapeutics Price Performance

The stock has a 50-day moving average price of $2.68 and a 200 day moving average price of $2.62. The firm has a market cap of $555.63 million, a PE ratio of -1.72 and a beta of 0.84.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Nisa Investment Advisors LLC increased its holdings in shares of Allogene Therapeutics by 429.6% during the 2nd quarter. Nisa Investment Advisors LLC now owns 10,767 shares of the company’s stock worth $25,000 after buying an additional 8,734 shares during the last quarter. Federated Hermes Inc. purchased a new position in shares of Allogene Therapeutics in the 2nd quarter worth about $29,000. Phoenix Wealth Advisors acquired a new position in shares of Allogene Therapeutics in the 2nd quarter valued at about $30,000. Private Advisor Group LLC purchased a new stake in shares of Allogene Therapeutics during the 3rd quarter worth about $34,000. Finally, Algert Global LLC acquired a new stake in Allogene Therapeutics during the 2nd quarter worth approximately $35,000. Institutional investors and hedge funds 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).