Allogene Therapeutics (NASDAQ:ALLO) Stock Price Down 6.3% After Analyst Downgrade

Allogene Therapeutics, Inc. (NASDAQ:ALLO) was down 6.3% during trading on Thursday after Piper Sandler lowered their price target on the stock from $11.00 to $9.00. Piper Sandler currently has an overweight rating on the stock. Allogene Therapeutics traded as low as $2.54 and last traded at $2.55. Approximately 570,027 shares traded hands during trading, a decline of 77% from the average daily volume of 2,454,845 shares. The stock had previously closed at $2.72.

Several other analysts have also recently commented on the company. Citigroup increased their target price on Allogene Therapeutics from $7.00 to $8.00 and gave the stock a “buy” rating in a report on Friday, August 9th. HC Wainwright reissued a “buy” rating and set a $9.00 price objective on shares of Allogene Therapeutics in a report on Friday, November 8th. Canaccord Genuity Group dropped their target price on shares of Allogene Therapeutics from $35.00 to $14.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. Oppenheimer started coverage on shares of Allogene Therapeutics in a research report on Thursday, August 8th. They set an “outperform” rating and a $11.00 target price on the stock. Finally, Truist Financial reissued a “buy” rating and issued a $14.00 price target (down previously from $17.00) on shares of Allogene Therapeutics in a report on Friday, August 9th. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, Allogene Therapeutics currently has a consensus rating of “Moderate Buy” and an average price target of $9.73.

Hedge Funds Weigh In On Allogene Therapeutics

Several large investors have recently bought and sold shares of ALLO. Primecap Management Co. CA raised its position in shares of Allogene Therapeutics by 4.1% during the 2nd quarter. Primecap Management Co. CA now owns 5,670,226 shares of the company’s stock valued at $13,212,000 after acquiring an additional 221,840 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Allogene Therapeutics by 76.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 4,177,619 shares of the company’s stock valued at $18,675,000 after purchasing an additional 1,806,147 shares during the last quarter. Perceptive Advisors LLC acquired a new position in Allogene Therapeutics in the second quarter valued at about $6,349,000. Dimensional Fund Advisors LP lifted its stake in Allogene Therapeutics by 24.8% in the second quarter. Dimensional Fund Advisors LP now owns 2,550,640 shares of the company’s stock valued at $5,944,000 after buying an additional 507,021 shares during the period. Finally, Lynx1 Capital Management LP bought a new position in Allogene Therapeutics during the second quarter worth about $5,192,000. 83.63% of the stock is currently owned by institutional investors and hedge funds.

Allogene Therapeutics Stock Performance

The company has a market capitalization of $547.24 million, a price-to-earnings ratio of -1.74 and a beta of 0.84. The company has a 50-day moving average price of $2.75 and a 200-day moving average price of $2.66.

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).