Allogene Therapeutics (NASDAQ:ALLO) Sees Unusually-High Trading Volume – Here’s Why

Allogene Therapeutics, Inc. (NASDAQ:ALLO) saw strong trading volume on Wednesday . 7,271,224 shares traded hands during mid-day trading, an increase of 16% from the previous session’s volume of 6,285,209 shares.The stock last traded at $3.02 and had previously closed at $2.84.

Wall Street Analysts Forecast Growth

ALLO has been the topic of a number of recent analyst reports. HC Wainwright reissued a “buy” rating and issued a $9.00 price objective on shares of Allogene Therapeutics in a research report on Friday, November 8th. Piper Sandler lowered their target price on shares of Allogene Therapeutics from $11.00 to $9.00 and set an “overweight” rating for the company in a research note on Thursday, November 14th. Finally, William Blair reissued an “outperform” rating on shares of Allogene Therapeutics in a report on Thursday, November 14th. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, Allogene Therapeutics currently has an average rating of “Moderate Buy” and an average target price of $9.73.

Allogene Therapeutics Stock Up 3.7 %

The stock has a market capitalization of $617.48 million, a PE ratio of -1.91 and a beta of 0.83. The business’s 50-day moving average is $1.94 and its two-hundred day moving average is $2.37.

Insider Transactions at Allogene Therapeutics

In related news, EVP Zachary Roberts sold 27,199 shares of the stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $1.78, for a total transaction of $48,414.22. Following the completion of the sale, the executive vice president now owns 488,054 shares in the company, valued at $868,736.12. This represents a 5.28 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Timothy L. Moore sold 14,746 shares of the firm’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $1.71, for a total transaction of $25,215.66. Following the transaction, the insider now directly owns 250,713 shares in the company, valued at $428,719.23. The trade was a 5.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 71,067 shares of company stock worth $131,959. Corporate insiders own 24.30% of the company’s stock.

Institutional Investors Weigh In On Allogene Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Lynx1 Capital Management LP grew its holdings in shares of Allogene Therapeutics by 75.3% during the fourth quarter. Lynx1 Capital Management LP now owns 10,874,723 shares of the company’s stock worth $23,163,000 after buying an additional 4,672,349 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Allogene Therapeutics by 30.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,561,626 shares of the company’s stock valued at $7,586,000 after purchasing an additional 831,146 shares during the last quarter. Foresite Capital Management VI LLC acquired a new position in shares of Allogene Therapeutics in the fourth quarter valued at approximately $7,345,000. Geode Capital Management LLC raised its stake in shares of Allogene Therapeutics by 14.4% during the third quarter. Geode Capital Management LLC now owns 3,227,104 shares of the company’s stock worth $9,037,000 after purchasing an additional 407,070 shares during the last quarter. Finally, Two Sigma Advisers LP raised its stake in shares of Allogene Therapeutics by 12.1% during the fourth quarter. Two Sigma Advisers LP now owns 2,702,200 shares of the company’s stock worth $5,756,000 after purchasing an additional 291,800 shares during the last quarter. 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).