Allogene Therapeutics (NASDAQ:ALLO) Price Target Cut to $13.00

Allogene Therapeutics (NASDAQ:ALLO) had its price objective dropped by research analysts at Oppenheimer from $14.00 to $13.00 in a note issued to investors on Tuesday, MarketBeat reports. The brokerage currently has an “outperform” rating on the stock. Oppenheimer’s price target suggests a potential upside of 388.72% from the company’s current price.

A number of other research firms also recently issued reports on ALLO. JPMorgan Chase & Co. dropped their price objective on shares of Allogene Therapeutics from $9.00 to $8.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 27th. Truist Financial restated a “buy” rating and issued a $17.00 target price on shares of Allogene Therapeutics in a research note on Wednesday, May 15th. Stifel Nicolaus raised their target price on shares of Allogene Therapeutics from $4.40 to $4.60 and gave the company a “hold” rating in a research note on Tuesday, May 14th. Royal Bank of Canada restated an “outperform” rating and issued a $10.00 target price on shares of Allogene Therapeutics in a research note on Friday, March 15th. Finally, HC Wainwright lowered their target price on shares of Allogene Therapeutics from $10.00 to $9.00 and set a “buy” rating for the company in a research note on Thursday, May 16th. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, Allogene Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus price target of $9.80.

Allogene Therapeutics Stock Performance

NASDAQ ALLO opened at $2.66 on Tuesday. The firm’s 50 day moving average price is $3.55 and its 200-day moving average price is $3.53. Allogene Therapeutics has a 52-week low of $2.23 and a 52-week high of $6.41. The company has a market cap of $454.46 million, a PE ratio of -1.49 and a beta of 0.90.

Allogene Therapeutics (NASDAQ:ALLO) last released its quarterly earnings data on Monday, May 13th. The company reported ($0.38) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.41) by $0.03. Allogene Therapeutics had a negative net margin of 223,139.98% and a negative return on equity of 50.81%. The firm had revenue of $0.02 million for the quarter, compared to the consensus estimate of $0.01 million. During the same period last year, the firm earned ($0.68) earnings per share. The company’s quarterly revenue was down 26.7% on a year-over-year basis. On average, analysts forecast that Allogene Therapeutics will post -1.57 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Arie Belldegrun purchased 1,724,137 shares of the firm’s stock in a transaction on Thursday, May 16th. The stock was acquired at an average price of $2.90 per share, with a total value of $4,999,997.30. Following the completion of the acquisition, the director now owns 1,724,137 shares in the company, valued at approximately $4,999,997.30. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 24.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. McGlone Suttner Wealth Management Inc. purchased a new position in shares of Allogene Therapeutics during the fourth quarter worth $27,000. EP Wealth Advisors LLC purchased a new position in Allogene Therapeutics in the third quarter valued at $34,000. Aaron Wealth Advisors LLC purchased a new position in Allogene Therapeutics in the fourth quarter valued at $34,000. Axxcess Wealth Management LLC purchased a new position in Allogene Therapeutics in the fourth quarter valued at $34,000. Finally, Victory Capital Management Inc. purchased a new position in Allogene Therapeutics in the third quarter valued at $37,000. 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).