Allogene Therapeutics (NASDAQ:ALLO) Shares Down 6.3% on Analyst Downgrade

Shares of Allogene Therapeutics, Inc. (NASDAQ:ALLO - Get Free Report) were down 6.3% during mid-day 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 changed 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 research firms have also recently weighed in on ALLO. Canaccord Genuity Group cut their price objective on Allogene Therapeutics from $35.00 to $14.00 and set a "buy" rating on the stock in a research report on Thursday, August 8th. 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 on the stock. Citigroup upped their price target on Allogene Therapeutics from $7.00 to $8.00 and gave the stock a "buy" rating in a research note on Friday, August 9th. Truist Financial reissued a "buy" rating and issued a $14.00 price objective (down from $17.00) on shares of Allogene Therapeutics in a research note on Friday, August 9th. Finally, HC Wainwright reiterated a "buy" rating and issued a $9.00 price target on shares of Allogene Therapeutics in a report on Friday, November 8th. Three research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $9.73.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in ALLO. Primecap Management Co. CA grew its holdings in shares of Allogene Therapeutics by 4.1% during the second quarter. Primecap Management Co. CA now owns 5,670,226 shares of the company's stock worth $13,212,000 after purchasing an additional 221,840 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Allogene Therapeutics by 76.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 4,177,619 shares of the company's stock worth $18,675,000 after purchasing an additional 1,806,147 shares during the last quarter. Perceptive Advisors LLC purchased a new position in Allogene Therapeutics during the 2nd quarter valued at about $6,349,000. Dimensional Fund Advisors LP raised its holdings in shares of Allogene Therapeutics by 24.8% in the second quarter. Dimensional Fund Advisors LP now owns 2,550,640 shares of the company's stock worth $5,944,000 after acquiring an additional 507,021 shares during the last quarter. Finally, Lynx1 Capital Management LP acquired a new stake in Allogene Therapeutics during the second quarter worth approximately $5,192,000. Institutional investors and hedge funds own 83.63% of the company's stock.

Allogene Therapeutics Stock Performance

The company has a market cap of $515.79 million, a PE ratio of -1.58 and a beta of 0.84. The firm has a fifty day simple moving average of $2.75 and a 200 day simple moving average 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).