Allogene Therapeutics (NASDAQ:ALLO) Stock Price Up 6.3% - Still a Buy?

Allogene Therapeutics, Inc. (NASDAQ:ALLO - Get Free Report) traded up 6.3% during mid-day trading on Monday . The company traded as high as $2.89 and last traded at $2.89. 266,966 shares changed hands during mid-day trading, a decline of 89% from the average session volume of 2,441,654 shares. The stock had previously closed at $2.72.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the stock. Truist Financial restated a "buy" rating and set a $14.00 price target (down previously from $17.00) on shares of Allogene Therapeutics in a research note on Friday, August 9th. 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. 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 note on Thursday, August 8th. HC Wainwright reaffirmed a "buy" rating and set a $9.00 target price on shares of Allogene Therapeutics in a research report on Wednesday, October 30th. Finally, Oppenheimer started coverage on shares of Allogene Therapeutics in a research note on Thursday, August 8th. They issued an "outperform" rating and a $11.00 price objective for the company. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $9.96.

Allogene Therapeutics Stock Performance

The company has a market cap of $627.33 million, a P/E ratio of -1.86 and a beta of 0.84. The stock has a 50-day simple moving average of $2.69 and a 200 day simple moving average of $2.67.

Allogene Therapeutics (NASDAQ:ALLO - Get Free Report) last posted its quarterly earnings results on Wednesday, August 7th. The company reported ($0.32) earnings per share for the quarter, topping analysts' consensus estimates of ($0.35) by $0.03. Allogene Therapeutics had a negative net margin of 223,139.98% and a negative return on equity of 50.24%. Sell-side analysts anticipate that Allogene Therapeutics, Inc. will post -1.38 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Allogene Therapeutics by 85.1% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 361,913 shares of the company's stock worth $1,768,000 after buying an additional 166,433 shares during the period. Susquehanna Fundamental Investments LLC acquired a new position in Allogene Therapeutics in the first quarter valued at about $1,280,000. Headlands Technologies LLC acquired a new stake in shares of Allogene Therapeutics during the first quarter worth approximately $78,000. CANADA LIFE ASSURANCE Co boosted its holdings in shares of Allogene Therapeutics by 85.1% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 17,750 shares of the company's stock worth $79,000 after acquiring an additional 8,162 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its position in Allogene Therapeutics by 76.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,177,619 shares of the company's stock worth $18,675,000 after acquiring an additional 1,806,147 shares during the last quarter. 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).