Allogene Therapeutics (NASDAQ:ALLO) Shares Gap Up – Time to Buy?

Allogene Therapeutics, Inc. (NASDAQ:ALLO) gapped up prior to trading on Tuesday . The stock had previously closed at $2.04, but opened at $2.17. Allogene Therapeutics shares last traded at $2.99, with a volume of 10,832,173 shares traded.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. William Blair restated an “outperform” rating on shares of Allogene Therapeutics in a research report on Thursday, November 14th. HC Wainwright reiterated a “buy” rating and issued a $9.00 target price on shares of Allogene Therapeutics in a research report on Friday, November 8th. Finally, Piper Sandler decreased their target price on Allogene Therapeutics from $11.00 to $9.00 and set an “overweight” rating on the stock in a research report on Thursday, November 14th. One analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, Allogene Therapeutics has a consensus rating of “Moderate Buy” and an average target price of $9.73.

Allogene Therapeutics Stock Down 13.1 %

The stock has a 50 day moving average price of $1.95 and a 200 day moving average price of $2.37. The stock has a market capitalization of $473.85 million, a price-to-earnings ratio of -1.45 and a beta of 0.83.

Insider Activity

In other news, EVP Zachary Roberts sold 27,199 shares of Allogene Therapeutics stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $1.78, for a total transaction of $48,414.22. Following the sale, the executive vice president now directly owns 488,054 shares of the company’s stock, valued at approximately $868,736.12. This trade represents a 5.28 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Timothy L. Moore sold 14,746 shares of Allogene Therapeutics stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $1.71, for a total value of $25,215.66. Following the sale, 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 three months, insiders have sold 71,067 shares of company stock valued at $131,959. 24.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Allogene Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in ALLO. Lynx1 Capital Management LP lifted its stake in shares of Allogene Therapeutics by 75.3% in the fourth quarter. Lynx1 Capital Management LP now owns 10,874,723 shares of the company’s stock worth $23,163,000 after acquiring an additional 4,672,349 shares during the period. Foresite Capital Management VI LLC acquired a new position in shares of Allogene Therapeutics in the fourth quarter worth approximately $7,345,000. Patient Square Capital LP acquired a new position in shares of Allogene Therapeutics in the fourth quarter worth approximately $3,174,000. Gilead Sciences Inc. acquired a new position in shares of Allogene Therapeutics in the fourth quarter worth approximately $2,464,000. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Allogene Therapeutics by 30.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,561,626 shares of the company’s stock worth $7,586,000 after acquiring an additional 831,146 shares during the period. 83.63% of the stock is owned by institutional investors and hedge funds.

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).