Stocks

Allogene Therapeutics Earns Reaffirmed Buy Rating from HC Wainwright

Published November 8, 2024

On Friday, analysts at HC Wainwright confirmed their "buy" rating for Allogene Therapeutics (NASDAQ:ALLO) in a recent report to investors. The firm set a price target of $9.00 for the stock, indicating a potential increase of 189.39% from its current trading price.

Several other analysts have also suggested positive outlooks for Allogene Therapeutics. For instance, Citigroup raised its price target from $7.00 to $8.00 and maintained a "buy" rating on August 9. Additionally, Truist Financial sustained a "buy" rating while adjusting their target price to $14.00, down from $17.00, in a report on the same day. Oppenheimer also started covering the stock with an "outperform" rating and a target of $11.00. Canaccord Genuity Group lowered their price target from $35.00 to $14.00, but still assigned a "buy" rating.

Overall, three investment analysts gave the stock a hold rating, while eight provided a buy rating. As per MarketBeat.com data, the stock has an average rating of "Moderate Buy" and a consensus target price of approximately $9.96.

Current Share Performance

Shares of Allogene Therapeutics were trading at $3.11 on Friday, representing a decline of 2.5%. The trading volume for the day reached 1,235,057, which is lower than the average volume of 2,457,869 shares. Over the past year, shares hit a low of $2.01 and a high of $5.78. The company's 50-day moving average price stands at $2.73, while the 200-day moving average is at $2.67. Allogene has a market capitalization of $650.33 million, a P/E ratio of -1.93, and a beta of 0.84.

On August 7, Allogene Therapeutics released its latest quarterly earnings report, revealing an EPS of -$0.32, which was better than analysts’ expectations of -$0.35. The company reported a negative return on equity of 50.24% and a net margin of -223,139.98%. Analysts expect the company to report an EPS of -$1.38 for the current year.

Institutional Investor Activity

Recent activity among institutional investors reflects a growing interest in Allogene Therapeutics. For example, Primecap Management Co. CA increased its stake by 4.1%, owning 5,670,226 shares valued at $13,212,000 after acquiring an additional 221,840 shares in the last quarter. Price T. Rowe Associates Inc. MD raised their stake by 76.2%, amassing 4,177,619 shares worth $18,675,000 after purchasing an additional 1,806,147 shares recently. Other firms like Perceptive Advisors LLC, Dimensional Fund Advisors LP, and Lynx1 Capital Management LP also bought into the company or increased their positions.

Overall, institutional and hedge funds control approximately 83.63% of Allogene's stock.

Company Overview

Allogene Therapeutics is a clinical stage immuno-oncology firm focused on developing and commercializing genetically engineered allogeneic T cell therapies aimed at treating cancer. The company’s lead product candidate is UCART19, a chimeric antigen receptor (CAR) T cell therapy for treating pediatric and adult patients with relapsed or refractory CD19 positive B-cell acute lymphoblastic leukemia (ALL).

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