Allogene Therapeutics (NASDAQ:ALLO) Sees Unusually-High Trading Volume – Still a Buy?

Allogene Therapeutics, Inc. (NASDAQ:ALLO) shares saw an uptick in trading volume on Wednesday . 7,271,224 shares traded hands during mid-day trading, an increase of 16% from the previous session’s volume of 6,285,209 shares.The stock last traded at $3.02 and had previously closed at $2.84.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ALLO. William Blair reissued an “outperform” rating on shares of Allogene Therapeutics in a research note on Thursday, November 14th. Piper Sandler lowered their price objective on Allogene Therapeutics from $11.00 to $9.00 and set an “overweight” rating for the company in a research report on Thursday, November 14th. Finally, HC Wainwright restated a “buy” rating and issued a $9.00 target price on shares of Allogene Therapeutics in a research report on Friday, November 8th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, Allogene Therapeutics currently has a consensus rating of “Moderate Buy” and an average price target of $9.73.

Allogene Therapeutics Stock Up 3.7 %

The business has a 50-day simple moving average of $1.94 and a 200-day simple moving average of $2.37. The company has a market cap of $617.48 million, a PE ratio of -1.91 and a beta of 0.83.

Insider Activity

In other news, EVP Zachary Roberts sold 27,199 shares of the stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $1.78, for a total transaction of $48,414.22. Following the sale, the executive vice president now owns 488,054 shares of the company’s stock, valued at approximately $868,736.12. This represents a 5.28 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Timothy L. Moore sold 14,746 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $1.71, for a total transaction of $25,215.66. Following the completion of the transaction, the insider now directly owns 250,713 shares of the company’s stock, valued at approximately $428,719.23. The trade was a 5.55 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 71,067 shares of company stock valued at $131,959. 24.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Allogene Therapeutics

Large investors have recently added to or reduced their stakes in the business. abrdn plc acquired a new position in shares of Allogene Therapeutics in the fourth quarter worth $776,000. Barclays PLC grew its stake in Allogene Therapeutics by 101.5% during the 3rd quarter. Barclays PLC now owns 342,973 shares of the company’s stock worth $959,000 after purchasing an additional 172,745 shares in the last quarter. Zacks Investment Management purchased a new stake in Allogene Therapeutics during the 3rd quarter worth about $1,446,000. Geode Capital Management LLC increased its holdings in Allogene Therapeutics by 14.4% during the 3rd quarter. Geode Capital Management LLC now owns 3,227,104 shares of the company’s stock worth $9,037,000 after purchasing an additional 407,070 shares during the period. Finally, MML Investors Services LLC acquired a new stake in Allogene Therapeutics in the 3rd quarter valued at about $56,000. 83.63% of the stock is owned by hedge funds and other institutional investors.

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).