HC Wainwright Cuts Allogene Therapeutics (NASDAQ:ALLO) Price Target to $8.00

Allogene Therapeutics (NASDAQ:ALLO) had its price objective reduced by research analysts at HC Wainwright from $9.00 to $8.00 in a report released on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. HC Wainwright’s price objective suggests a potential upside of 373.37% from the company’s previous close.

A number of other brokerages have also commented on ALLO. Citizens Jmp upgraded shares of Allogene Therapeutics from a “market perform” rating to an “outperform” rating and set a $5.00 price target on the stock in a report on Friday, March 14th. Canaccord Genuity Group reiterated a “buy” rating and set a $14.00 price target on shares of Allogene Therapeutics in a report on Friday, March 14th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $10.00 target price on shares of Allogene Therapeutics in a research note on Friday, March 14th. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $9.29.

Allogene Therapeutics Price Performance

Shares of Allogene Therapeutics stock opened at $1.69 on Wednesday. The firm has a market capitalization of $354.35 million, a P/E ratio of -1.08 and a beta of 1.02. The company’s 50 day moving average price is $1.92 and its two-hundred day moving average price is $2.30. Allogene Therapeutics has a fifty-two week low of $1.32 and a fifty-two week high of $4.63.

Allogene Therapeutics (NASDAQ:ALLO) last issued its quarterly earnings results on Thursday, March 13th. The company reported ($0.28) EPS for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.06. On average, analysts expect that Allogene Therapeutics will post -1.28 earnings per share for the current year.

Insider Activity

In other news, EVP Zachary Roberts sold 27,199 shares of the business’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $1.78, for a total value of $48,414.22. Following the sale, the executive vice president now owns 488,054 shares of the company’s stock, valued at $868,736.12. The trade was a 5.28 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO David D. Chang sold 46,668 shares of the business’s stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $1.96, for a total transaction of $91,469.28. Following the completion of the sale, the chief executive officer now directly owns 5,276,569 shares in the company, valued at approximately $10,342,075.24. This trade represents a 0.88 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 104,866 shares of company stock valued at $194,461 over the last quarter. Company insiders own 24.30% of the company’s stock.

Hedge Funds Weigh In On Allogene Therapeutics

Institutional investors have recently made changes to their positions in the stock. Cibc World Markets Corp bought a new position in shares of Allogene Therapeutics in the 4th quarter worth $26,000. PAX Financial Group LLC bought a new position in shares of Allogene Therapeutics in the 4th quarter worth $27,000. RPO LLC bought a new position in shares of Allogene Therapeutics in the 4th quarter worth $31,000. Caption Management LLC bought a new position in shares of Allogene Therapeutics in the 4th quarter worth $32,000. Finally, Syon Capital LLC bought a new position in shares of Allogene Therapeutics in the 4th quarter worth $39,000. Institutional investors 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).