Allogene Therapeutics (NASDAQ:ALLO) Upgraded by JPMorgan Chase & Co. to Overweight

JPMorgan Chase & Co. upgraded shares of Allogene Therapeutics (NASDAQ:ALLOGet Rating) from a neutral rating to an overweight rating in a research report report published on Tuesday, MarketBeat Ratings reports. They currently have $11.00 target price on the stock, down from their previous target price of $20.00.

ALLO has been the subject of a number of other research reports. Robert W. Baird upgraded Allogene Therapeutics from a neutral rating to an outperform rating and set a $12.00 price objective for the company in a research note on Friday, January 6th. They noted that the move was a valuation call. HC Wainwright reduced their price objective on Allogene Therapeutics from $43.00 to $29.00 and set a buy rating for the company in a research note on Monday, November 21st. JMP Securities reiterated a buy rating and issued a $23.00 price objective on shares of Allogene Therapeutics in a research note on Tuesday, September 27th. Oppenheimer reiterated an outperform rating and issued a $32.00 price objective on shares of Allogene Therapeutics in a research note on Thursday, December 1st. Finally, EF Hutton Acquisition Co. I assumed coverage on Allogene Therapeutics in a research note on Thursday, January 5th. They set a buy rating and a $15.00 price target for the company. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average price target of $20.27.

Allogene Therapeutics Stock Up 15.7 %

ALLO stock opened at $7.94 on Tuesday. The business has a 50 day moving average price of $7.70 and a 200 day moving average price of $10.81. The stock has a market cap of $1.15 billion, a price-to-earnings ratio of -3.61 and a beta of 0.71. Allogene Therapeutics has a fifty-two week low of $5.41 and a fifty-two week high of $17.49.

Allogene Therapeutics (NASDAQ:ALLOGet Rating) last issued its quarterly earnings data on Wednesday, November 2nd. The company reported ($0.58) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.62) by $0.04. Allogene Therapeutics had a negative return on equity of 37.74% and a negative net margin of 126,580.16%. The company had revenue of $0.05 million during the quarter, compared to analysts’ expectations of $0.01 million. During the same quarter in the previous year, the business earned ($0.57) earnings per share. As a group, sell-side analysts anticipate that Allogene Therapeutics will post -2.38 EPS for the current year.

Insiders Place Their Bets

In other Allogene Therapeutics news, General Counsel Veer Bhavnagri sold 5,602 shares of the stock in a transaction on Thursday, December 15th. The stock was sold at an average price of $7.53, for a total value of $42,183.06. Following the completion of the transaction, the general counsel now owns 583,677 shares in the company, valued at $4,395,087.81. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 29.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of ALLO. Woodline Partners LP raised its position in Allogene Therapeutics by 1,255.9% in the second quarter. Woodline Partners LP now owns 5,859,679 shares of the company’s stock worth $66,800,000 after acquiring an additional 5,427,529 shares in the last quarter. State Street Corp grew its holdings in Allogene Therapeutics by 78.5% in the first quarter. State Street Corp now owns 7,877,648 shares of the company’s stock valued at $71,765,000 after purchasing an additional 3,464,603 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Allogene Therapeutics by 30.3% in the second quarter. Price T Rowe Associates Inc. MD now owns 5,559,176 shares of the company’s stock valued at $63,375,000 after purchasing an additional 1,292,441 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in Allogene Therapeutics by 62.5% in the first quarter. Goldman Sachs Group Inc. now owns 2,962,209 shares of the company’s stock valued at $26,986,000 after purchasing an additional 1,138,944 shares during the last quarter. Finally, Renaissance Technologies LLC acquired a new stake in Allogene Therapeutics in the first quarter valued at $8,880,000. Hedge funds and other institutional investors own 72.94% of the company’s stock.

Allogene Therapeutics Company Profile

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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 ALL.

See Also

Analyst Recommendations for Allogene Therapeutics (NASDAQ:ALLO)

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