Allogene Therapeutics, Inc. (NASDAQ:ALLO) Sees Large Decline in Short Interest

Allogene Therapeutics, Inc. (NASDAQ:ALLO) was the target of a significant decrease in short interest during the month of October. As of October 31st, there was short interest totalling 37,040,000 shares, a decrease of 5.8% from the October 15th total of 39,320,000 shares. Approximately 26.7% of the company’s shares are short sold. Based on an average daily volume of 1,980,000 shares, the days-to-cover ratio is currently 18.7 days.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. HC Wainwright restated a “buy” rating and set a $9.00 target price on shares of Allogene Therapeutics in a report on Friday, November 8th. Piper Sandler decreased their price objective on shares of Allogene Therapeutics from $11.00 to $9.00 and set an “overweight” rating for the company in a report on Thursday, November 14th. Truist Financial reiterated a “buy” rating and issued a $14.00 target price (down from $17.00) on shares of Allogene Therapeutics in a report on Friday, August 9th. Citigroup lifted their price target on shares of Allogene Therapeutics from $7.00 to $8.00 and gave the stock a “buy” rating in a research report on Friday, August 9th. Finally, Oppenheimer assumed coverage on shares of Allogene Therapeutics in a research report on Thursday, August 8th. They issued an “outperform” rating and a $11.00 price objective for the company. Three analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, Allogene Therapeutics currently has an average rating of “Moderate Buy” and a consensus target price of $9.73.

Institutional Trading of Allogene Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the company. Nisa Investment Advisors LLC grew its holdings in shares of Allogene Therapeutics by 429.6% during the second quarter. Nisa Investment Advisors LLC now owns 10,767 shares of the company’s stock worth $25,000 after buying an additional 8,734 shares in the last quarter. Federated Hermes Inc. acquired a new position in Allogene Therapeutics during the 2nd quarter worth approximately $29,000. Phoenix Wealth Advisors bought a new position in shares of Allogene Therapeutics during the 2nd quarter worth approximately $30,000. Private Advisor Group LLC acquired a new stake in shares of Allogene Therapeutics in the third quarter valued at approximately $34,000. Finally, Algert Global LLC bought a new stake in shares of Allogene Therapeutics in the second quarter worth $35,000. Institutional investors and hedge funds own 83.63% of the company’s stock.

Allogene Therapeutics Trading Down 1.4 %

ALLO opened at $2.12 on Wednesday. The stock has a market capitalization of $444.50 million, a P/E ratio of -1.36 and a beta of 0.84. Allogene Therapeutics has a 12 month low of $2.01 and a 12 month high of $5.78. The firm’s fifty day simple moving average is $2.73 and its 200 day simple moving average is $2.64.

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).