Allogene Therapeutics (NASDAQ:ALLO) Stock Price Down 6.3% on Analyst Downgrade

Allogene Therapeutics, Inc. (NASDAQ:ALLO)’s stock price traded down 6.3% on Thursday after Piper Sandler lowered their price target on the stock from $11.00 to $9.00. Piper Sandler currently has an overweight rating on the stock. Allogene Therapeutics traded as low as $2.54 and last traded at $2.55. 570,027 shares changed hands during mid-day trading, a decline of 77% from the average session volume of 2,454,845 shares. The stock had previously closed at $2.72.

A number of other research firms have also weighed in on ALLO. HC Wainwright reiterated a “buy” rating and issued a $9.00 price objective on shares of Allogene Therapeutics in a research report on Friday, November 8th. Canaccord Genuity Group reduced their target price on Allogene Therapeutics from $35.00 to $14.00 and set a “buy” rating for the company in a report on Thursday, August 8th. Oppenheimer assumed coverage on Allogene Therapeutics in a report on Thursday, August 8th. They issued an “outperform” rating and a $11.00 target price for the company. Truist Financial reissued a “buy” rating and issued a $14.00 target price (down previously from $17.00) on shares of Allogene Therapeutics in a report on Friday, August 9th. Finally, Citigroup raised their target price on Allogene Therapeutics from $7.00 to $8.00 and gave the company a “buy” rating in a report on Friday, August 9th. Three research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $9.73.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Nisa Investment Advisors LLC raised its stake in shares of Allogene Therapeutics by 429.6% during the 2nd 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 during the last quarter. Federated Hermes Inc. acquired a new position in shares of Allogene Therapeutics during the 2nd quarter worth $29,000. Phoenix Wealth Advisors acquired a new position in shares of Allogene Therapeutics during the 2nd quarter worth $30,000. Private Advisor Group LLC acquired a new position in Allogene Therapeutics in the 3rd quarter valued at about $34,000. Finally, Algert Global LLC purchased a new position in Allogene Therapeutics in the 2nd quarter valued at about $35,000. Institutional investors and hedge funds own 83.63% of the company’s stock.

Allogene Therapeutics Stock Performance

The company has a market capitalization of $515.79 million, a PE ratio of -1.58 and a beta of 0.84. The stock’s fifty day simple moving average is $2.75 and its 200-day simple moving average is $2.66.

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).