Royal Bank of Canada Reiterates Outperform Rating for Allogene Therapeutics (NASDAQ:ALLO)

Royal Bank of Canada reaffirmed their outperform rating on shares of Allogene Therapeutics (NASDAQ:ALLO) in a research note published on Friday,Benzinga reports. Royal Bank of Canada currently has a $10.00 price target on the stock.

Several other research analysts have also recently issued reports on ALLO. Canaccord Genuity Group reissued a “buy” rating and issued a $14.00 target price on shares of Allogene Therapeutics in a research report on Friday. William Blair reissued an “outperform” rating on shares of Allogene Therapeutics in a research report on Thursday, November 14th. Citizens Jmp raised Allogene Therapeutics from a “market perform” rating to an “outperform” rating and set a $5.00 price objective on the stock in a research report on Friday. Finally, Piper Sandler lowered their price objective on Allogene Therapeutics from $11.00 to $9.00 and set an “overweight” rating on the stock in a research report on Thursday, November 14th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, Allogene Therapeutics currently has an average rating of “Moderate Buy” and a consensus target price of $9.40.

Allogene Therapeutics Stock Performance

Shares of NASDAQ:ALLO opened at $1.94 on Friday. The stock has a market capitalization of $406.76 million, a price-to-earnings ratio of -1.24 and a beta of 1.02. The stock’s 50-day simple moving average is $1.94 and its two-hundred day simple moving average is $2.31. Allogene Therapeutics has a 52-week low of $1.32 and a 52-week high of $4.74.

Allogene Therapeutics (NASDAQ:ALLO) last announced its earnings results on Thursday, March 13th. The company reported ($0.28) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.34) by $0.06. As a group, equities analysts forecast that Allogene Therapeutics will post -1.28 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Timothy L. Moore sold 14,746 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $1.71, for a total value of $25,215.66. Following 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Zachary Roberts sold 27,199 shares of Allogene Therapeutics stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $1.78, for a total value of $48,414.22. Following the completion of the sale, the executive vice president now directly owns 488,054 shares in the company, valued at approximately $868,736.12. The trade was a 5.28 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 52,710 shares of company stock valued at $92,125. Corporate insiders own 24.30% of the company’s stock.

Institutional Trading of Allogene Therapeutics

A number of large investors have recently added to or reduced their stakes in the company. Curi RMB Capital LLC increased its position in shares of Allogene Therapeutics by 47.5% during the 3rd quarter. Curi RMB Capital LLC now owns 149,577 shares of the company’s stock valued at $419,000 after purchasing an additional 48,202 shares during the last quarter. Intech Investment Management LLC bought a new position in shares of Allogene Therapeutics during the 3rd quarter valued at approximately $116,000. The Manufacturers Life Insurance Company increased its position in shares of Allogene Therapeutics by 1.2% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 486,023 shares of the company’s stock valued at $1,361,000 after purchasing an additional 5,642 shares during the last quarter. BNP Paribas Financial Markets increased its position in shares of Allogene Therapeutics by 541.5% during the 3rd quarter. BNP Paribas Financial Markets now owns 46,374 shares of the company’s stock valued at $130,000 after purchasing an additional 39,145 shares during the last quarter. Finally, Erste Asset Management GmbH bought a new position in shares of Allogene Therapeutics during the 3rd quarter valued at approximately $91,000. 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).