Allogene Therapeutics (NASDAQ:ALLO) Sees Unusually-High Trading Volume – Here’s Why

Allogene Therapeutics, Inc. (NASDAQ:ALLO) saw an uptick in trading volume on Wednesday . 7,271,224 shares changed hands during mid-day trading, an increase of 16% from the previous session’s volume of 6,285,209 shares.The stock last traded at $3.02 and had previously closed at $2.84.

Analyst Upgrades and Downgrades

A number of research analysts have commented on ALLO shares. William Blair reissued an “outperform” rating on shares of Allogene Therapeutics in a research report on Thursday, November 14th. Piper Sandler cut their target price on shares of Allogene Therapeutics from $11.00 to $9.00 and set an “overweight” rating on the stock in a research report on Thursday, November 14th. Finally, HC Wainwright reissued a “buy” rating and set a $9.00 target price on shares of Allogene Therapeutics in a research report on Friday, November 8th. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, Allogene Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus price target of $9.73.

Allogene Therapeutics Stock Performance

The firm has a market capitalization of $454.98 million, a P/E ratio of -1.39 and a beta of 0.83. The business’s fifty day moving average price is $1.96 and its two-hundred day moving average price is $2.37.

Insider Activity

In related news, insider Timothy L. Moore sold 14,746 shares of Allogene Therapeutics stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $1.71, for a total value of $25,215.66. Following the completion of the sale, the insider now directly owns 250,713 shares in the company, valued at $428,719.23. This trade represents a 5.55 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 transaction of $48,414.22. Following the completion of the sale, the executive vice president now owns 488,054 shares of the company’s stock, valued at $868,736.12. This trade represents a 5.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 71,067 shares of company stock worth $131,959. Corporate insiders own 24.30% of the company’s stock.

Institutional Trading of Allogene Therapeutics

Institutional investors have recently bought and sold shares of the stock. Cibc World Markets Corp acquired a new stake in Allogene Therapeutics in the 4th quarter worth approximately $26,000. Private Advisor Group LLC acquired a new stake in Allogene Therapeutics in the 3rd quarter worth approximately $34,000. PAX Financial Group LLC acquired a new stake in Allogene Therapeutics in the 4th quarter worth approximately $27,000. RPO LLC acquired a new stake in Allogene Therapeutics in the 4th quarter worth approximately $31,000. Finally, Caption Management LLC acquired a new stake in Allogene Therapeutics in the 4th quarter worth approximately $32,000. 83.63% of the stock is currently owned by institutional investors and hedge funds.

Allogene Therapeutics Company Profile

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).