Allogene Therapeutics (NASDAQ:ALLO) Price Target Cut to $9.00 by Analysts at Piper Sandler

Allogene Therapeutics (NASDAQ:ALLO) had its price objective lowered by equities research analysts at Piper Sandler from $11.00 to $9.00 in a report released on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Piper Sandler’s target price points to a potential upside of 230.88% from the stock’s current price.

Other equities analysts also recently issued reports about the company. Canaccord Genuity Group reduced their price target on Allogene Therapeutics from $35.00 to $14.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. Citigroup upped their price objective on shares of Allogene Therapeutics from $7.00 to $8.00 and gave the company a “buy” rating in a report on Friday, August 9th. Truist Financial reaffirmed a “buy” rating and issued a $14.00 price objective (down from $17.00) on shares of Allogene Therapeutics in a research report on Friday, August 9th. 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. Finally, Oppenheimer started coverage on shares of Allogene Therapeutics in a report on Thursday, August 8th. They set an “outperform” rating and a $11.00 price objective on the stock. Three investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $9.73.

Allogene Therapeutics Price Performance

Shares of ALLO stock opened at $2.72 on Thursday. The stock’s 50-day moving average is $2.75 and its 200 day moving average is $2.66. Allogene Therapeutics has a 1-year low of $2.01 and a 1-year high of $5.78. The company has a market cap of $570.30 million, a P/E ratio of -1.74 and a beta of 0.84.

Institutional Trading of Allogene Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Perceptive Advisors LLC purchased a new stake in shares of Allogene Therapeutics during the 2nd quarter worth about $6,349,000. Lynx1 Capital Management LP purchased a new position in Allogene Therapeutics during the second quarter worth approximately $5,192,000. Price T Rowe Associates Inc. MD grew its holdings in Allogene Therapeutics by 76.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 4,177,619 shares of the company’s stock valued at $18,675,000 after purchasing an additional 1,806,147 shares during the period. Renaissance Technologies LLC increased its position in shares of Allogene Therapeutics by 340.4% in the second quarter. Renaissance Technologies LLC now owns 1,747,955 shares of the company’s stock valued at $4,073,000 after buying an additional 1,351,055 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Allogene Therapeutics by 24.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,550,640 shares of the company’s stock worth $5,944,000 after buying an additional 507,021 shares during the period. Institutional investors and hedge funds 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).