Allogene Therapeutics (NASDAQ:ALLO) Shares Down 4.7% – Should You Sell?

Allogene Therapeutics, Inc. (NASDAQ:ALLO)’s stock price fell 4.7% during mid-day trading on Tuesday . The company traded as low as $2.40 and last traded at $2.43. 656,726 shares changed hands during trading, a decline of 73% from the average session volume of 2,467,050 shares. The stock had previously closed at $2.55.

Wall Street Analysts Forecast Growth

A number of research firms have commented on ALLO. 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. Oppenheimer began coverage on Allogene Therapeutics in a report on Thursday, August 8th. They issued an “outperform” rating and a $11.00 price objective for the company. William Blair reaffirmed an “outperform” rating on shares of Allogene Therapeutics in a report on Thursday, November 14th. HC Wainwright reaffirmed a “buy” rating and issued a $9.00 price objective on shares of Allogene Therapeutics in a report on Friday, November 8th. Finally, Canaccord Genuity Group cut their price target on Allogene Therapeutics from $35.00 to $14.00 and set a “buy” rating for the company in a report on Thursday, August 8th. Three equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $9.73.

Allogene Therapeutics Trading Down 2.6 %

The firm has a market capitalization of $473.86 million, a P/E ratio of -1.45 and a beta of 0.83. The firm has a 50 day moving average price of $2.64 and a 200-day moving average price of $2.60.

Institutional Investors Weigh In On Allogene Therapeutics

Several institutional investors have recently modified their holdings of the stock. Nisa Investment Advisors LLC raised its holdings in shares of Allogene Therapeutics by 429.6% in 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 during the period. Federated Hermes Inc. purchased a new stake in shares of Allogene Therapeutics in the second quarter worth approximately $29,000. Phoenix Wealth Advisors purchased a new stake in shares of Allogene Therapeutics in the second quarter worth approximately $30,000. Private Advisor Group LLC purchased a new stake in shares of Allogene Therapeutics in the third quarter worth approximately $34,000. Finally, Algert Global LLC purchased a new position in Allogene Therapeutics during the 2nd quarter worth $35,000. 83.63% of the stock is owned by institutional investors.

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).