Allogene Therapeutics (ALLO) Trading Down 8% After Insider Selling

Allogene Therapeutics Inc (NASDAQ:ALLO)’s share price was down 8% during trading on Wednesday following insider selling activity. The company traded as low as $27.55 and last traded at $28.56. Approximately 1,339,766 shares were traded during mid-day trading, an increase of 219% from the average daily volume of 419,953 shares. The stock had previously closed at $31.04.

Specifically, major shareholder Group Holdings (Sbs) Advis Tpg sold 1,918,755 shares of the firm’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $29.38, for a total transaction of $56,373,021.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

A number of equities analysts have issued reports on ALLO shares. Zacks Investment Research lowered shares of Allogene Therapeutics from a “hold” rating to a “sell” rating in a research report on Friday, May 3rd. Cowen reissued a “buy” rating on shares of Allogene Therapeutics in a research report on Friday, March 8th. Piper Jaffray Companies started coverage on shares of Allogene Therapeutics in a research report on Friday, March 29th. They set an “overweight” rating and a $50.00 price target for the company. JPMorgan Chase & Co. reissued a “hold” rating and set a $29.00 price target on shares of Allogene Therapeutics in a research report on Monday, March 11th. Finally, Raymond James assumed coverage on shares of Allogene Therapeutics in a research report on Thursday, March 14th. They set an “outperform” rating and a $40.00 price target for the company. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $38.00.

The firm has a market cap of $3.47 billion and a price-to-earnings ratio of -4.34.

Allogene Therapeutics (NASDAQ:ALLO) last posted its earnings results on Tuesday, May 7th. The company reported ($0.32) earnings per share for the quarter, beating the consensus estimate of ($0.40) by $0.08. As a group, equities analysts predict that Allogene Therapeutics Inc will post -1.92 EPS for the current fiscal year.

Large investors have recently bought and sold shares of the company. Barclays PLC purchased a new position in shares of Allogene Therapeutics during the 4th quarter valued at approximately $27,000. Legal & General Group Plc purchased a new position in shares of Allogene Therapeutics during the 4th quarter valued at approximately $89,000. NumerixS Investment Technologies Inc purchased a new position in shares of Allogene Therapeutics during the 1st quarter valued at approximately $136,000. Partner Investment Management L.P. purchased a new position in shares of Allogene Therapeutics during the 4th quarter valued at approximately $135,000. Finally, Citigroup Inc. purchased a new position in shares of Allogene Therapeutics during the 4th quarter valued at approximately $152,000. 51.90% of the stock is owned by hedge funds and other institutional investors.

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Allogene Therapeutics Company Profile (NASDAQ:ALLO)

Allogene Therapeutics, Inc, a clinical stage immuno-oncology company, develops and commercializes genetically engineered allogeneic T cell therapies for the treatment of cancer. The company is developing UCART19, an allogeneic chimeric antigen receptor (CAR) T cell product candidate, which is in Phase I clinical trials for the treatment of pediatric and adult patients with R/R CD19 positive B-cell ALL; and ALLO-501, an allogeneic CAR T cell product candidate targeting CD19 to treat R/R non-Hodgkin lymphoma.

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