SSgA Funds Management, Inc. recently announced the acquisition of new stake in Allogene Therapeutics Inc. (NASDAQ:ALLO). The institutional investor has increased its shareholding in the Healthcare company by 37.22% to 9.17 million shares with purchase of 2.49 million shares. This fresh investment now brings its stake to 6.36% valued currently at $58.21 million. In addition, The Vanguard Group, Inc. raised its holdings by 0.1 million to 7.13 million shares. And BlackRock Fund Advisors has lifted its position by 11.95% or 0.74 million shares – to 6.94 million shares.
With over 3.27 million Allogene Therapeutics Inc. (ALLO) shares trading Friday and a closing price of $5.70 on the day, the dollar volume was approximately $18.66 million. The shares have shown a negative half year performance of -62.99% and its price on 03/10/23 lost nearly -1.55%. Currently, there are 144.16M common shares owned by the public and among those 82.54M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 18 analysts who have offered their price forecasts for ALLO have a consensus price objective of $17.40. The analysts have set the share’s price value over the next 12 months at a high of $35.00 and a low of $6.00. The average price target is 69.7% above its recent price level and an upside to the estimated low will see the stock gain 5.0% over that period. But an upside of 83.71% will see the stock hit the forecast high price target while median target price for the stock is $15.00.
Insiders at the company have transacted a total of 31 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 11 of these insider trades were purchases, accounting for 5,799,164 shares. Insider sales of the common stock occurred on 20 occasions, with total insider shares sold totaling 26,883,527 shares.
The top 3 mutual fund holders in Allogene Therapeutics Inc. are SPDR S&P Biotech ETF, American Funds Small Cap World Fu, and Vanguard Capital Opportunity Fund. SPDR S&P Biotech ETF owns 6.36 million shares of the company’s stock, all valued at over $40.41 million. The company sold 56610.0 shares recently to bring their total holdings to about 4.41% of the shares outstanding. Vanguard Capital Opportunity Fund bought 31500.0 shares to bring its total holdings to over 2.88 million shares at a value of $18.26 million. Vanguard Capital Opportunity Fund now owns shares totaling to 1.99% of the shares outstanding.
However, the script later moved the day high at 5.79, down -1.55%. The company’s stock has a 5-day price change of -4.84% and -36.88% over the past three months. ALLO shares are trading -9.38% year to date (YTD), with the 12-month market performance down to -35.37% lower. It has a 12-month low price of $5.41 and touched a high of $17.49 over the same period. ALLO has an average intraday trading volume of 1.98 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -12.52%, -15.40%, and -43.74% respectively.
Institutional ownership of Allogene Therapeutics Inc. (NASDAQ: ALLO) shares accounts for 76.20% of the company’s 144.16M shares outstanding. Mutual fund holders own 37.21%, while other institutional holders and individual stakeholders account for 49.91% and 27.39% respectively.
It has a market capitalization of $836.59M and a beta (3y monthly) value of 0.81. The earnings-per-share (ttm) stands at -$2.32. Price movements for the stock have been influenced by the stock’s volatility, which stands at 5.87% over the week and 6.02% over the month.
Analysts forecast that Allogene Therapeutics Inc. (ALLO) will achieve an EPS of -$0.7 for the current quarter, -$0.69 for the next quarter and -$2.74 for 2023. The lowest estimate earnings-per-share for the quarter is -$0.84 while analysts give the company a high EPS estimate of -$0.53. Comparatively, EPS for the current quarter was -$0.54 a year ago. Earnings per share for the fiscal year are expected to decrease by -22.80%, and -2.50% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 18 brokerage firm advisors rate Allogene Therapeutics Inc. (ALLO) as a “Strong Buy” at a consensus score of 1.90. Specifically, 13 Wall Street analysts polled rate the stock as a buy, while 3 of the 18 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the ALLO, a number of firms have released research notes about the stock. JP Morgan stated their Overweight rating for the stock in a research note on January 24, 2023, with the firm’s price target at $20-$11. Robert W. Baird coverage for the Allogene Therapeutics Inc. (ALLO) stock in a research note released on January 06, 2023 offered a Outperform rating with a price target of $12. Goldman on their part issued Buy rating on July 15, 2022.
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