Are Allogene Therapeutics Inc (NASDAQ: ALLO) Shares Ready For A Higher Price Run?

In the last trading session, 1.54 million shares of the Allogene Therapeutics Inc (NASDAQ:ALLO) were traded, and its beta was 0.80. Most recently the company’s share price was $4.07, and it changed around -$0.31 or -7.08% from the last close, which brings the market valuation of the company to $688.20M. ALLO currently trades at a discount to its 52-week high of $6.89, offering almost -69.29% off that amount. The share price’s 52-week low was $2.23, which indicates that the current value has risen by an impressive 45.21% since then. We note from Allogene Therapeutics Inc’s average daily trading volume that its 10-day average is 1.66 million shares, with the 3-month average coming to 2.77 million.

Allogene Therapeutics Inc stock received a consensus recommendation rating of Buy, based on a mean score of 1.69. If we narrow it down even further, the data shows that 0 out of 4 analysts rate the stock as a Sell; another 1 rate it as Overweight. Among the rest, 1 recommended ALLO as a Hold, whereas 2 deemed it a Buy, and 0 rated it as Underweight. Allogene Therapeutics Inc is expected to report earnings per share of -$0.41 for the current quarter.

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Allogene Therapeutics Inc (NASDAQ:ALLO) trade information

Instantly ALLO has showed a red trend with a performance of -7.08% at the end of last trading. The performance over the last five days has remained in the red territory. The company’s shares are currently up 26.79% year-to-date, but still down -5.13% over the last five days. On the other hand, Allogene Therapeutics Inc (NASDAQ:ALLO) is -17.61% down in the 30-day period. We can see from the shorts that 27.75 million shares have been sold at a short interest cover period of 10.12 day(s).

The consensus price target as assigned by Wall Street analysts is $34.25, which translates to bulls needing to increase their stock price by 88.12% from its current value. Analyst projections state that ALLO is forecast to be at a low of $11 and a high of $55.

Allogene Therapeutics Inc (ALLO) estimates and forecasts

Allogene Therapeutics Inc share prices are performing particularly well compared to other companies within the same industry. As is evident from the statistics, the company’s shares have risen 28.39 percent over the past six months and at a 15.92% annual growth rate that is well above the industry average of 13.60%. Moreover, analysts have decided to roll up on their fiscal year 2024 revenue estimates. The rating firms predict that it will gain 39.70% in revenue this quarter, and will report an increase of 24.50% in the next quarter. The year-over-year growth rate is expected to be -57.90%, down from the previous year.

Consensus estimates provided by 9 financial analysts predict the company will bring in an average of $10k in revenue for the current quarter. 9 analysts expect Allogene Therapeutics Inc to make $10k in revenue for the quarter ending Jun 2024. The company’s sales for the same quarters a year ago were $52k and $44k respectively. Analysts predict that the company’s current quarter sales will drop, forecast at -80.80%. Forecasts for the next quarter put sales growth at -77.30%.

Looking at the company’s year-over-year earnings, the past five years showed a positive earnings growth rate of 22.18%. Allogene Therapeutics Inc earnings are expected to increase by 21.14% in 2024, but the outlook is positive 1.00% per year for the next five years.

ALLO Dividends

Allogene Therapeutics Inc’s next quarterly earnings report is expected to be released on March 14.

Allogene Therapeutics Inc (NASDAQ:ALLO)’s Major holders

Upon looking at major shareholders, it appears that insiders hold 22.44% of Allogene Therapeutics Inc shares, and 73.78% of them are in the hands of institutional investors. The stock currently has a share float of 95.13%. Allogene Therapeutics Inc stock is held by 243 institutions, with FMR, LLC being the largest institutional investor. By Jun 29, 2023, it held 14.87% of the shares, which is about 24.92 million shares worth $123.84 million.

TPG GP A, LLC, with 11.17% or 18.72 million shares worth $93.02 million as of Jun 29, 2023, holds the second largest percentage of outstanding shares.

SPDR (R) Ser Tr-SPDR (R) S&P (R) Biotech ETF and Fidelity Select Portfolios – Health Care were the top two Mutual Funds as of Aug 30, 2023. The former held 6.43 million shares worth $25.03 million, making up 3.84% of all outstanding shares. On the other hand, Fidelity Select Portfolios – Health Care held roughly 4.0 million shares worth around $15.56 million, which represents about 2.39% of the total shares outstanding.