Allogene Therapeutics Inc (ALLO) Received its Third Buy in a Row

By Ryan Adsit

After Goldman Sachs and Jefferies gave Allogene Therapeutics Inc (NASDAQ: ALLO) a Buy rating last month, the company received another Buy, this time from Cowen & Co. Analyst Phil Nadeau maintained a Buy rating on Allogene Therapeutics Inc today. The company’s shares opened today at $27.96.

According to TipRanks.com, Nadeau is a 4-star analyst with an average return of 6.4% and a 46.4% success rate. Nadeau covers the Healthcare sector, focusing on stocks such as Rocket Pharmaceuticals Inc, Rhythm Pharmaceuticals Inc, and Voyager Therapeutics Inc.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Allogene Therapeutics Inc with a $33.67 average price target, implying a 20.4% upside from current levels. In a report issued on November 5, Goldman Sachs also initiated coverage with a Buy rating on the stock with a $41 price target.

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The company has a one-year high of $35.55 and a one-year low of $21.67. Currently, Allogene Therapeutics Inc has an average volume of 1.16M.

Based on the recent corporate insider activity of 14 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of ALLO in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Allogene Therapeutics, Inc. is a clinical stage immuno-oncology company, which engages in the development and commercialization of genetically engineered allogeneic T cell therapies for the treatment of cancer. It also developing engineered allogeneic CAR T cell product candidates for multiple myeloma, other blood cancers and solid tumors.