J.P. Morgan Remains a Hold on Allogene Therapeutics (ALLO)

J.P. Morgan analyst Cory Kasimov maintained a Hold rating on Allogene Therapeutics (ALLOResearch Report) on May 6 and set a price target of $29.00. The company’s shares closed last Friday at $39.23.

According to TipRanks.com, Kasimov is a 5-star analyst with an average return of 20.3% and a 55.8% success rate. Kasimov covers the Healthcare sector, focusing on stocks such as Ultragenyx Pharmaceutical, Alexion Pharmaceuticals, and BioMarin Pharmaceutical.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Allogene Therapeutics with a $51.83 average price target, which is a 30.9% upside from current levels. In a report issued on May 14, Truist Financial also downgraded the stock to Hold with a $32.00 price target.

See today’s analyst top recommended stocks >>

Based on Allogene Therapeutics’ latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $60.97 million. In comparison, last year the company had a GAAP net loss of $41.24 million.

Based on the recent corporate insider activity of 42 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. operates as a clinical stage immuno-oncology company pioneering the development and commercialization of genetically engineered allogeneic T cell therapies for the treatment of cancer. The firm develops a pipeline of off-the-shelf T cell product candidates that are designed to target and kill cancer cells. Its engineered T cells are allogeneic, which are derived from healthy donors for intended use in any patient. The company was founded by Arie S. Belldegrun, David D. Chang, and Joshua A. Kazam in November 2017 and is headquartered in South San Francisco, CA.