JP Morgan maintains Overweight recommendation on Allogene Therapeutics amid bullish market sentiment

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JP Morgan maintains Overweight recommendation on Allogene Therapeutics amid bullish market sentiment

On Monday, financial services firm JP Morgan continued its coverage of clinical-stage biotech company Allogene Therapeutics (NASDAQ: ALLO ), issuing an Overweight recommendation. The one-year price target for Allogene Therapeutics is predicted to average at $17.27, indicating a potential upside of 373.20% from its last reported closing price of $3.65.

The company's estimated annual revenue is projected to rise by a significant 1,975.52% to $4 million, despite expectations of a non-GAAP EPS of -2.83. In the latest quarter, the number of funds or institutions holding positions in Allogene Therapeutics stood at 383, marking a decrease of 2.79% from the previous quarter. The average portfolio weight dedicated to ALLO has also dropped by 6.79% to 0.10%. However, the total shares owned by institutions have risen by 8.53% over the last three months to 141.84 million shares.

In terms of market sentiment, the put/call ratio for ALLO is currently at 0.28, suggesting bullishness in the market.

Several key shareholders have been adjusting their stakes in Allogene Therapeutics. Tpg Gp A holds a significant stake in the company with 18.716 million shares, accounting for 11.17% ownership, unchanged from the previous quarter.

SPDR(R) S&P (R) Biotech ETF increased its holdings by 4.75%, now owning 6.591 million shares or 3.93% of the company, which represents a portfolio allocation increase of 5.13%.

Jpmorgan Chase boosted its stake by 18.09% to hold 6.134 million shares, representing 3.66% ownership of the company. This increase also led to a substantial rise of 772.58% in its portfolio allocation in ALLO.

However, Primecap Management and Price T Rowe Associates downsized their stakes by 2.35% and 18.74% respectively, corresponding with a reduction in portfolio allocation.

Allogene Therapeutics, based in South San Francisco, is leading the development of allogeneic chimeric antigen receptor T cell (AlloCAR T™) therapies for cancer treatment. The company's goal is to provide 'off-the-shelf' CAR T cell therapy candidates that are readily available, reliable, and scalable to benefit more patients.

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