R Squared Ltd Expands Portfolio with Investment in Allogene Therapeutics

R Squared Ltd has made a strategic move by acquiring a new position in Allogene Therapeutics, Inc. (NASDAQ: ALLO) during the second quarter of 2023. According to the latest 13F filing with the Securities and Exchange Commission, the institutional investor purchased 32,513 shares valued at approximately $37,000. This investment reflects a growing interest among institutional investors in the biotechnology sector.

Several other institutional players have also adjusted their holdings in Allogene Therapeutics. For instance, Kingstone Capital Partners Texas LLC entered the market with a new stake worth about $390,000 in the same quarter. Similarly, GSA Capital Partners LLP invested approximately $706,000 in the first quarter.

Frazier Life Sciences Management L.P. significantly increased its stake by 34.9%, acquiring an additional 1,001,000 shares during the first quarter. The firm now holds a total of 3,868,750 shares valued at about $5,648,000. DAFNA Capital Management LLC also enlarged its position by 11.3%, owning 1,380,118 shares worth approximately $2,015,000 after a purchase of 140,000 shares.

As of now, institutional investors and hedge funds own 83.63% of Allogene Therapeutics’ stock, indicating strong institutional belief in the company’s potential.

Stock Performance and Analyst Ratings

Allogene Therapeutics’ stock opened at $1.20 on Monday, reflecting a slight 0.8% decrease. The stock’s performance is monitored closely, with a current market capitalization of $266.26 million, a price-to-earnings ratio of -1.08, and a beta of 0.43. Over the past twelve months, the stock has fluctuated between a low of $0.86 and a high of $3.78.

Analysts have varied opinions on Allogene Therapeutics. Weiss Ratings recently reaffirmed a “sell (e+)” rating, while JPMorgan Chase & Co. maintained an “underweight” rating. Conversely, JMP Securities has a “market perform” rating on the stock. Notably, nine analysts have rated Allogene as a Buy, while two have issued Hold ratings, with an average target price of $8.44, according to data from MarketBeat.com.

Insider Transactions and Company Overview

In a related development, Chief Financial Officer Geoffrey M. Parker sold 36,744 shares of Allogene Therapeutics on October 21, 2023, at an average price of $1.26. This transaction totaled $46,297.44, resulting in a 2.80% decrease in Parker’s holdings, which now stand at 1,276,796 shares valued at about $1,608,762.96. This sale was disclosed in a filing with the Securities and Exchange Commission.

Currently, 13.20% of Allogene’s stock is owned by corporate insiders, indicating their ongoing investment in the company’s future.

Allogene Therapeutics, Inc. is a clinical-stage immuno-oncology company dedicated to developing and commercializing genetically engineered allogeneic T cell therapies for cancer treatment. Its flagship product candidate, UCART19, is an allogeneic chimeric antigen receptor (CAR) T cell therapy aimed at treating pediatric and adult patients with relapsed or refractory CD19-positive B-cell acute lymphoblastic leukemia (ALL).

For those interested in deeper insights into Allogene Therapeutics or the latest hedge fund movements, additional information can be accessed through HoldingsChannel.com, which provides updates on 13F filings and insider trades related to the company.