Arie Belldegrun, a director and more-than-10% owner of Allogene Therapeutics (NASDAQ:ALLO), bought shares worth $4.99 million on May 16, 2024, showing trust in the company’s future performance.
Allogene Therapeutics is a clinical-stage biotechnology company with a focus on “pioneering the development of investigational allogeneic chimeric antigen receptor T cell” (AlloCAR T) products for cancer and autoimmune disease. ALLO shares were up by 10.4% in pre-market trading at the time of writing, possibly because of the news of the key insider’s share purchase.
A Closer Look at the Insider’s Transactions
As per the Form 4 filing with the SEC, Belldegrun made multiple indirect purchases of 1,724,137 ALLO shares on May 16, at an average price of $2.90 per piece. On the same day, the director made an Uninformative Buy of 344,828 shares by exercising his grants/awards. It is worth noting that after the latest transactions, Belldegrun now owns ALLO shares worth $27.98 million.
Allogene Therapeutics stock currently has a Positive Insider Confidence Signal on TipRanks based on Informative Buy transactions undertaken in the last three months.
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It is pertinent to keep an eye on the Informative trades of corporate insiders, given their knowledge of a company’s growth potential. Interestingly, TipRanks offers daily insider transactions as well as a list of top corporate insiders. It also provides a list of hot stocks that boast either a Very Positive or Positive insider confidence signal.
Is Allogene a Good Stock to Buy?
Wall Street certainly is bullish about ALLO stock. With nine Buys and two Hold ratings, ALLO stock has a Strong Buy consensus rating on TipRanks. The average Allogene Therapeutics price target of $12.23 implies a massive 372.2% upside potential from current levels. In the past year, ALLO shares have lost 57.5%.
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