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.
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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.
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%.
