Why Allogene Therapeutics Is Trading Lower Today

Allogene Therapeutics ALLO shares were trading lower on Monday.

The company announced it would commence a $450 million offering of its common stock. Raymond James also downgraded the stock from Outperform to Market Perform.

Allogene is the U.S.-based clinical stage immuno-oncology company. It is mainly engaged in the development and commercialization of genetically engineered allogeneic T cell therapies for the treatment of cancer. The company is involved in developing a pipeline of multiple allogeneic T cell product candidates utilizing validated gene editing and advanced proprietary cell manufacturing technologies.

Allogene Therapeutics shares were trading at $49.27 at time of publication on Monday. The stock has a 52-week high of $55 and a 52-week low of $17.43.

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