10 Worst Cancer Stocks To Buy Now According to Short Sellers

Page 8 of 8

1. Allogene Therapeutics, Inc. (NASDAQ:ALLO)

Short % of Float: 28.65%

Number of Hedge Fund Holders: 23

Allogene Therapeutics, Inc. (NASDAQ:ALLO) focuses on developing and commercializing allogeneic CAR-T (chimeric antigen receptor T) therapies for cancer, with a pipeline featuring several candidates for both hematological and solid tumors.

Oppenheimer initiated coverage of Allogene Therapeutics, Inc. (NASDAQ:ALLO) with an Outperform rating and a reduced price target of $11, down from $13. The firm’s analysis suggests that CAR-T therapies perform effectively in low-disease settings, based on translational data and recent experiences with CAR-Ts in autoimmunity. Oppenheimer anticipates that ALLO-329 will be ready for a new drug application filing in Q1 2025. Conversely, Citi has increased its price target for Allogene Therapeutics, Inc. (NASDAQ:ALLO) to $8 from $7, maintaining a Buy rating following the Q2 report. Citi’s update highlights the company’s steady progress in advancing its realigned pipeline.

Despite facing attention from short sellers, hedge funds appear to be bullish on Allogene Therapeutics, Inc. (NASDAQ:ALLO). In Q2 2024, 23 hedge funds held positions in the biotechnology company, up from 18 in the previous quarter. The largest stakeholder was Michael Rockefeller and Karl Kroeker’s Woodline Partners, with 4.35 million shares valued at $10.15 million.

Considering all the factors mentioned, it’s clear that cancer stocks offer significant potential. However, with the artificial intelligence revolution just beginning, there are lesser-known AI stocks trading at attractive valuations that could offer even greater promise for portfolio diversification. If you’re seeking an AI stock with even more promise than those on our list and trading at less than 5 times its earnings,  check out our report about the cheapest AI stock.

READ NEXT: $30 Trillion Opportunity: 15 Best Humanoid Robot Stocks to Buy According to Morgan Stanley and Jim Cramer Says NVIDIA ‘Has Become A Wasteland’.

Disclosure: None. Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily e-newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below.

Page 8 of 8