Brokerages Set Arcellx, Inc. (NASDAQ:ACLX) PT at $88.50

Shares of Arcellx, Inc. (NASDAQ:ACLX) have been given an average rating of “Buy” by the fourteen research firms that are currently covering the company, Marketbeat.com reports. Thirteen research analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $89.75.

A number of equities research analysts recently commented on ACLX shares. Needham & Company LLC restated a “buy” rating and set a $96.00 price target (up from $81.00) on shares of Arcellx in a research report on Friday, October 18th. Cantor Fitzgerald restated an “overweight” rating on shares of Arcellx in a report on Monday, September 9th. Canaccord Genuity Group lifted their price target on Arcellx from $85.00 to $115.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Stifel Nicolaus upped their price target on shares of Arcellx from $83.00 to $122.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. Finally, Redburn Atlantic initiated coverage on shares of Arcellx in a research report on Tuesday, October 8th. They issued a “buy” rating and a $109.00 price objective for the company.

Insider Transactions at Arcellx

In related news, insider Christopher Heery sold 21,684 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $71.12, for a total transaction of $1,542,166.08. Following the completion of the sale, the insider now directly owns 9,278 shares of the company’s stock, valued at $659,851.36. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. In other Arcellx news, Director Kavita Patel sold 1,500 shares of the stock in a transaction dated Tuesday, July 30th. The stock was sold at an average price of $61.97, for a total value of $92,955.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Christopher Heery sold 21,684 shares of the business’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $71.12, for a total value of $1,542,166.08. Following the transaction, the insider now owns 9,278 shares of the company’s stock, valued at $659,851.36. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 72,056 shares of company stock worth $5,126,800 in the last quarter. 6.24% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Principal Financial Group Inc. increased its stake in Arcellx by 246.3% in the first quarter. Principal Financial Group Inc. now owns 36,835 shares of the company’s stock valued at $2,562,000 after purchasing an additional 26,197 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Arcellx by 6.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,344,553 shares of the company’s stock valued at $93,514,000 after buying an additional 84,373 shares in the last quarter. Seven Eight Capital LP acquired a new stake in Arcellx during the 1st quarter worth $1,207,000. Bamco Inc. NY lifted its holdings in Arcellx by 292.1% during the first quarter. Bamco Inc. NY now owns 248,993 shares of the company’s stock worth $17,317,000 after acquiring an additional 185,493 shares in the last quarter. Finally, Advisory Alpha LLC acquired a new position in Arcellx in the first quarter valued at about $209,000. Institutional investors own 96.03% of the company’s stock.

Arcellx Stock Performance

Shares of NASDAQ:ACLX opened at $86.48 on Tuesday. The company’s fifty day moving average is $78.33 and its 200-day moving average is $63.44. Arcellx has a 52 week low of $30.88 and a 52 week high of $97.54. The company has a market capitalization of $4.63 billion, a PE ratio of -83.96 and a beta of 0.25.

Arcellx (NASDAQ:ACLX) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.51) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.52) by $0.01. The firm had revenue of $27.38 million during the quarter, compared to the consensus estimate of $22.04 million. Arcellx had a negative net margin of 37.23% and a negative return on equity of 12.42%. The firm’s quarterly revenue was up 91.5% compared to the same quarter last year. On average, analysts forecast that Arcellx will post -1.65 EPS for the current year.

Arcellx Company Profile

Arcellx, Inc, together with its subsidiary, engages in the development of various immunotherapies for patients with cancer and other incurable diseases in the United States. The company’s lead ddCAR product candidate is anitocabtagene autoleucel, which is in phase 2 clinical trial for the treatment of patients with relapsed or refractory multiple myeloma (rrMM).