Truist Financial Issues Positive Forecast for Arcellx (NASDAQ:ACLX) Stock Price

Arcellx (NASDAQ:ACLX) had its price objective boosted by Truist Financial from $87.00 to $136.00 in a research note released on Tuesday,Benzinga reports. Truist Financial currently has a buy rating on the stock.

A number of other brokerages have also commented on ACLX. Needham & Company LLC restated a “buy” rating and set a $96.00 price objective on shares of Arcellx in a research report on Wednesday, November 6th. Morgan Stanley raised their price objective on Arcellx from $81.00 to $106.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 6th. Bank of America lifted their price target on Arcellx from $84.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. HC Wainwright lifted their price target on Arcellx from $80.00 to $95.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Finally, Robert W. Baird lifted their price target on Arcellx from $77.00 to $106.00 and gave the company an “outperform” rating in a report on Wednesday, November 6th. Thirteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $103.08.

Arcellx Trading Down 5.1 %

Shares of NASDAQ ACLX opened at $95.08 on Tuesday. Arcellx has a one year low of $46.42 and a one year high of $107.37. The firm has a market capitalization of $5.14 billion, a PE ratio of -133.91 and a beta of 0.27. The business has a 50-day moving average price of $85.14 and a two-hundred day moving average price of $67.07.

Arcellx (NASDAQ:ACLX) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.48) EPS for the quarter, topping analysts’ consensus estimates of ($0.54) by $0.06. Arcellx had a negative return on equity of 8.28% and a negative net margin of 25.94%. The firm had revenue of $26.03 million during the quarter, compared to analyst estimates of $35.21 million. Research analysts anticipate that Arcellx will post -1.56 EPS for the current year.

Insider Activity at Arcellx

In other Arcellx news, CFO Michelle Gilson sold 15,000 shares of Arcellx stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $77.73, for a total value of $1,165,950.00. Following the transaction, the chief financial officer now directly owns 6,915 shares of the company’s stock, valued at $537,502.95. The trade was a 68.45 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Kavita Patel sold 33,763 shares of Arcellx stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $104.14, for a total value of $3,516,078.82. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 119,557 shares of company stock valued at $10,163,933. Corporate insiders own 6.24% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Quest Partners LLC acquired a new stake in shares of Arcellx during the 2nd quarter worth approximately $27,000. Plato Investment Management Ltd acquired a new stake in shares of Arcellx during the 1st quarter worth approximately $51,000. Decheng Capital LLC acquired a new stake in shares of Arcellx during the 2nd quarter worth approximately $65,000. National Bank of Canada FI grew its holdings in shares of Arcellx by 50.0% during the 2nd quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock worth $80,000 after purchasing an additional 500 shares in the last quarter. Finally, Covestor Ltd grew its holdings in shares of Arcellx by 53,766.7% during the 3rd quarter. Covestor Ltd now owns 1,616 shares of the company’s stock worth $135,000 after purchasing an additional 1,613 shares in the last quarter. 96.03% of the stock is owned by institutional investors.

About Arcellx

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).