Arcellx, Inc. (NASDAQ:ACLX) Receives $75.64 Consensus Target Price from Analysts

Shares of Arcellx, Inc. (NASDAQ:ACLX) have been assigned a consensus rating of “Buy” from the twelve brokerages that are presently covering the firm, MarketBeat Ratings reports. Twelve equities research analysts have rated the stock with a buy rating. The average 1 year target price among brokers that have issued a report on the stock in the last year is $75.64.

Several research firms have weighed in on ACLX. Canaccord Genuity Group boosted their target price on shares of Arcellx from $66.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday, February 29th. HC Wainwright raised their target price on shares of Arcellx from $60.00 to $82.00 and gave the stock a “buy” rating in a report on Thursday, February 29th. Morgan Stanley initiated coverage on Arcellx in a research note on Thursday, March 7th. They issued an “overweight” rating and a $81.00 target price for the company. Truist Financial increased their price target on Arcellx from $57.00 to $87.00 and gave the stock a “buy” rating in a research report on Tuesday, March 5th. Finally, Needham & Company LLC restated a “buy” rating and set a $81.00 price objective on shares of Arcellx in a research report on Thursday, April 11th.

Insider Activity

In other Arcellx news, insider Christopher Heery sold 2,967 shares of Arcellx stock in a transaction on Monday, February 12th. The shares were sold at an average price of $64.46, for a total value of $191,252.82. Following the sale, the insider now directly owns 30,303 shares in the company, valued at approximately $1,953,331.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Arcellx news, Director Olivia C. Ware sold 9,402 shares of Arcellx stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $55.55, for a total value of $522,281.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Christopher Heery sold 2,967 shares of Arcellx stock in a transaction on Monday, February 12th. The shares were sold at an average price of $64.46, for a total value of $191,252.82. Following the completion of the transaction, the insider now directly owns 30,303 shares of the company’s stock, valued at $1,953,331.38. The disclosure for this sale can be found here. Insiders have sold a total of 623,982 shares of company stock worth $43,372,457 over the last three months. Corporate insiders own 6.24% of the company’s stock.

Hedge Funds Weigh In On Arcellx

Institutional investors have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. boosted its holdings 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 acquiring an additional 26,197 shares during the last quarter. China Universal Asset Management Co. Ltd. increased its holdings in Arcellx by 80.7% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 10,177 shares of the company’s stock worth $708,000 after purchasing an additional 4,545 shares in the last quarter. Simplicity Wealth LLC purchased a new position in Arcellx during the 1st quarter worth $232,000. Allspring Global Investments Holdings LLC bought a new stake in Arcellx during the first quarter worth $804,000. Finally, High Net Worth Advisory Group LLC grew its position in Arcellx by 14.3% during the first quarter. High Net Worth Advisory Group LLC now owns 8,000 shares of the company’s stock valued at $556,000 after buying an additional 1,000 shares during the period. 96.03% of the stock is currently owned by institutional investors and hedge funds.

Arcellx Trading Down 1.1 %

NASDAQ:ACLX opened at $52.69 on Tuesday. Arcellx has a 12-month low of $30.74 and a 12-month high of $75.10. The firm has a market cap of $2.81 billion, a price-to-earnings ratio of -35.84 and a beta of 0.24. The company’s 50-day moving average is $63.02 and its two-hundred day moving average is $56.31.

Arcellx (NASDAQ:ACLX) last announced its quarterly earnings results on Wednesday, February 28th. The company reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.53) by $0.95. Arcellx had a negative net margin of 64.08% and a negative return on equity of 20.96%. The firm had revenue of $63.15 million for the quarter, compared to analysts’ expectations of $20.07 million. During the same period in the previous year, the company posted ($0.76) earnings per share. On average, equities research analysts forecast that Arcellx will post -1.69 earnings per share for the current fiscal 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).