Arcellx (NASDAQ:ACLX) Price Target Increased to $115.00 by Analysts at Canaccord Genuity Group

Arcellx (NASDAQ:ACLX) had its price objective hoisted by Canaccord Genuity Group from $85.00 to $115.00 in a report issued on Thursday, Benzinga reports. They currently have a buy rating on the stock.

Other analysts have also issued reports about the company. Redburn Atlantic assumed coverage on Arcellx in a report on Tuesday, October 8th. They issued a “buy” rating and a $109.00 price target on the stock. Cantor Fitzgerald restated an “overweight” rating on shares of Arcellx in a report on Monday, September 9th. Finally, Needham & Company LLC restated a “buy” rating and issued a $81.00 price objective on shares of Arcellx in a report on Friday, August 9th. Thirteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Arcellx currently has an average rating of “Buy” and a consensus target price of $88.50.

Arcellx Stock Up 1.7 %

ACLX stock opened at $96.86 on Thursday. The business has a fifty day moving average of $76.12 and a 200-day moving average of $62.71. The company has a market cap of $5.18 billion, a P/E ratio of -94.04 and a beta of 0.25. Arcellx has a twelve month low of $30.88 and a twelve month high of $97.54.

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

Insider Buying and Selling at Arcellx

In other Arcellx news, Director Kavita Patel sold 1,500 shares of the firm’s stock in a transaction on Tuesday, July 30th. The shares were 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 through the SEC website. In related news, Director Kavita Patel sold 1,500 shares of Arcellx stock in a transaction that occurred on Tuesday, July 30th. The stock was sold at an average price of $61.97, for a total transaction of $92,955.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Michelle Gilson sold 15,000 shares of the company’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $77.73, for a total transaction of $1,165,950.00. Following the completion of the sale, the chief financial officer now owns 6,915 shares of the company’s stock, valued at approximately $537,502.95. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 70,556 shares of company stock valued at $4,992,265. Company insiders own 6.24% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Quest Partners LLC purchased a new position in Arcellx in the second quarter valued at approximately $27,000. Plato Investment Management Ltd purchased a new position in shares of Arcellx in the first quarter valued at $51,000. Decheng Capital LLC purchased a new position in Arcellx during the second quarter valued at approximately $65,000. National Bank of Canada FI boosted its holdings in Arcellx by 50.0% in the 2nd quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock valued at $80,000 after purchasing an additional 500 shares during the period. Finally, Advisory Alpha LLC bought a new stake in Arcellx during the first quarter valued at $209,000. Institutional investors own 96.03% of the company’s stock.

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).