Arcellx (NASDAQ:ACLX) Rating Increased to Strong-Buy at Wells Fargo & Company

Arcellx (NASDAQ:ACLX) was upgraded by investment analysts at Wells Fargo & Company to a “strong-buy” rating in a report issued on Monday,Zacks.com reports.

Several other equities research analysts also recently weighed in on ACLX. Stifel Nicolaus set a $129.00 price objective on Arcellx and gave the company a “buy” rating in a report on Thursday, October 16th. Wolfe Research started coverage on shares of Arcellx in a research report on Tuesday, November 18th. They issued a “peer perform” rating for the company. Guggenheim reissued a “buy” rating on shares of Arcellx in a research report on Monday, November 24th. Cantor Fitzgerald restated a “neutral” rating and issued a $88.00 price objective on shares of Arcellx in a research note on Thursday, October 9th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and issued a $130.00 target price on shares of Arcellx in a report on Monday, December 8th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $113.75.

Arcellx Stock Performance

Shares of ACLX stock opened at $65.51 on Monday. The stock’s 50-day moving average is $79.94 and its two-hundred day moving average is $74.89. Arcellx has a 1 year low of $47.86 and a 1 year high of $94.07. The firm has a market cap of $3.79 billion, a price-to-earnings ratio of -16.67 and a beta of 0.34.

Arcellx (NASDAQ:ACLX) last posted its earnings results on Wednesday, November 5th. The company reported ($0.99) earnings per share for the quarter, missing the consensus estimate of ($0.96) by ($0.03). The firm had revenue of $4.95 million during the quarter, compared to analysts’ expectations of $11.24 million. Arcellx had a negative net margin of 607.01% and a negative return on equity of 51.13%. As a group, research analysts predict that Arcellx will post -1.58 EPS for the current year.

Insider Buying and Selling

In other news, insider Christopher Heery sold 21,034 shares of the firm’s stock in a transaction on Tuesday, September 30th. The shares were sold at an average price of $81.28, for a total value of $1,709,643.52. Following the completion of the sale, the insider owned 624 shares in the company, valued at approximately $50,718.72. This trade represents a 97.12% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last ninety days, insiders have sold 33,843 shares of company stock worth $2,739,263. 8.35% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Schroder Investment Management Group acquired a new position in Arcellx during the 2nd quarter worth approximately $3,951,000. Rhumbline Advisers boosted its stake in shares of Arcellx by 6.4% in the first quarter. Rhumbline Advisers now owns 63,751 shares of the company’s stock valued at $4,182,000 after buying an additional 3,848 shares in the last quarter. Strs Ohio purchased a new stake in shares of Arcellx in the first quarter valued at approximately $938,000. American Century Companies Inc. grew its holdings in Arcellx by 694.3% during the second quarter. American Century Companies Inc. now owns 431,466 shares of the company’s stock worth $28,412,000 after acquiring an additional 377,145 shares during the period. Finally, Voya Investment Management LLC raised its position in Arcellx by 103.4% in the first quarter. Voya Investment Management LLC now owns 277,102 shares of the company’s stock worth $18,178,000 after acquiring an additional 140,899 shares in the last quarter. 96.03% of the stock is owned by hedge funds and other institutional investors.

About Arcellx

Arcellx, Inc (NASDAQ: ACLX) is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of next-generation cell therapies for oncology and autoimmune diseases. The company’s proprietary ARC-SparX™ platform is designed to enable precise control over cell-surface receptor activation and to improve the safety, efficacy and durability of adoptive cell therapies. Leveraging this technology, Arcellx engineers immune cells with modular antigen-binding domains that can be exchanged to target a variety of disease-associated markers.

The company’s pipeline comprises multiple wholly owned programs in hematologic malignancies and solid tumors at various stages of preclinical and clinical development.