Arcellx, Inc. (NASDAQ:ACLX) Given Average Rating of “Buy” by Analysts

Shares of Arcellx, Inc. (NASDAQ:ACLX) have been assigned a consensus recommendation of “Buy” from the fourteen brokerages that are presently covering the stock, Marketbeat.com reports. Thirteen equities research analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $103.08.

ACLX has been the subject of a number of recent analyst reports. Cantor Fitzgerald reissued an “overweight” rating on shares of Arcellx in a research note on Monday, September 9th. Stifel Nicolaus boosted their target price on shares of Arcellx from $83.00 to $122.00 and gave the company a “buy” rating in a research note on Friday, October 18th. Piper Sandler upped their price objective on shares of Arcellx from $91.00 to $115.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Morgan Stanley upped their price objective on shares of Arcellx from $81.00 to $106.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 6th. Finally, HC Wainwright boosted their target price on shares of Arcellx from $80.00 to $95.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th.

Insider Activity

In related news, Director Kavita Patel sold 1,500 shares of the stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $74.41, for a total value of $111,615.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Christopher Heery sold 27,451 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $67.03, for a total transaction of $1,840,040.53. Following the completion of the transaction, the insider now owns 9,278 shares in the company, valued at approximately $621,904.34. This trade represents a 74.74 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 119,557 shares of company stock worth $10,163,933 over the last 90 days. 6.24% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Arcellx

Several hedge funds have recently bought and sold shares of ACLX. Quest Partners LLC purchased a new stake in Arcellx in the 2nd quarter worth approximately $27,000. Plato Investment Management Ltd purchased a new stake in Arcellx in the 1st quarter worth approximately $51,000. Decheng Capital LLC purchased a new stake in Arcellx in the 2nd quarter worth approximately $65,000. National Bank of Canada FI boosted its position in Arcellx by 50.0% in 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, Quarry LP purchased a new stake in Arcellx in the 3rd quarter worth approximately $125,000. Hedge funds and other institutional investors own 96.03% of the company’s stock.

Arcellx Stock Down 7.6 %

NASDAQ ACLX opened at $87.83 on Friday. The company has a fifty day moving average of $85.97 and a two-hundred day moving average of $67.52. The firm has a market capitalization of $4.75 billion, a price-to-earnings ratio of -123.70 and a beta of 0.27. Arcellx has a 52 week low of $46.42 and a 52 week high of $107.37.

Arcellx (NASDAQ:ACLX) last issued its earnings results on Thursday, November 7th. The company reported ($0.48) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.54) by $0.06. The firm had revenue of $26.03 million during the quarter, compared to analyst estimates of $35.21 million. Arcellx had a negative net margin of 25.94% and a negative return on equity of 8.28%. Equities research analysts anticipate that Arcellx will post -1.49 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).