Arcellx, Inc. (NASDAQ:ACLX) Receives Average Recommendation of “Buy” from Brokerages

Arcellx, Inc. (NASDAQ:ACLX) has been given an average rating of “Buy” by the fifteen research firms that are covering the stock, Marketbeat reports. Thirteen research analysts have rated the stock with a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $105.93.

Several research analysts recently issued reports on ACLX shares. Truist Financial increased their price objective on Arcellx from $87.00 to $136.00 and gave the stock a “buy” rating in a research note on Tuesday, November 12th. Needham & Company LLC reissued a “buy” rating and set a $105.00 price target on shares of Arcellx in a research report on Monday, December 9th. Bank of America lifted their price objective on Arcellx from $84.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. UBS Group increased their target price on shares of Arcellx from $106.00 to $114.00 and gave the stock a “buy” rating in a report on Tuesday, December 10th. Finally, HC Wainwright restated a “buy” rating and issued a $115.00 price target on shares of Arcellx in a report on Tuesday, December 10th.

Insider Buying and Selling at Arcellx

In other news, Director Kavita Patel sold 15,238 shares of the business’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $105.92, for a total transaction of $1,614,008.96. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Christopher Heery sold 3,061 shares of the stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $77.17, for a total transaction of $236,217.37. Following the completion of the transaction, the insider now directly owns 32,456 shares of the company’s stock, valued at $2,504,629.52. The trade was a 8.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 64,916 shares of company stock worth $6,339,655 over the last three months. Corporate insiders own 6.24% of the company’s stock.

Institutional Investors Weigh In On Arcellx

Institutional investors and hedge funds have recently made changes to their positions in the stock. First Turn Management LLC purchased a new position in Arcellx in the 3rd quarter worth $17,896,000. Charles Schwab Investment Management Inc. raised its stake in shares of Arcellx by 4.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 328,093 shares of the company’s stock worth $27,399,000 after purchasing an additional 14,200 shares during the last quarter. Harbor Capital Advisors Inc. raised its stake in shares of Arcellx by 37.0% in the third quarter. Harbor Capital Advisors Inc. now owns 27,896 shares of the company’s stock worth $2,330,000 after purchasing an additional 7,534 shares during the last quarter. Lord Abbett & CO. LLC lifted its holdings in shares of Arcellx by 2.1% during the third quarter. Lord Abbett & CO. LLC now owns 891,848 shares of the company’s stock worth $74,478,000 after purchasing an additional 18,004 shares during the period. Finally, Intech Investment Management LLC purchased a new stake in Arcellx in the third quarter valued at approximately $800,000. 96.03% of the stock is currently owned by institutional investors and hedge funds.

Arcellx Stock Up 1.2 %

ACLX opened at $68.56 on Thursday. The business has a fifty day moving average of $75.27 and a 200 day moving average of $76.84. The stock has a market cap of $3.71 billion, a P/E ratio of -96.56 and a beta of 0.29. Arcellx has a 52-week low of $47.88 and a 52-week high of $107.37.

Arcellx (NASDAQ:ACLX) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.48) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.54) by $0.06. Arcellx had a negative net margin of 25.94% and a negative return on equity of 8.28%. The company had revenue of $26.03 million during the quarter, compared to analysts’ expectations of $35.21 million. Equities analysts anticipate that Arcellx will post -1.58 EPS 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).