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

Shares of Arcellx, Inc. (NASDAQ:ACLX) have received an average recommendation of “Buy” from the fourteen research firms that are presently covering the company, MarketBeat Ratings reports. Thirteen investment 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 objective among brokerages that have covered the stock in the last year is $89.75.

Several analysts have commented on ACLX shares. Stifel Nicolaus lifted their price objective 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. Needham & Company LLC restated a “buy” rating and set a $96.00 price objective (up from $81.00) on shares of Arcellx in a research note on Friday, October 18th. Cantor Fitzgerald restated an “overweight” rating on shares of Arcellx in a research note on Monday, September 9th. Redburn Atlantic started coverage on shares of Arcellx in a research note on Tuesday, October 8th. They set a “buy” rating and a $109.00 price objective for the company. Finally, Canaccord Genuity Group boosted their target price on shares of Arcellx from $85.00 to $115.00 and gave the company a “buy” rating in a research note on Thursday, October 17th.

Arcellx Stock Down 2.5 %

ACLX stock opened at $84.31 on Tuesday. The firm has a 50 day moving average of $78.71 and a 200 day moving average of $63.62. The stock has a market capitalization of $4.51 billion, a PE ratio of -81.85 and a beta of 0.25. Arcellx has a 52 week low of $30.88 and a 52 week high of $97.54.

Arcellx (NASDAQ:ACLX) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.51) EPS for the quarter, beating the consensus estimate of ($0.52) by $0.01. Arcellx had a negative net margin of 37.23% and a negative return on equity of 12.42%. The business had revenue of $27.38 million during the quarter, compared to analysts’ expectations of $22.04 million. The firm’s revenue was up 91.5% on a year-over-year basis. On average, equities research analysts expect that Arcellx will post -1.65 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Christopher Heery sold 21,684 shares of the business’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $71.12, for a total value of $1,542,166.08. Following the completion of the sale, the insider now owns 9,278 shares of the company’s stock, valued at approximately $659,851.36. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Christopher Heery sold 21,684 shares of the business’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $71.12, for a total value of $1,542,166.08. Following the completion of the sale, the insider now owns 9,278 shares of the company’s stock, valued at approximately $659,851.36. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Kavita Patel sold 1,500 shares of the company’s stock in a transaction on Tuesday, July 30th. The stock was sold at an average price of $61.97, for a total transaction of $92,955.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 72,056 shares of company stock valued at $5,126,800. 6.24% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Arcellx

A number of large investors have recently modified their holdings of ACLX. Quest Partners LLC purchased a new stake in shares of Arcellx during the second quarter worth $27,000. Plato Investment Management Ltd purchased a new stake in shares of Arcellx during the first quarter worth $51,000. Decheng Capital LLC acquired a new position in shares of Arcellx during the 2nd quarter valued at about $65,000. National Bank of Canada FI boosted its position in shares of Arcellx by 50.0% during the 2nd quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock valued at $80,000 after acquiring an additional 500 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Arcellx by 21.7% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,944 shares of the company’s stock valued at $161,000 after acquiring an additional 347 shares during the last quarter. Hedge funds and other institutional investors own 96.03% of the company’s stock.

About Arcellx

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).