Arcellx (NASDAQ:ACLX) Reaches New 12-Month High After Analyst Upgrade

Arcellx, Inc. (NASDAQ:ACLX)’s share price reached a new 52-week high during trading on Thursday after HC Wainwright raised their price target on the stock from $80.00 to $95.00. HC Wainwright currently has a buy rating on the stock. Arcellx traded as high as $97.86 and last traded at $97.79, with a volume of 230060 shares changing hands. The stock had previously closed at $92.98.

ACLX has been the subject of several other research reports. Morgan Stanley raised their target price on Arcellx from $81.00 to $106.00 and gave the company an “overweight” rating in a research note on Wednesday. Bank of America raised their price objective on shares of Arcellx from $84.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday. Needham & Company LLC reaffirmed a “buy” rating and issued a $96.00 price objective on shares of Arcellx in a research note on Thursday, October 31st. Cantor Fitzgerald reissued an “overweight” rating on shares of Arcellx in a research note on Monday, September 9th. Finally, Robert W. Baird raised their target price on shares of Arcellx from $77.00 to $106.00 and gave the stock an “outperform” rating in a report on Wednesday. Thirteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Arcellx has an average rating of “Buy” and a consensus target price of $95.85.

Insider Activity

In related news, insider Christopher Heery sold 21,684 shares of the company’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $71.12, for a total transaction of $1,542,166.08. Following the transaction, the insider now directly owns 9,278 shares of the company’s stock, valued at approximately $659,851.36. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Arcellx news, insider Christopher Heery sold 21,684 shares of Arcellx stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $71.12, for a total transaction of $1,542,166.08. Following the transaction, the insider now owns 9,278 shares of the company’s stock, valued at $659,851.36. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Michelle Gilson sold 15,000 shares of the company’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $77.73, for a total value of $1,165,950.00. Following the completion of the transaction, the chief financial officer now owns 6,915 shares in the company, valued at $537,502.95. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 70,556 shares of company stock worth $5,033,845. 6.24% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Arcellx

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Mirae Asset Global Investments Co. Ltd. grew its holdings 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 in the last quarter. Quest Partners LLC acquired a new position in Arcellx in the 2nd quarter worth about $27,000. National Bank of Canada FI lifted its holdings 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 buying an additional 500 shares during the last quarter. High Net Worth Advisory Group LLC grew its stake in shares of Arcellx by 6.3% in the 3rd quarter. High Net Worth Advisory Group LLC now owns 8,500 shares of the company’s stock valued at $710,000 after buying an additional 500 shares in the last quarter. Finally, Principal Financial Group Inc. increased its holdings in Arcellx by 1.4% in the second quarter. Principal Financial Group Inc. now owns 37,352 shares of the company’s stock worth $2,061,000 after buying an additional 517 shares during the last quarter. Hedge funds and other institutional investors own 96.03% of the company’s stock.

Arcellx Price Performance

The stock has a market capitalization of $5.33 billion, a price-to-earnings ratio of -95.35 and a beta of 0.27. The stock’s 50 day simple moving average is $82.32 and its 200-day simple moving average is $65.58.

Arcellx (NASDAQ:ACLX) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.51) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $27.38 million during the quarter, compared to analysts’ expectations of $22.04 million. Arcellx’s quarterly revenue was up 91.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Arcellx, Inc. will post -1.65 earnings per share for the current fiscal year.

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).