Arcellx (NASDAQ:ACLX) Price Target Raised to $114.00 at UBS Group

Arcellx (NASDAQ:ACLX) had its price objective boosted by UBS Group from $106.00 to $114.00 in a research report sent to investors on Tuesday,Benzinga reports. They currently have a buy rating on the stock.

Other equities analysts have also issued research reports about the stock. Robert W. Baird increased their target price on shares of Arcellx from $77.00 to $106.00 and gave the company an “outperform” rating in a report on Wednesday, November 6th. Morgan Stanley lifted their price objective on Arcellx from $81.00 to $106.00 and gave the stock an “overweight” rating in a report on Wednesday, November 6th. Redburn Atlantic assumed coverage on Arcellx in a report on Tuesday, October 8th. They set a “buy” rating and a $109.00 target price for the company. Cantor Fitzgerald restated an “overweight” rating on shares of Arcellx in a research report on Monday, September 9th. Finally, Piper Sandler increased their price objective on Arcellx from $91.00 to $115.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Thirteen investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $105.93.

Arcellx Trading Down 0.8 %

Shares of NASDAQ ACLX opened at $82.27 on Tuesday. The business has a 50-day moving average of $88.46 and a 200-day moving average of $72.02. The firm has a market capitalization of $4.45 billion, a price-to-earnings ratio of -115.87 and a beta of 0.25. Arcellx has a 12 month low of $46.42 and a 12 month high of $107.37.

Arcellx (NASDAQ:ACLX) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.48) earnings per share for the quarter, beating the consensus estimate of ($0.54) by $0.06. The firm had revenue of $26.03 million for the quarter, compared to analysts’ expectations of $35.21 million. Arcellx had a negative net margin of 25.94% and a negative return on equity of 8.28%. On average, analysts predict that Arcellx will post -1.49 earnings per share for the current year.

Insider Activity

In related news, Director Kavita Patel sold 15,238 shares of the business’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $105.92, for a total transaction of $1,614,008.96. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Michelle Gilson sold 15,000 shares of the firm’s stock in a transaction on 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 transaction, the chief financial officer now owns 6,915 shares of the company’s stock, valued at $537,502.95. The trade was a 68.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 67,001 shares of company stock worth $6,568,393 in the last quarter. 6.24% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Geode Capital Management LLC increased its position in shares of Arcellx by 4.3% during the third quarter. Geode Capital Management LLC now owns 974,967 shares of the company’s stock valued at $81,434,000 after acquiring an additional 39,781 shares in the last quarter. Wellington Management Group LLP boosted its position in Arcellx by 15.2% in the third quarter. Wellington Management Group LLP now owns 20,968 shares of the company’s stock worth $1,751,000 after purchasing an additional 2,768 shares during the last quarter. Quarry LP bought a new stake in shares of Arcellx during the 3rd quarter valued at about $125,000. RA Capital Management L.P. grew its stake in shares of Arcellx by 15.4% during the 3rd quarter. RA Capital Management L.P. now owns 1,851,479 shares of the company’s stock valued at $154,617,000 after purchasing an additional 247,465 shares during the period. Finally, Jacobs Levy Equity Management Inc. increased its position in shares of Arcellx by 67.2% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 79,936 shares of the company’s stock valued at $6,675,000 after purchasing an additional 32,119 shares during the last quarter. Institutional investors own 96.03% of the company’s stock.

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).