Arcellx (NASDAQ:ACLX) Price Target Raised to $106.00

Arcellx (NASDAQ:ACLX) had its price objective hoisted by Morgan Stanley from $81.00 to $106.00 in a report issued on Wednesday morning,Benzinga reports. They currently have an overweight rating on the stock.

Other equities analysts also recently issued research reports about the stock. Canaccord Genuity Group upped their price objective on shares of Arcellx from $85.00 to $115.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Cantor Fitzgerald restated an “overweight” rating on shares of Arcellx in a research note on Monday, September 9th. Stifel Nicolaus lifted their price objective on shares of Arcellx from $83.00 to $122.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. Redburn Atlantic initiated coverage on shares of Arcellx in a report on Tuesday, October 8th. They set a “buy” rating and a $109.00 price objective on the stock. Finally, Needham & Company LLC restated a “buy” rating and issued a $96.00 target price on shares of Arcellx in a research note on Thursday, October 31st. Thirteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $99.31.

Arcellx Trading Up 3.9 %

Shares of ACLX opened at $103.06 on Wednesday. The firm has a market cap of $5.54 billion, a PE ratio of -99.10 and a beta of 0.27. Arcellx has a 12 month low of $43.50 and a 12 month high of $106.24. The stock has a fifty day moving average price of $83.01 and a 200-day moving average price of $65.94.

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

Insiders Place Their Bets

In other Arcellx news, insider Christopher Heery sold 27,451 shares of Arcellx stock in a transaction dated 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 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, CFO Michelle Gilson sold 15,000 shares of the business’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 completion of the transaction, the chief financial officer now directly owns 6,915 shares in the company, valued at $537,502.95. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Christopher Heery sold 27,451 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $67.03, for a total transaction of $1,840,040.53. Following the sale, the insider now owns 9,278 shares in the company, valued at approximately $621,904.34. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 70,556 shares of company stock valued at $5,033,845. Company insiders own 6.24% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. grew 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 period. Quest Partners LLC purchased a new position in Arcellx during the second quarter worth approximately $27,000. National Bank of Canada FI grew its holdings in Arcellx by 50.0% in the second quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock valued at $80,000 after purchasing an additional 500 shares during the period. High Net Worth Advisory Group LLC increased its position in shares of Arcellx by 6.3% in the third 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. raised its stake in shares of Arcellx by 1.4% during the 2nd 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 period. Institutional investors and hedge funds 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).