Arcellx (NASDAQ:ACLX) Shares Up 5.1% After Analyst Upgrade

Arcellx, Inc. (NASDAQ:ACLX) traded up 5.1% during trading on Wednesday after UBS Group raised their price target on the stock from $106.00 to $114.00. UBS Group currently has a buy rating on the stock. Arcellx traded as high as $86.48 and last traded at $86.48. 37,703 shares changed hands during mid-day trading, a decline of 92% from the average session volume of 477,438 shares. The stock had previously closed at $82.27.

Several other brokerages also recently commented on ACLX. Bank of America lifted their target price on shares of Arcellx from $84.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Arcellx in a research note on Monday, September 9th. Piper Sandler lifted their target price on shares of Arcellx from $91.00 to $115.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Truist Financial lifted their target price on shares of Arcellx from $87.00 to $136.00 and gave the stock a “buy” rating in a research note on Tuesday, November 12th. Finally, Barclays raised shares of Arcellx to a “strong-buy” rating in a research note on Friday, November 29th. Thirteen equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Arcellx currently has an average rating of “Buy” and a consensus target price of $105.93.

Insider Activity

In other news, Director Kavita Patel sold 1,500 shares of the business’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $91.88, for a total transaction of $137,820.00. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, 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 transaction of $1,165,950.00. Following the sale, the chief financial officer now owns 6,915 shares in the company, valued at approximately $537,502.95. This trade represents a 68.45 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 67,001 shares of company stock worth $6,568,393. Corporate insiders own 6.24% of the company’s stock.

Hedge Funds Weigh In On Arcellx

A number of hedge funds have recently bought and sold shares of ACLX. Bank of New York Mellon Corp boosted its stake in Arcellx by 21.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 147,198 shares of the company’s stock worth $8,124,000 after purchasing an additional 26,134 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in Arcellx by 37.8% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 15,928 shares of the company’s stock worth $879,000 after purchasing an additional 4,372 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Arcellx by 34.3% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,811 shares of the company’s stock worth $376,000 after purchasing an additional 1,740 shares in the last quarter. Principal Financial Group Inc. boosted its stake in Arcellx by 1.4% in the 2nd quarter. Principal Financial Group Inc. now owns 37,352 shares of the company’s stock worth $2,061,000 after purchasing an additional 517 shares in the last quarter. Finally, Rhumbline Advisers boosted its stake in Arcellx by 14.3% in the 2nd quarter. Rhumbline Advisers now owns 60,570 shares of the company’s stock worth $3,343,000 after purchasing an additional 7,568 shares in the last quarter. Institutional investors own 96.03% of the company’s stock.

Arcellx Trading Up 5.7 %

The company has a market cap of $4.70 billion, a P/E ratio of -122.51 and a beta of 0.25. The stock’s 50 day moving average is $88.68 and its 200-day moving average is $72.12.

Arcellx (NASDAQ:ACLX) last issued its earnings results on Thursday, November 7th. The company reported ($0.48) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.54) by $0.06. Arcellx had a negative return on equity of 8.28% and a negative net margin of 25.94%. The business had revenue of $26.03 million during the quarter, compared to analyst estimates of $35.21 million. As a group, sell-side analysts forecast that Arcellx, Inc. will post -1.49 EPS for the current 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).