Cantor Fitzgerald Begins Coverage on Arcellx (NASDAQ:ACLX)

Cantor Fitzgerald began coverage on shares of Arcellx (NASDAQ:ACLX) in a research note released on Tuesday morning, Marketbeat Ratings reports. The firm issued an overweight rating on the stock. Cantor Fitzgerald also issued estimates for Arcellx’s FY2024 earnings at ($1.74) EPS.

Several other equities analysts have also commented on ACLX. Needham & Company LLC reissued a buy rating and set a $81.00 price objective on shares of Arcellx in a research report on Friday, August 9th. Stifel Nicolaus raised their price objective on shares of Arcellx from $82.00 to $83.00 and gave the company a buy rating in a research report on Wednesday, May 15th. Truist Financial reissued a buy rating and issued a $87.00 price target on shares of Arcellx in a report on Tuesday, June 18th. HC Wainwright dropped their price objective on shares of Arcellx from $82.00 to $80.00 and set a buy rating for the company in a report on Monday, May 13th. Finally, Evercore ISI initiated coverage on shares of Arcellx in a report on Tuesday, May 14th. They issued an outperform rating and a $85.00 target price for the company. Fourteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Arcellx presently has a consensus rating of Buy and an average target price of $78.00.

Arcellx Price Performance

Shares of Arcellx stock opened at $70.37 on Tuesday. The company has a 50 day simple moving average of $61.63 and a two-hundred day simple moving average of $59.72. The firm has a market cap of $3.77 billion, a PE ratio of -68.32 and a beta of 0.23. Arcellx has a 1 year low of $30.88 and a 1 year high of $75.10.

Arcellx (NASDAQ:ACLX) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.51) earnings per share for the quarter, beating the consensus estimate of ($0.52) by $0.01. The firm had revenue of $27.38 million during the quarter, compared to the consensus estimate of $22.04 million. Arcellx had a negative return on equity of 12.42% and a negative net margin of 37.23%. The business’s revenue was up 91.5% compared to the same quarter last year. As a group, research analysts anticipate that Arcellx will post -1.64 earnings per share for the current year.

Insider Activity at Arcellx

In other news, insider Christopher Heery sold 20,000 shares of Arcellx stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $55.13, for a total transaction of $1,102,600.00. Following the completion of the sale, the insider now owns 9,278 shares of the company’s stock, valued at $511,496.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Christopher Heery sold 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $55.13, for a total value of $1,102,600.00. Following the completion of the transaction, the insider now owns 9,278 shares of the company’s stock, valued at $511,496.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kavita Patel sold 1,500 shares of the business’s stock in a transaction on Tuesday, July 30th. The stock was sold at an average price of $61.97, for a total value of $92,955.00. The disclosure for this sale can be found here. Insiders sold a total of 129,584 shares of company stock worth $7,936,834 in the last quarter. 6.24% of the stock is owned by company insiders.

Institutional Investors Weigh In On Arcellx

Several institutional investors have recently added to or reduced their stakes in ACLX. Principal Financial Group Inc. raised its position in shares of Arcellx by 246.3% in the 1st quarter. Principal Financial Group Inc. now owns 36,835 shares of the company’s stock valued at $2,562,000 after purchasing an additional 26,197 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Arcellx by 6.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,344,553 shares of the company’s stock worth $93,514,000 after buying an additional 84,373 shares during the period. Seven Eight Capital LP purchased a new stake in shares of Arcellx during the first quarter valued at $1,207,000. Bamco Inc. NY increased its position in shares of Arcellx by 292.1% in the 1st quarter. Bamco Inc. NY now owns 248,993 shares of the company’s stock valued at $17,317,000 after acquiring an additional 185,493 shares during the period. Finally, Advisory Alpha LLC purchased a new position in Arcellx in the 1st quarter worth $209,000. Institutional investors and hedge funds 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).