Arcellx (NASDAQ:ACLX) Receives Buy Rating from Needham & Company LLC

Arcellx (NASDAQ:ACLX)‘s stock had its “buy” rating reiterated by Needham & Company LLC in a report released on Thursday, Benzinga reports. They presently have a $96.00 price objective on the stock. Needham & Company LLC’s target price suggests a potential upside of 10.59% from the company’s current price.

A number of other research analysts have also weighed in on the stock. Stifel Nicolaus raised their price target on shares of Arcellx from $83.00 to $122.00 and gave the company a “buy” rating in a research report on Friday, October 18th. Cantor Fitzgerald reissued an “overweight” rating on shares of Arcellx in a research report on Monday, September 9th. Canaccord Genuity Group upped their target price on Arcellx from $85.00 to $115.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Finally, Redburn Atlantic assumed coverage on Arcellx in a report on Tuesday, October 8th. They set a “buy” rating and a $109.00 price target on the stock. Twelve equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $89.75.

Arcellx Stock Performance

ACLX stock opened at $86.81 on Thursday. The business has a 50-day simple moving average of $79.51 and a two-hundred day simple moving average of $64.04. The company has a market capitalization of $4.67 billion, a P/E ratio of -83.47 and a beta of 0.25. Arcellx has a 52-week low of $32.90 and a 52-week high of $97.54.

Arcellx (NASDAQ:ACLX) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.51) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.52) by $0.01. Arcellx had a negative return on equity of 12.42% and a negative net margin of 37.23%. The business had revenue of $27.38 million during the quarter, compared to the consensus estimate of $22.04 million. The business’s revenue for the quarter was up 91.5% compared to the same quarter last year. As a group, sell-side analysts forecast that Arcellx will post -1.65 earnings per share for the current fiscal year.

Insider Activity at Arcellx

In other Arcellx news, Director Kavita Patel sold 1,500 shares of the stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $74.41, for a total transaction of $111,615.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Arcellx news, Director Kavita Patel sold 1,500 shares of the stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $74.41, for a total transaction of $111,615.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Michelle Gilson sold 15,000 shares of the firm’s stock in a transaction on Tuesday, September 17th. The stock was 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 of the company’s stock, valued at $537,502.95. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 70,556 shares of company stock worth $5,033,845. Company insiders own 6.24% of the company’s stock.

Institutional Investors Weigh In On Arcellx

Several hedge funds and other institutional investors have recently modified their holdings of ACLX. Quest Partners LLC purchased a new position in Arcellx during the second quarter valued at approximately $27,000. Plato Investment Management Ltd purchased a new position in shares of Arcellx during the 1st quarter valued at $51,000. Decheng Capital LLC bought a new position in shares of Arcellx in the second quarter worth $65,000. National Bank of Canada FI raised its position in shares of Arcellx by 50.0% in the second quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock worth $80,000 after buying an additional 500 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in Arcellx by 21.7% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,944 shares of the company’s stock valued at $161,000 after buying an additional 347 shares during the period. 96.03% of the stock is currently owned by institutional investors.

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).