HC Wainwright Forecasts Strong Price Appreciation for Arcellx (NASDAQ:ACLX) Stock

Arcellx (NASDAQ:ACLX) had its price target boosted by equities researchers at HC Wainwright from $80.00 to $95.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. HC Wainwright’s price objective would indicate a potential upside of 9.04% from the stock’s previous close.

ACLX has been the topic of several other reports. Redburn Atlantic initiated coverage on Arcellx in a research report on Tuesday, October 8th. They set a “buy” rating and a $109.00 price target on the stock. Morgan Stanley lifted their target price on shares of Arcellx from $81.00 to $106.00 and gave the stock an “overweight” rating in a research note on Wednesday. Canaccord Genuity Group increased their price target on shares of Arcellx from $85.00 to $115.00 and gave the company a “buy” rating in a research report on Thursday, October 17th. Bank of America boosted their price objective on shares of Arcellx from $84.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Needham & Company LLC reiterated a “buy” rating and set a $96.00 target price on shares of Arcellx in a report on Thursday, October 31st. Thirteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $95.85.

Arcellx Stock Performance

Shares of ACLX opened at $87.12 on Wednesday. Arcellx has a fifty-two week low of $43.50 and a fifty-two week high of $97.54. The firm has a market cap of $4.68 billion, a price-to-earnings ratio of -83.77 and a beta of 0.27. The firm has a 50 day moving average price of $81.21 and a 200-day moving average price of $65.15.

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

Insiders Place Their Bets

In related news, Director Kavita Patel sold 1,500 shares of the firm’s stock in a transaction that occurred 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Kavita Patel sold 1,500 shares of the firm’s stock in a transaction that occurred on 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Christopher Heery sold 27,451 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $67.03, for a total value 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 ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 70,556 shares of company stock worth $5,033,845. 6.24% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Arcellx

A number of hedge funds have recently bought and sold shares of ACLX. Quest Partners LLC bought a new stake in shares of Arcellx in the second quarter worth approximately $27,000. Plato Investment Management Ltd bought a new stake in shares of Arcellx in the first quarter worth $51,000. Decheng Capital LLC bought a new position in Arcellx in the second quarter valued at about $65,000. National Bank of Canada FI boosted its position in 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 purchasing an additional 500 shares during the last quarter. Finally, Covestor Ltd boosted its position in Arcellx by 53,766.7% in the third quarter. Covestor Ltd now owns 1,616 shares of the company’s stock worth $135,000 after purchasing an additional 1,613 shares during the last quarter. Hedge funds and other 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).