Arcellx (NASDAQ:ACLX) Earns Overweight Rating from Analysts at Piper Sandler

Piper Sandler assumed coverage on shares of Arcellx (NASDAQ:ACLX) in a report issued on Friday, Marketbeat reports. The firm issued an overweight rating and a $70.00 price target on the stock.

A number of other equities research analysts have also weighed in on ACLX. Robert W. Baird lifted their price objective on Arcellx from $63.00 to $77.00 and gave the company an outperform rating in a report on Thursday, February 29th. Scotiabank reaffirmed an outperform rating and issued a $82.00 price objective on shares of Arcellx in a report on Thursday, April 4th. Barclays lifted their price target on shares of Arcellx from $62.00 to $73.00 and gave the company an overweight rating in a research report on Thursday, February 29th. Canaccord Genuity Group lifted their price target on shares of Arcellx from $66.00 to $85.00 and gave the company a buy rating in a research report on Thursday, February 29th. Finally, Needham & Company LLC reiterated a buy rating and set a $81.00 price target on shares of Arcellx in a research report on Tuesday, May 7th. Thirteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of Buy and a consensus price target of $78.00.

Arcellx Price Performance

Arcellx stock opened at $53.64 on Friday. Arcellx has a 1-year low of $30.74 and a 1-year high of $75.10. The stock has a market cap of $2.87 billion, a PE ratio of -52.08 and a beta of 0.23. The stock’s fifty day moving average is $55.70 and its two-hundred day moving average is $58.25.

Arcellx (NASDAQ:ACLX) last issued its quarterly earnings data on Thursday, May 9th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.51) by $0.37. Arcellx had a negative return on equity of 13.11% and a negative net margin of 38.39%. The company had revenue of $39.26 million for the quarter, compared to analyst estimates of $20.67 million. During the same quarter last year, the company posted ($0.58) earnings per share. The business’s quarterly revenue was up 119.2% compared to the same quarter last year. On average, research analysts expect that Arcellx will post -1.64 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Arcellx news, CFO Michelle Gilson sold 6,825 shares of the business’s stock in a transaction on Monday, March 18th. The stock was sold at an average price of $69.34, for a total value of $473,245.50. Following the completion of the transaction, the chief financial officer now directly owns 9,485 shares in the company, valued at approximately $657,689.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Christopher Heery sold 5,450 shares of the business’s stock in a transaction on Tuesday, March 26th. The shares were sold at an average price of $69.11, for a total transaction of $376,649.50. Following the completion of the sale, the insider now directly owns 8,938 shares of the company’s stock, valued at approximately $617,705.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Michelle Gilson sold 6,825 shares of the company’s stock in a transaction on Monday, March 18th. The stock was sold at an average price of $69.34, for a total transaction of $473,245.50. Following the sale, the chief financial officer now directly owns 9,485 shares of the company’s stock, valued at $657,689.90. The disclosure for this sale can be found here. Insiders sold 629,680 shares of company stock worth $43,580,586 in the last ninety days. Insiders own 6.24% of the company’s stock.

Institutional Trading of Arcellx

Several large investors have recently added to or reduced their stakes in ACLX. Plato Investment Management Ltd purchased a new position in Arcellx in the 1st quarter valued at about $51,000. Amalgamated Bank lifted its holdings in Arcellx by 5.6% in the third quarter. Amalgamated Bank now owns 5,772 shares of the company’s stock worth $207,000 after acquiring an additional 308 shares during the last quarter. Advisory Alpha LLC acquired a new stake in shares of Arcellx in the first quarter valued at approximately $209,000. Simplicity Wealth LLC acquired a new stake in shares of Arcellx in the first quarter valued at approximately $232,000. Finally, Bleakley Financial Group LLC acquired a new stake in shares of Arcellx in the first quarter valued at approximately $232,000. 96.03% of the stock is currently owned by institutional investors and hedge funds.

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).