Arcellx (NASDAQ:ACLX) Research Coverage Started at Redburn Atlantic

Redburn Atlantic initiated coverage on shares of Arcellx (NASDAQ:ACLX) in a research report sent to investors on Tuesday, MarketBeat Ratings reports. The firm issued a buy rating and a $109.00 price objective on the stock.

Several other brokerages have also weighed in on ACLX. Cantor Fitzgerald reiterated an overweight rating on shares of Arcellx in a research report on Monday, September 9th. Truist Financial reaffirmed a buy rating and set a $87.00 price objective on shares of Arcellx in a report on Tuesday, June 18th. Canaccord Genuity Group reissued a buy rating and issued a $85.00 target price on shares of Arcellx in a report on Monday, July 22nd. Finally, Needham & Company LLC reaffirmed a buy rating and issued a $81.00 price target on shares of Arcellx in a research note on Friday, August 9th. Fifteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of Buy and an average target price of $80.38.

Arcellx Stock Down 0.0 %

Arcellx stock opened at $82.90 on Tuesday. The business has a 50 day moving average price of $71.57 and a two-hundred day moving average price of $61.80. Arcellx has a 12 month low of $30.88 and a 12 month high of $88.66. The stock has a market cap of $4.44 billion, a price-to-earnings ratio of -80.49 and a beta of 0.25.

Arcellx (NASDAQ:ACLX) last issued its earnings results on Thursday, August 8th. The company reported ($0.51) EPS for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $22.04 million. The firm’s revenue was up 91.5% compared to the same quarter last year. On average, analysts expect that Arcellx will post -1.65 earnings per share for the current fiscal year.

Insider Transactions at Arcellx

In related news, insider Christopher Heery sold 10,901 shares of Arcellx stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $65.30, for a total value of $711,835.30. Following the completion of the transaction, the insider now directly owns 9,278 shares of the company’s stock, valued at $605,853.40. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Arcellx news, Director Kavita Patel sold 1,500 shares of the company’s stock in a transaction on Tuesday, July 30th. The stock was sold at an average price of $61.97, for a total transaction of $92,955.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Christopher Heery sold 10,901 shares of Arcellx stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $65.30, for a total value of $711,835.30. Following the completion of the sale, the insider now directly owns 9,278 shares of the company’s stock, valued at $605,853.40. This trade 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 81,457 shares of company stock worth $5,704,100. Insiders own 6.24% of the company’s stock.

Hedge Funds Weigh In On Arcellx

Several large investors have recently made changes to their positions in the company. Quest Partners LLC bought a new stake in Arcellx during the 2nd quarter worth about $27,000. Plato Investment Management Ltd acquired a new stake in shares of Arcellx during the 1st quarter worth approximately $51,000. Decheng Capital LLC bought a new stake in shares of Arcellx during the second quarter worth approximately $65,000. National Bank of Canada FI lifted its holdings in Arcellx by 50.0% in the second quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock valued at $80,000 after buying an additional 500 shares during the period. Finally, Public Employees Retirement Association of Colorado bought a new position in Arcellx in the second quarter valued at approximately $178,000. 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).