Arcellx (NASDAQ:ACLX) PT Raised to $122.00

Arcellx (NASDAQ:ACLX) had its price objective hoisted by analysts at Stifel Nicolaus from $83.00 to $122.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Stifel Nicolaus’ price objective suggests a potential upside of 28.46% from the stock’s current price.

A number of other research analysts also recently weighed in on ACLX. Canaccord Genuity Group upped their target price on Arcellx from $85.00 to $115.00 and gave the stock a “buy” rating in a report on Thursday. Cantor Fitzgerald reiterated an “overweight” rating on shares of Arcellx in a report on Monday, September 9th. Redburn Atlantic started coverage on Arcellx in a research note on Tuesday, October 8th. They issued a “buy” rating and a $109.00 price target on the stock. Finally, Needham & Company LLC restated a “buy” rating and issued a $81.00 price target on shares of Arcellx in a research note on Friday, August 9th. Thirteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $88.50.

Arcellx Price Performance

ACLX traded down $0.30 during midday trading on Friday, reaching $94.97. 46,363 shares of the company’s stock traded hands, compared to its average volume of 461,286. The firm has a fifty day moving average of $75.36 and a two-hundred day moving average of $62.51. The stock has a market capitalization of $5.08 billion, a price-to-earnings ratio of -92.11 and a beta of 0.25. Arcellx has a 52 week low of $30.88 and a 52 week high of $96.30.

Arcellx (NASDAQ:ACLX) last released its quarterly 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. The business had revenue of $27.38 million during the quarter, compared to analyst estimates 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. Sell-side analysts forecast that Arcellx will post -1.65 EPS for the current year.

Insider Buying and Selling

In other news, Director Kavita Patel sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, July 30th. The stock was sold at an average price of $61.97, for a total transaction of $92,955.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Kavita Patel sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, July 30th. The stock was sold at an average price of $61.97, for a total transaction of $92,955.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Michelle Gilson sold 15,000 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $77.73, for a total value of $1,165,950.00. Following the transaction, the chief financial officer now owns 6,915 shares of the company’s stock, valued at approximately $537,502.95. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 70,556 shares of company stock valued at $4,992,265. 6.24% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Quest Partners LLC purchased a new position in Arcellx in the second quarter worth about $27,000. Plato Investment Management Ltd purchased a new position in Arcellx in the first quarter worth about $51,000. Decheng Capital LLC purchased a new position in Arcellx in the second quarter worth about $65,000. National Bank of Canada FI grew 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 acquiring an additional 500 shares in the last quarter. Finally, Advisory Alpha LLC bought a new stake in Arcellx in the first quarter worth about $209,000. Hedge funds and other institutional investors own 96.03% of the company’s stock.

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).