Morgan Stanley Issues Positive Forecast for Arcellx (NASDAQ:ACLX) Stock Price

Arcellx (NASDAQ:ACLX) had its price target hoisted by Morgan Stanley from $81.00 to $106.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other analysts have also issued reports on ACLX. Needham & Company LLC restated a “buy” rating and issued a $96.00 price objective on shares of Arcellx in a research note on Thursday, October 31st. Redburn Atlantic began 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. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Arcellx in a research report on Monday, September 9th. Stifel Nicolaus lifted their price objective on shares of Arcellx from $83.00 to $122.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. Finally, Canaccord Genuity Group raised their target price on shares of Arcellx from $85.00 to $115.00 and gave the stock a “buy” rating in a research note on Thursday, October 17th. Thirteen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Arcellx presently has an average rating of “Buy” and a consensus price target of $95.85.

Arcellx Trading Up 6.7 %

NASDAQ ACLX opened at $92.98 on Wednesday. The firm’s fifty day moving average price is $81.69 and its two-hundred day moving average price is $65.35. Arcellx has a 1 year low of $43.50 and a 1 year high of $97.54. The firm has a market capitalization of $5.00 billion, a P/E ratio of -89.40 and a beta of 0.27.

Arcellx (NASDAQ:ACLX) last issued its earnings results on Thursday, August 8th. The company reported ($0.51) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 company had revenue of $27.38 million for the quarter, compared to analysts’ expectations of $22.04 million. The firm’s revenue was up 91.5% on a year-over-year basis. On average, research analysts anticipate that Arcellx will post -1.65 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Christopher Heery sold 27,451 shares of Arcellx stock in a transaction that occurred 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 completion of the sale, the insider now directly owns 9,278 shares in the company, valued at approximately $621,904.34. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Arcellx news, CFO Michelle Gilson sold 15,000 shares of the stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $77.73, for a total transaction of $1,165,950.00. Following the sale, the chief financial officer now directly owns 6,915 shares in the company, valued at $537,502.95. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Christopher Heery sold 27,451 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $67.03, for a total transaction of $1,840,040.53. Following the completion of the transaction, the insider now owns 9,278 shares of the company’s stock, valued at $621,904.34. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 70,556 shares of company stock worth $5,033,845 in the last quarter. Corporate insiders own 6.24% of the company’s stock.

Institutional Trading of Arcellx

Several large investors have recently made changes to their positions in ACLX. Price T Rowe Associates Inc. MD raised its position in Arcellx by 6.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,344,553 shares of the company’s stock valued at $93,514,000 after purchasing an additional 84,373 shares in the last quarter. Seven Eight Capital LP acquired a new position in shares of Arcellx during the 1st quarter worth $1,207,000. Bamco Inc. NY lifted its position in shares of Arcellx by 292.1% during the 1st quarter. Bamco Inc. NY now owns 248,993 shares of the company’s stock worth $17,317,000 after buying an additional 185,493 shares during the last quarter. Harbor Capital Advisors Inc. boosted its stake in Arcellx by 37.0% in the third quarter. Harbor Capital Advisors Inc. now owns 27,896 shares of the company’s stock valued at $2,330,000 after buying an additional 7,534 shares in the last quarter. Finally, Advisory Alpha LLC acquired a new stake in Arcellx in the first quarter valued at about $209,000. 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).