Arcellx’s (ACLX) Buy Rating Reiterated at HC Wainwright

HC Wainwright reiterated their buy rating on shares of Arcellx (NASDAQ:ACLX) in a research note released on Tuesday morning,Benzinga reports. HC Wainwright currently has a $115.00 price objective on the stock.

A number of other research analysts also recently issued reports on ACLX. Stifel Nicolaus lifted their price target on shares of Arcellx from $83.00 to $122.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. Canaccord Genuity Group boosted 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. Piper Sandler raised their price target on Arcellx from $91.00 to $115.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Robert W. Baird upped their price objective on Arcellx from $77.00 to $106.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 6th. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Arcellx in a research report on Monday, September 9th. Thirteen analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, Arcellx currently has a consensus rating of “Buy” and a consensus target price of $105.93.

Arcellx Stock Performance

NASDAQ:ACLX opened at $83.42 on Tuesday. The stock has a market capitalization of $4.51 billion, a P/E ratio of -117.49 and a beta of 0.25. Arcellx has a fifty-two week low of $47.88 and a fifty-two week high of $107.37. The company has a 50 day moving average price of $88.82 and a 200 day moving average price of $72.20.

Arcellx (NASDAQ:ACLX) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.48) EPS for the quarter, beating the consensus estimate of ($0.54) by $0.06. The business had revenue of $26.03 million during the quarter, compared to analyst estimates of $35.21 million. Arcellx had a negative net margin of 25.94% and a negative return on equity of 8.28%. Research analysts forecast that Arcellx will post -1.49 earnings per share for the current fiscal year.

Insider Buying and Selling at Arcellx

In other news, Director Kavita Patel sold 1,500 shares of the company’s stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $89.69, for a total transaction of $134,535.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 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 transaction of $1,165,950.00. Following the completion of the sale, the chief financial officer now owns 6,915 shares of the company’s stock, valued at $537,502.95. This trade represents a 68.45 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 67,001 shares of company stock worth $6,568,393. 6.24% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Arcellx

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Geode Capital Management LLC increased its stake in Arcellx by 4.3% in the 3rd quarter. Geode Capital Management LLC now owns 974,967 shares of the company’s stock valued at $81,434,000 after purchasing an additional 39,781 shares in the last quarter. Wellington Management Group LLP increased its position in shares of Arcellx by 15.2% in the third quarter. Wellington Management Group LLP now owns 20,968 shares of the company’s stock valued at $1,751,000 after buying an additional 2,768 shares in the last quarter. Quarry LP acquired a new position in shares of Arcellx during the 3rd quarter worth $125,000. RA Capital Management L.P. boosted its position in shares of Arcellx by 15.4% in the 3rd quarter. RA Capital Management L.P. now owns 1,851,479 shares of the company’s stock worth $154,617,000 after buying an additional 247,465 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. increased its holdings in Arcellx by 67.2% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 79,936 shares of the company’s stock valued at $6,675,000 after acquiring an additional 32,119 shares in the last quarter. 96.03% of the stock is currently owned by institutional investors and hedge funds.

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).