Truist Financial Reaffirms “Buy” Rating for Arcellx (NASDAQ:ACLX)

Truist Financial restated their buy rating on shares of Arcellx (NASDAQ:ACLX) in a research report report published on Tuesday morning, Benzinga reports. The brokerage currently has a $87.00 price target on the stock.

Several other research firms also recently issued reports on ACLX. Scotiabank reiterated an outperform rating and set a $82.00 price target on shares of Arcellx in a research note on Thursday, April 4th. Piper Sandler initiated coverage on Arcellx in a research note on Friday, May 31st. They set an overweight rating and a $70.00 price target for the company. Barclays increased their target price on Arcellx from $62.00 to $73.00 and gave the company an overweight rating in a research note on Thursday, February 29th. Needham & Company LLC restated a buy rating and set a $81.00 target price on shares of Arcellx in a research note on Tuesday, May 7th. Finally, Robert W. Baird increased their target price on Arcellx from $63.00 to $77.00 and gave the company an outperform rating in a research note on Thursday, February 29th. Thirteen equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of Buy and an average price target of $78.00.

Arcellx Stock Performance

ACLX opened at $53.81 on Tuesday. The company has a market cap of $2.88 billion, a PE ratio of -52.24 and a beta of 0.23. The stock has a 50-day moving average of $53.06 and a 200-day moving average of $58.29. Arcellx has a 52-week low of $30.74 and a 52-week high of $75.10.

Arcellx (NASDAQ:ACLX) last released its quarterly earnings results 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. The company had revenue of $39.26 million during the quarter, compared to the consensus estimate of $20.67 million. Arcellx had a negative return on equity of 13.11% and a negative net margin of 38.39%. The firm’s revenue was up 119.2% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.58) EPS. On average, research analysts predict that Arcellx will post -1.7 earnings per share for the current year.

Insider Transactions at Arcellx

In related news, insider Christopher Heery sold 5,450 shares of the company’s stock in a transaction dated Tuesday, March 26th. The shares were sold at an average price of $69.11, for a total value of $376,649.50. Following the sale, the insider now owns 8,938 shares of the company’s stock, valued at $617,705.18. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, insider Christopher Heery sold 5,450 shares of the business’s stock in a transaction on Tuesday, March 26th. The stock was sold at an average price of $69.11, for a total value of $376,649.50. Following the sale, the insider now owns 8,938 shares of the company’s stock, valued at approximately $617,705.18. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Michelle Gilson sold 12,121 shares of the stock in a transaction on Friday, May 24th. The stock was sold at an average price of $50.71, for a total value of $614,655.91. Following the transaction, the chief financial officer now owns 19,792 shares of the company’s stock, valued at $1,003,652.32. The disclosure for this sale can be found here. In the last three months, insiders sold 633,855 shares of company stock valued at $43,576,340. Company insiders own 6.24% of the company’s stock.

Hedge Funds Weigh In On Arcellx

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Amalgamated Bank increased its holdings in shares of Arcellx by 5.6% during the third quarter. Amalgamated Bank now owns 5,772 shares of the company’s stock worth $207,000 after buying an additional 308 shares in the last quarter. Swiss National Bank raised its position in Arcellx by 21.5% in the 3rd quarter. Swiss National Bank now owns 63,300 shares of the company’s stock valued at $2,271,000 after purchasing an additional 11,200 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Arcellx by 8.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 260,456 shares of the company’s stock worth $9,345,000 after purchasing an additional 19,518 shares in the last quarter. Citigroup Inc. grew its holdings in shares of Arcellx by 8.9% during the third quarter. Citigroup Inc. now owns 69,016 shares of the company’s stock worth $2,476,000 after purchasing an additional 5,618 shares during the last quarter. Finally, Rhumbline Advisers increased its stake in shares of Arcellx by 1.8% in the third quarter. Rhumbline Advisers now owns 51,352 shares of the company’s stock valued at $1,842,000 after buying an additional 923 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).