Brokerages Set Arcellx, Inc. (NASDAQ:ACLX) Target Price at $78.00

Shares of Arcellx, Inc. (NASDAQ:ACLX) have earned a consensus rating of “Buy” from the fourteen analysts that are covering the stock, MarketBeat reports. Thirteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average twelve-month price target among analysts that have covered the stock in the last year is $78.00.

Several equities analysts have commented on the stock. Robert W. Baird increased their price objective on shares of Arcellx from $63.00 to $77.00 and gave the company an “outperform” rating in a research report on Thursday, February 29th. Morgan Stanley started coverage on shares of Arcellx in a report on Thursday, March 7th. They issued an “overweight” rating and a $81.00 target price for the company. HC Wainwright lowered their target price on shares of Arcellx from $82.00 to $80.00 and set a “buy” rating for the company in a report on Monday, May 13th. Needham & Company LLC restated a “buy” rating and issued a $81.00 target price on shares of Arcellx in a report on Tuesday, May 7th. Finally, Stifel Nicolaus raised their target price on shares of Arcellx from $82.00 to $83.00 and gave the stock a “buy” rating in a report on Wednesday, May 15th.

Insider Activity at Arcellx

In related news, insider Christopher Heery sold 5,450 shares of Arcellx stock in a transaction dated Tuesday, March 26th. The shares were sold at an average price of $69.11, for a total transaction of $376,649.50. Following the completion of the sale, the insider now owns 8,938 shares in the company, valued at approximately $617,705.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Arcellx news, insider Rami Elghandour sold 23,086 shares of the firm’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $67.09, for a total transaction of $1,548,839.74. Following the transaction, the insider now owns 69,253 shares of the company’s stock, valued at approximately $4,646,183.77. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Christopher Heery sold 5,450 shares of the firm’s stock in a transaction dated Tuesday, March 26th. The shares were sold at an average price of $69.11, for a total transaction of $376,649.50. Following the transaction, the insider now directly owns 8,938 shares in the company, valued at approximately $617,705.18. The disclosure for this sale can be found here. Insiders sold 88,227 shares of company stock worth $5,097,590 in the last 90 days. 6.24% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Amalgamated Bank grew its position in shares of Arcellx by 5.6% in the 3rd quarter. Amalgamated Bank now owns 5,772 shares of the company’s stock worth $207,000 after buying an additional 308 shares during the last quarter. Alps Advisors Inc. grew its position in shares of Arcellx by 1.2% in the 3rd quarter. Alps Advisors Inc. now owns 35,710 shares of the company’s stock worth $1,281,000 after buying an additional 432 shares during the last quarter. High Net Worth Advisory Group LLC grew its position in shares of Arcellx by 7.7% in the 4th quarter. High Net Worth Advisory Group LLC now owns 7,000 shares of the company’s stock worth $388,000 after buying an additional 500 shares during the last quarter. Profund Advisors LLC grew its position in shares of Arcellx by 2.0% in the 3rd quarter. Profund Advisors LLC now owns 26,872 shares of the company’s stock worth $964,000 after buying an additional 527 shares during the last quarter. Finally, Plato Investment Management Ltd purchased a new position in shares of Arcellx in the 1st quarter worth approximately $51,000. Hedge funds and other institutional investors own 96.03% of the company’s stock.

Arcellx Stock Up 2.8 %

ACLX stock opened at $56.12 on Wednesday. Arcellx has a 52 week low of $30.74 and a 52 week high of $75.10. The company has a fifty day simple moving average of $52.80 and a two-hundred day simple moving average of $58.24. The firm has a market capitalization of $3.00 billion, a P/E ratio of -54.49 and a beta of 0.23.

Arcellx (NASDAQ:ACLX) last released its quarterly earnings data on Thursday, May 9th. The company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.51) by $0.37. Arcellx had a negative net margin of 38.39% and a negative return on equity of 13.11%. The business had revenue of $39.26 million during the quarter, compared to analyst estimates of $20.67 million. During the same quarter last year, the business earned ($0.58) earnings per share. Arcellx’s quarterly revenue was up 119.2% compared to the same quarter last year. As a group, analysts anticipate that Arcellx will post -1.7 EPS for the current year.

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).