Arcellx (NASDAQ:ACLX) PT Raised to $115.00 at Canaccord Genuity Group

Arcellx (NASDAQ:ACLX) had its price target boosted by equities researchers at Canaccord Genuity Group from $85.00 to $115.00 in a report released on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target points to a potential upside of 18.73% from the company’s current price.

Other research analysts have also recently issued research reports about the company. Cantor Fitzgerald reissued an “overweight” rating on shares of Arcellx in a research note on Monday, September 9th. Redburn Atlantic assumed coverage on Arcellx in a research report on Tuesday, October 8th. They set 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 objective on shares of Arcellx in a report on Friday, August 9th. Thirteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $88.50.

Arcellx Trading Up 1.7 %

NASDAQ:ACLX opened at $96.86 on Thursday. The company has a market cap of $5.18 billion, a price-to-earnings ratio of -94.04 and a beta of 0.25. Arcellx has a twelve month low of $30.88 and a twelve month high of $97.54. The stock has a fifty day simple moving average of $76.12 and a 200-day simple moving average of $62.72.

Arcellx (NASDAQ:ACLX) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.51) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.52) by $0.01. The company had revenue of $27.38 million during the quarter, compared to analyst estimates of $22.04 million. Arcellx had a negative net margin of 37.23% and a negative return on equity of 12.42%. The business’s revenue was up 91.5% compared to the same quarter last year. As a group, equities research analysts predict that Arcellx will post -1.65 EPS for the current fiscal year.

Insider Transactions at Arcellx

In related news, CFO Michelle Gilson sold 15,000 shares of the business’s stock in a transaction that occurred on 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 transaction, the chief financial officer now owns 6,915 shares in the company, valued at $537,502.95. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, Director Kavita Patel sold 1,500 shares of the firm’s stock in a transaction on Tuesday, July 30th. The stock was sold at an average price of $61.97, for a total value of $92,955.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Michelle Gilson sold 15,000 shares of the business’s stock in a transaction on Tuesday, September 17th. The stock was 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 in the company, valued at approximately $537,502.95. This trade represents 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 valued at $4,992,265 in the last 90 days. Insiders own 6.24% of the company’s stock.

Institutional Investors Weigh In On Arcellx

Several institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in shares of Arcellx by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 2,061,819 shares of the company’s stock valued at $114,431,000 after purchasing an additional 23,262 shares during the last quarter. High Net Worth Advisory Group LLC lifted its stake in shares of Arcellx by 14.3% during the first quarter. High Net Worth Advisory Group LLC now owns 8,000 shares of the company’s stock worth $556,000 after buying an additional 1,000 shares during the period. Allspring Global Investments Holdings LLC purchased a new stake in shares of Arcellx during the first quarter valued at $804,000. Principal Financial Group Inc. increased its position in shares of Arcellx by 246.3% in the 1st quarter. Principal Financial Group Inc. now owns 36,835 shares of the company’s stock valued at $2,562,000 after acquiring an additional 26,197 shares during the period. Finally, Advisory Alpha LLC purchased a new position in Arcellx in the 1st quarter worth $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).