Stifel Nicolaus Increases Arcellx (NASDAQ:ACLX) Price Target to $122.00

Arcellx (NASDAQ:ACLX) had its target price upped by equities researchers at Stifel Nicolaus from $83.00 to $122.00 in a research report issued to clients and investors on Friday, Marketbeat Ratings reports. The brokerage currently has a “buy” rating on the stock. Stifel Nicolaus’ target price suggests a potential upside of 25.95% from the stock’s previous close.

A number of other equities research analysts have also recently issued reports on ACLX. Canaccord Genuity Group upped their price objective on shares of Arcellx from $85.00 to $115.00 and gave the stock a “buy” rating in a report on Thursday. Redburn Atlantic assumed coverage on Arcellx in a research report on Tuesday, October 8th. They set a “buy” rating and a $109.00 price objective on the stock. Cantor Fitzgerald reiterated an “overweight” rating on shares of Arcellx in a research note on Monday, September 9th. Finally, Needham & Company LLC restated a “buy” rating and issued a $81.00 price target on shares of Arcellx in a research report on Friday, August 9th. Thirteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $88.50.

Arcellx Trading Up 1.7 %

Shares of ACLX opened at $96.86 on Friday. Arcellx has a 1-year low of $30.88 and a 1-year high of $97.54. The business’s 50-day moving average price is $76.12 and its 200 day moving average price is $62.71. The stock has a market capitalization of $5.18 billion, a P/E ratio of -94.04 and a beta of 0.25.

Arcellx (NASDAQ:ACLX) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.51) 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 firm had revenue of $27.38 million for the quarter, compared to the consensus estimate of $22.04 million. Arcellx’s revenue was up 91.5% compared to the same quarter last year. On average, research analysts predict that Arcellx will post -1.65 earnings per share for the current year.

Insider Buying and Selling at Arcellx

In other Arcellx news, Director Kavita Patel sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, July 30th. The stock was sold at an average price of $61.97, for a total transaction of $92,955.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, Director Kavita Patel sold 1,500 shares of Arcellx stock in a transaction dated Tuesday, July 30th. The stock was sold at an average price of $61.97, for a total transaction of $92,955.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Christopher Heery sold 21,684 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $71.12, for a total transaction of $1,542,166.08. Following the completion of the transaction, the insider now owns 9,278 shares of the company’s stock, valued at $659,851.36. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 70,556 shares of company stock worth $4,992,265. Insiders own 6.24% of the company’s stock.

Institutional Investors Weigh In On Arcellx

Institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in 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 buying an additional 23,262 shares during the last quarter. High Net Worth Advisory Group LLC grew its stake in Arcellx by 14.3% in the first quarter. High Net Worth Advisory Group LLC now owns 8,000 shares of the company’s stock valued at $556,000 after purchasing an additional 1,000 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new position in shares of Arcellx during the 1st quarter worth approximately $804,000. Principal Financial Group Inc. raised its stake in shares of Arcellx by 246.3% during the 1st quarter. Principal Financial Group Inc. now owns 36,835 shares of the company’s stock worth $2,562,000 after purchasing an additional 26,197 shares in the last quarter. Finally, Advisory Alpha LLC bought a new position in shares of Arcellx in the first quarter valued at $209,000. Institutional investors own 96.03% of the company’s stock.

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).