Arcellx (NASDAQ:ACLX) Receives “Buy” Rating from Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Arcellx (NASDAQ:ACLX) in a research report sent to investors on Thursday morning, Benzinga reports. They currently have a $96.00 target price on the stock.

Several other analysts have also commented on the company. Stifel Nicolaus boosted their price objective on Arcellx from $83.00 to $122.00 and gave the company a “buy” rating in a research report on Friday, October 18th. Canaccord Genuity Group lifted their price target on shares of Arcellx from $85.00 to $115.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. Redburn Atlantic initiated coverage on shares of Arcellx in a research report on Tuesday, October 8th. They set a “buy” rating and a $109.00 price objective for the company. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Arcellx in a research report on Monday, September 9th. Twelve investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Buy” and an average price target of $89.75.

Arcellx Stock Performance

ACLX stock opened at $86.17 on Thursday. Arcellx has a one year low of $35.01 and a one year high of $97.54. The firm’s fifty day moving average is $80.61 and its 200 day moving average is $64.54. The firm has a market cap of $4.63 billion, a PE ratio of -82.86 and a beta of 0.25.

Arcellx (NASDAQ:ACLX) last posted its earnings results on Thursday, August 8th. The company reported ($0.51) earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $27.38 million for the quarter, compared to analyst estimates of $22.04 million. The firm’s revenue was up 91.5% on a year-over-year basis. Research analysts predict that Arcellx will post -1.65 earnings per share for the current fiscal year.

Insider Buying and Selling at Arcellx

In other news, insider Christopher Heery sold 27,451 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $67.03, for a total transaction of $1,840,040.53. Following the transaction, the insider now directly owns 9,278 shares in the company, valued at $621,904.34. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Arcellx news, insider Christopher Heery sold 27,451 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $67.03, for a total value of $1,840,040.53. Following the completion of the sale, the insider now directly owns 9,278 shares of the company’s stock, valued at $621,904.34. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kavita Patel sold 1,500 shares of the business’s stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $89.69, for a total transaction of $134,535.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 70,556 shares of company stock worth $5,033,845. Insiders own 6.24% of the company’s stock.

Institutional Trading of Arcellx

Several hedge funds have recently made changes to their positions in the company. Covestor Ltd lifted its holdings in Arcellx by 53,766.7% in the third quarter. Covestor Ltd now owns 1,616 shares of the company’s stock valued at $135,000 after acquiring an additional 1,613 shares during the last quarter. Harbor Capital Advisors Inc. raised its position in Arcellx by 37.0% in the third quarter. Harbor Capital Advisors Inc. now owns 27,896 shares of the company’s stock valued at $2,330,000 after purchasing an additional 7,534 shares during the period. US Bancorp DE lifted its stake in shares of Arcellx by 60.0% in the 3rd quarter. US Bancorp DE now owns 7,603 shares of the company’s stock valued at $635,000 after purchasing an additional 2,851 shares during the last quarter. China Universal Asset Management Co. Ltd. grew its holdings in shares of Arcellx by 64.5% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 10,339 shares of the company’s stock worth $863,000 after purchasing an additional 4,052 shares during the period. Finally, abrdn plc acquired a new stake in shares of Arcellx during the 3rd quarter worth about $4,242,000. Hedge funds and other 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).