Arcellx (NASDAQ:ACLX) Given New $106.00 Price Target at Morgan Stanley

Arcellx (NASDAQ:ACLX) had its price target increased by Morgan Stanley from $81.00 to $106.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Morgan Stanley’s price objective would suggest a potential upside of 6.90% from the company’s current price.

A number of other equities analysts have also recently commented on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Arcellx in a report on Monday, September 9th. Needham & Company LLC restated a “buy” rating and issued a $96.00 price objective on shares of Arcellx in a research note on Thursday, October 31st. Stifel Nicolaus increased their target price on shares of Arcellx from $83.00 to $122.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. Canaccord Genuity Group raised their price target on Arcellx from $85.00 to $115.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Finally, Redburn Atlantic initiated coverage on Arcellx in a research note on Tuesday, October 8th. They set a “buy” rating and a $109.00 price objective for the company. Thirteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Arcellx presently has an average rating of “Buy” and an average target price of $95.85.

Arcellx Stock Performance

Arcellx stock opened at $99.16 on Wednesday. The company has a market capitalization of $5.33 billion, a P/E ratio of -95.35 and a beta of 0.27. Arcellx has a fifty-two week low of $43.50 and a fifty-two week high of $99.48. The stock has a 50-day simple moving average of $82.32 and a 200-day simple moving average of $65.58.

Arcellx (NASDAQ:ACLX) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.51) EPS for the quarter, topping the consensus estimate of ($0.52) by $0.01. The company had revenue of $27.38 million for the quarter, compared to analyst estimates of $22.04 million. Arcellx had a negative return on equity of 12.42% and a negative net margin of 37.23%. The company’s revenue for the quarter was up 91.5% on a year-over-year basis. As a group, analysts forecast that Arcellx will post -1.65 earnings per share for the current year.

Insider Transactions at Arcellx

In related news, insider Christopher Heery sold 27,451 shares of the company’s stock in a transaction 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 owns 9,278 shares of the company’s stock, valued at $621,904.34. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Arcellx news, CFO Michelle Gilson sold 15,000 shares of the stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $77.73, for a total value of $1,165,950.00. Following the completion of the transaction, the chief financial officer now directly owns 6,915 shares of the company’s stock, valued at approximately $537,502.95. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Christopher Heery sold 27,451 shares of Arcellx stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $67.03, for a total transaction of $1,840,040.53. Following the sale, the insider now owns 9,278 shares of the company’s stock, valued at approximately $621,904.34. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 70,556 shares of company stock valued at $5,033,845. Corporate insiders own 6.24% of the company’s stock.

Institutional Investors Weigh In On Arcellx

A number of institutional investors and hedge funds have recently modified their holdings of the company. First Turn Management LLC purchased a new stake in Arcellx during the third quarter worth $17,896,000. Great Point Partners LLC increased its position in shares of Arcellx by 64.0% in the second quarter. Great Point Partners LLC now owns 492,000 shares of the company’s stock valued at $27,153,000 after buying an additional 192,000 shares in the last quarter. Bamco Inc. NY raised its stake in shares of Arcellx by 292.1% during the 1st quarter. Bamco Inc. NY now owns 248,993 shares of the company’s stock worth $17,317,000 after buying an additional 185,493 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Arcellx by 8.1% in the 1st quarter. Vanguard Group Inc. now owns 2,228,856 shares of the company’s stock worth $155,017,000 after buying an additional 167,037 shares in the last quarter. Finally, Affinity Asset Advisors LLC grew its stake in Arcellx by 53.3% in the 2nd quarter. Affinity Asset Advisors LLC now owns 460,000 shares of the company’s stock valued at $25,387,000 after acquiring an additional 160,000 shares during the last quarter. Institutional investors and hedge funds 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).