Arcellx (NASDAQ:ACLX) Given New $106.00 Price Target at Robert W. Baird

Arcellx (NASDAQ:ACLX) had its target price increased by Robert W. Baird from $77.00 to $106.00 in a research report report published on Wednesday morning,Benzinga reports. The firm currently has an outperform rating on the stock.

A number of other analysts have also commented on ACLX. Redburn Atlantic started coverage on shares of Arcellx in a research note on Tuesday, October 8th. They issued a “buy” rating and a $109.00 price target for the company. Needham & Company LLC restated a “buy” rating and issued a $96.00 price target on shares of Arcellx in a research note on Thursday, October 31st. Bank of America upped their price objective on Arcellx from $84.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday. Canaccord Genuity Group increased their target price on Arcellx from $85.00 to $115.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Finally, Morgan Stanley boosted their price target on Arcellx from $81.00 to $106.00 and gave the company an “overweight” rating in a research note on Wednesday. Thirteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $99.31.

Arcellx Stock Up 3.9 %

Shares of NASDAQ ACLX opened at $103.06 on Wednesday. The company has a 50 day moving average of $83.01 and a 200 day moving average of $65.94. Arcellx has a twelve month low of $43.50 and a twelve month high of $106.24. The firm has a market cap of $5.54 billion, a P/E ratio of -99.10 and a beta of 0.27.

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

Insider Activity

In other news, Director Kavita Patel sold 1,500 shares of the business’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $74.41, for a total value of $111,615.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, Director Kavita Patel sold 1,500 shares of Arcellx stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $74.41, for a total transaction of $111,615.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Christopher Heery sold 21,684 shares of the business’s stock in a transaction on Monday, August 26th. The stock was 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 directly owns 9,278 shares in the company, valued at $659,851.36. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 70,556 shares of company stock worth $5,033,845 in the last three months. Company insiders own 6.24% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Arcellx by 21.7% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,944 shares of the company’s stock worth $161,000 after purchasing an additional 347 shares during the last quarter. Quest Partners LLC purchased a new position in Arcellx during the 2nd quarter valued at approximately $27,000. National Bank of Canada FI increased its stake in Arcellx by 50.0% in the 2nd quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock worth $80,000 after acquiring an additional 500 shares during the last quarter. High Net Worth Advisory Group LLC raised its holdings in shares of Arcellx by 6.3% during the 3rd quarter. High Net Worth Advisory Group LLC now owns 8,500 shares of the company’s stock worth $710,000 after acquiring an additional 500 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its position in shares of Arcellx by 1.4% during the 2nd quarter. Principal Financial Group Inc. now owns 37,352 shares of the company’s stock valued at $2,061,000 after acquiring an additional 517 shares during the last quarter. 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).