Arcellx (NASDAQ:ACLX) Price Target Raised to $95.00

Arcellx (NASDAQ:ACLX) had its target price raised by HC Wainwright from $80.00 to $95.00 in a research report released on Wednesday,Benzinga reports. The firm currently has a buy rating on the stock. HC Wainwright also issued estimates for Arcellx’s Q3 2024 earnings at ($0.66) EPS, Q4 2024 earnings at ($0.57) EPS, FY2024 earnings at ($1.87) EPS, FY2025 earnings at ($3.11) EPS, FY2026 earnings at ($5.00) EPS, FY2027 earnings at ($2.79) EPS and FY2028 earnings at $0.59 EPS.

A number of other equities analysts have also commented on ACLX. Bank of America lifted their price target on shares of Arcellx from $84.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday. Morgan Stanley lifted their target price on shares of Arcellx from $81.00 to $106.00 and gave the stock an “overweight” rating in a report on Wednesday. Robert W. Baird upped their price target on shares of Arcellx from $77.00 to $106.00 and gave the company an “outperform” rating in a report on Wednesday. Redburn Atlantic began coverage on Arcellx in a research report on Tuesday, October 8th. They issued a “buy” rating and a $109.00 price target on the stock. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Arcellx in a research report on Monday, September 9th. Thirteen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $99.31.

Arcellx Price Performance

Shares of NASDAQ:ACLX opened at $103.06 on Wednesday. The stock has a market capitalization of $5.54 billion, a P/E ratio of -99.10 and a beta of 0.27. The business has a 50-day moving average of $83.01 and a two-hundred day moving average of $65.94. Arcellx has a fifty-two week low of $43.50 and a fifty-two week high of $106.24.

Arcellx (NASDAQ:ACLX) last posted its earnings results on Thursday, August 8th. The company reported ($0.51) earnings per share for the quarter, topping the consensus estimate of ($0.52) by $0.01. The firm had revenue of $27.38 million during 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 firm’s revenue for the quarter was up 91.5% on a year-over-year basis. As a group, research analysts expect that Arcellx will post -1.65 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Kavita Patel sold 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The stock was 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 can be accessed through this link. In other news, Director Kavita Patel sold 1,500 shares of Arcellx stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $74.41, for a total transaction of $111,615.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Michelle Gilson sold 15,000 shares of the company’s stock in a transaction dated 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 sale, the chief financial officer now directly owns 6,915 shares in the company, valued at approximately $537,502.95. The trade was a 0.00 % decrease in their position. 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. 6.24% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Arcellx

A number of hedge funds have recently modified their holdings of ACLX. First Turn Management LLC acquired a new stake in Arcellx in the 3rd quarter valued at $17,896,000. Great Point Partners LLC raised its stake in Arcellx by 64.0% during the second quarter. Great Point Partners LLC now owns 492,000 shares of the company’s stock worth $27,153,000 after acquiring an additional 192,000 shares in the last quarter. Bamco Inc. NY lifted its holdings in shares of Arcellx by 292.1% during the first quarter. Bamco Inc. NY now owns 248,993 shares of the company’s stock valued at $17,317,000 after acquiring an additional 185,493 shares during the period. Vanguard Group Inc. boosted its stake 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 valued at $155,017,000 after purchasing an additional 167,037 shares in the last quarter. Finally, Affinity Asset Advisors LLC grew its holdings in shares of Arcellx by 53.3% in the 2nd quarter. Affinity Asset Advisors LLC now owns 460,000 shares of the company’s stock worth $25,387,000 after purchasing an additional 160,000 shares during the last quarter. 96.03% of the stock is owned by institutional investors and hedge funds.

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).