Arcellx (NASDAQ:ACLX) Given Buy Rating at Needham & Company LLC

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

Several other research firms have also weighed in on ACLX. Redburn Atlantic assumed coverage on shares of Arcellx in a research note on Tuesday, October 8th. They issued a “buy” rating and a $109.00 price objective for the company. HC Wainwright upped their price objective on shares of Arcellx from $80.00 to $95.00 and gave the company a “buy” rating in a report on Wednesday. Robert W. Baird raised their target price on Arcellx from $77.00 to $106.00 and gave the company an “outperform” rating in a research note on Wednesday. Canaccord Genuity Group boosted their target price on Arcellx from $85.00 to $115.00 and gave the company a “buy” rating in a research report on Thursday, October 17th. Finally, Morgan Stanley upped their price target on Arcellx from $81.00 to $106.00 and gave the stock an “overweight” rating in a research note on Wednesday. Thirteen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $99.31.

Arcellx Price Performance

NASDAQ:ACLX opened at $103.06 on Wednesday. Arcellx has a fifty-two week low of $43.50 and a fifty-two week high of $106.24. The company has a 50 day simple moving average of $83.01 and a two-hundred day simple moving average of $66.02.

Arcellx (NASDAQ:ACLX) last released its 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. Arcellx had a negative return on equity of 12.42% and a negative net margin of 37.23%. The business had revenue of $27.38 million during the quarter, compared to analysts’ expectations of $22.04 million. The business’s quarterly revenue was up 91.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Arcellx will post -1.65 earnings per share for the current year.

Insider Transactions at Arcellx

In other news, Director Kavita Patel sold 1,500 shares of the firm’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 value of $111,615.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, insider Christopher Heery sold 21,684 shares of the business’s stock in a transaction dated 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 transaction, the insider now directly owns 9,278 shares in the company, valued at approximately $659,851.36. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Kavita Patel sold 1,500 shares of the 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 disclosure for this sale can be found here. Insiders sold a total of 70,556 shares of company stock valued at $5,033,845 over the last ninety days. 6.24% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Arcellx

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. increased its position in shares of Arcellx by 8.1% during the first quarter. Vanguard Group Inc. now owns 2,228,856 shares of the company’s stock valued at $155,017,000 after acquiring an additional 167,037 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in Arcellx by 6.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,344,553 shares of the company’s stock worth $93,514,000 after purchasing an additional 84,373 shares during the last quarter. Great Point Partners LLC grew its stake in Arcellx by 64.0% in the 2nd quarter. Great Point Partners LLC now owns 492,000 shares of the company’s stock valued at $27,153,000 after purchasing an additional 192,000 shares during the period. Affinity Asset Advisors LLC increased its position in shares of Arcellx by 53.3% during the 2nd quarter. Affinity Asset Advisors LLC now owns 460,000 shares of the company’s stock valued at $25,387,000 after purchasing an additional 160,000 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its holdings in shares of Arcellx by 20.4% in the 2nd quarter. Victory Capital Management Inc. now owns 283,872 shares of the company’s stock worth $15,667,000 after buying an additional 48,006 shares during the last quarter. Hedge funds and other institutional investors own 96.03% of the company’s stock.

Arcellx Company Profile

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).