Arcellx (NASDAQ:ACLX) Price Target Raised to $100.00

Arcellx (NASDAQ:ACLX) had its price objective boosted by Bank of America from $84.00 to $100.00 in a research note published on Wednesday morning, Marketbeat.com reports. They currently have a buy rating on the stock.

Other equities analysts have also issued reports about the stock. Morgan Stanley increased their price target on shares of Arcellx from $81.00 to $106.00 and gave the company an “overweight” rating in a research note on Wednesday. Needham & Company LLC reaffirmed a “buy” rating and issued a $96.00 target price on shares of Arcellx in a research report on Thursday, October 31st. Redburn Atlantic began coverage on shares of Arcellx in a research note on Tuesday, October 8th. They set a “buy” rating and a $109.00 price target on the stock. Stifel Nicolaus upped their price objective on shares of Arcellx from $83.00 to $122.00 and gave the company a “buy” rating in a research note on Friday, October 18th. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Arcellx in a research report on Monday, September 9th. Thirteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Arcellx currently has a consensus 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 12 month low of $43.50 and a 12 month high of $106.24. The business’s fifty day moving average price is $83.01 and its 200 day moving average price is $66.02.

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

Insider Activity at Arcellx

In other Arcellx news, insider Christopher Heery sold 21,684 shares of the stock in a transaction that occurred 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 sale, the insider now directly owns 9,278 shares of the company’s stock, valued at approximately $659,851.36. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 value of $111,615.00. The sale was disclosed in a 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 dated 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 transaction, the insider now owns 9,278 shares in the company, valued at approximately $659,851.36. This trade represents a 0.00 % decrease in their ownership of the stock. 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 quarter. Company insiders own 6.24% of the company’s stock.

Institutional Investors Weigh In On Arcellx

A number of hedge funds have recently added to or reduced their stakes in ACLX. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Arcellx by 21.7% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,944 shares of the company’s stock worth $161,000 after buying an additional 347 shares in the last quarter. Quest Partners LLC purchased a new position in Arcellx in the second quarter worth $27,000. National Bank of Canada FI boosted its position in shares of Arcellx by 50.0% during the 2nd quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock worth $80,000 after purchasing an additional 500 shares in the last quarter. High Net Worth Advisory Group LLC grew its stake 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 purchasing an additional 500 shares during the period. Finally, Principal Financial Group Inc. lifted its stake in shares of Arcellx by 1.4% in the second quarter. Principal Financial Group Inc. now owns 37,352 shares of the company’s stock valued at $2,061,000 after purchasing an additional 517 shares during the period. 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).