Arcellx (NASDAQ:ACLX) Price Target Raised to $115.00 at Piper Sandler

Arcellx (NASDAQ:ACLX) had its price target raised by Piper Sandler from $91.00 to $115.00 in a report issued on Friday,Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other analysts have also recently weighed in on the company. Bank of America increased their price objective on Arcellx from $84.00 to $100.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Needham & Company LLC reaffirmed a “buy” rating and set a $96.00 price objective on shares of Arcellx in a research report on Wednesday, November 6th. HC Wainwright increased their price objective on Arcellx from $80.00 to $95.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Stifel Nicolaus increased their price objective on Arcellx from $83.00 to $122.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. Finally, Morgan Stanley increased their price objective on Arcellx from $81.00 to $106.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 6th. Thirteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Arcellx has an average rating of “Buy” and an average target price of $99.31.

Arcellx Trading Up 3.4 %

ACLX opened at $106.53 on Friday. Arcellx has a one year low of $43.83 and a one year high of $107.35. The business’s 50-day simple moving average is $83.76 and its 200-day simple moving average is $66.50.

Arcellx (NASDAQ:ACLX) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.48) EPS for the quarter, beating analysts’ consensus estimates of ($0.54) by $0.06. The business had revenue of $26.03 million for the quarter, compared to the consensus estimate of $35.21 million. Arcellx had a negative return on equity of 8.25% and a negative net margin of 25.94%. On average, analysts expect that Arcellx will post -1.64 earnings per share for the current year.

Insider Buying and Selling at Arcellx

In other news, insider Christopher Heery sold 21,684 shares of the firm’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 sale, the insider now directly owns 9,278 shares of the company’s stock, valued at $659,851.36. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, Director Kavita Patel sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $89.69, for a total value of $134,535.00. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Christopher Heery sold 21,684 shares of Arcellx stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $71.12, for a total value of $1,542,166.08. Following the sale, the insider now directly 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. In the last ninety days, insiders sold 70,556 shares of company stock valued at $5,033,845. 6.24% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ACLX. Vanguard Group Inc. raised its stake in shares of Arcellx by 8.1% in 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 raised its stake in shares of 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 valued at $93,514,000 after acquiring an additional 84,373 shares during the last quarter. Great Point Partners LLC raised its position in Arcellx by 64.0% in the 2nd quarter. Great Point Partners LLC now owns 492,000 shares of the company’s stock worth $27,153,000 after purchasing an additional 192,000 shares during the last quarter. Affinity Asset Advisors LLC raised its position in 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. Finally, Victory Capital Management Inc. raised its position in 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 purchasing an additional 48,006 shares during the last quarter. 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).