Arcellx, Inc. (NASDAQ:ACLX) Receives $103.08 Average PT from Brokerages

Shares of Arcellx, Inc. (NASDAQ:ACLX) have been assigned an average rating of “Buy” from the fourteen ratings firms that are presently covering the company, Marketbeat reports. Thirteen investment analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $103.08.

A number of equities research analysts have recently commented on the stock. Redburn Atlantic began coverage on shares of Arcellx in a report on Tuesday, October 8th. They set a “buy” rating and a $109.00 price target for the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $96.00 price objective on shares of Arcellx in a research report on Wednesday, November 6th. Bank of America raised their price target on Arcellx from $84.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. Truist Financial upped their price objective on shares of Arcellx from $87.00 to $136.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. Finally, Piper Sandler boosted their target price on shares of Arcellx from $91.00 to $115.00 and gave the company an “overweight” rating in a report on Friday, November 8th.

Arcellx Price Performance

ACLX stock opened at $87.22 on Friday. The company’s 50 day simple moving average is $86.52 and its 200-day simple moving average is $68.25. Arcellx has a 12 month low of $46.42 and a 12 month high of $107.37. The firm has a market capitalization of $4.72 billion, a PE ratio of -122.85 and a beta of 0.27.

Arcellx (NASDAQ:ACLX) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.48) earnings per share for the quarter, topping the consensus estimate of ($0.54) by $0.06. The company had revenue of $26.03 million during the quarter, compared to the consensus estimate of $35.21 million. Arcellx had a negative return on equity of 8.28% and a negative net margin of 25.94%. As a group, sell-side analysts anticipate that Arcellx will post -1.49 earnings per share for the current year.

Insider Activity at Arcellx

In related news, CFO Michelle Gilson sold 15,000 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $77.73, for a total transaction of $1,165,950.00. Following the completion of the transaction, the chief financial officer now owns 6,915 shares of the company’s stock, valued at $537,502.95. This trade represents a 68.45 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, 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 transaction of $111,615.00. The disclosure for this sale can be found here. Insiders have sold a total of 119,557 shares of company stock worth $10,163,933 in the last ninety days. 6.24% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Quest Partners LLC acquired a new stake in shares of Arcellx during the second quarter worth $27,000. Plato Investment Management Ltd purchased a new position in Arcellx in the 1st quarter worth about $51,000. Decheng Capital LLC acquired a new stake in Arcellx during the 2nd quarter worth about $65,000. National Bank of Canada FI lifted its stake in Arcellx by 50.0% during the second quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock valued at $80,000 after buying an additional 500 shares in the last quarter. Finally, Quarry LP acquired a new position in shares of Arcellx in the third quarter worth about $125,000. 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).