Arcellx (NASDAQ:ACLX) Earns “Buy” Rating from Needham & Company LLC

Arcellx (NASDAQ:ACLX)‘s stock had its “buy” rating restated by analysts at Needham & Company LLC in a research note issued to investors on Monday,Benzinga reports. They presently have a $105.00 price objective on the stock. Needham & Company LLC’s target price would suggest a potential upside of 27.63% from the company’s current price.

Several other equities analysts have also recently issued reports on ACLX. Canaccord Genuity Group boosted their target price on shares of Arcellx from $85.00 to $115.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. Redburn Atlantic began coverage on shares of Arcellx in a research report on Tuesday, October 8th. They issued a “buy” rating and a $109.00 price objective for the company. Truist Financial increased their target price on shares of Arcellx from $87.00 to $136.00 and gave the stock a “buy” rating in a research note on Tuesday, November 12th. Stifel Nicolaus lifted their price target on Arcellx from $83.00 to $122.00 and gave the company a “buy” rating in a research note on Friday, October 18th. Finally, Morgan Stanley increased their price target on Arcellx from $81.00 to $106.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 6th. Thirteen research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, Arcellx presently has an average rating of “Buy” and a consensus target price of $105.93.

Arcellx Stock Performance

Arcellx stock opened at $82.27 on Monday. The business’s 50-day simple moving average is $88.46 and its two-hundred day simple moving average is $72.02. The company has a market cap of $4.45 billion, a PE ratio of -115.87 and a beta of 0.25. Arcellx has a fifty-two week low of $46.42 and a fifty-two week high of $107.37.

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

Insider Activity

In other Arcellx news, 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 value of $1,165,950.00. Following the transaction, the chief financial officer now owns 6,915 shares of the company’s stock, valued at $537,502.95. This represents a 68.45 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Kavita Patel sold 1,500 shares of Arcellx stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $89.69, for a total transaction of $134,535.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 67,001 shares of company stock valued at $6,568,393. 6.24% of the stock is currently owned by company insiders.

Institutional Trading of Arcellx

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ACLX. Quest Partners LLC acquired a new position in shares of Arcellx in the second quarter worth $27,000. Decheng Capital LLC acquired a new position in Arcellx during the 2nd quarter worth $65,000. National Bank of Canada FI increased its holdings in 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 during the period. Quarry LP acquired a new stake in Arcellx in the 3rd quarter valued at about $125,000. Finally, Covestor Ltd boosted its stake in shares of Arcellx by 53,766.7% in the 3rd quarter. Covestor Ltd now owns 1,616 shares of the company’s stock valued at $135,000 after buying an additional 1,613 shares during the period. Hedge funds and other institutional investors 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).