Arcellx (NASDAQ:ACLX) Stock Price Up 5.1% After Analyst Upgrade

Arcellx, Inc. (NASDAQ:ACLX)’s share price rose 5.1% on Wednesday after UBS Group raised their price target on the stock from $106.00 to $114.00. UBS Group currently has a buy rating on the stock. Arcellx traded as high as $86.48 and last traded at $86.48. Approximately 37,703 shares were traded during trading, a decline of 92% from the average daily volume of 477,438 shares. The stock had previously closed at $82.27.

Several other equities analysts have also weighed in on the company. Truist Financial raised their target price on Arcellx from $87.00 to $136.00 and gave the company a “buy” rating in a report on Tuesday, November 12th. Barclays raised Arcellx to a “strong-buy” rating in a research note on Friday, November 29th. Morgan Stanley upped their target price on Arcellx from $81.00 to $106.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 6th. Stifel Nicolaus increased their price target on Arcellx from $83.00 to $122.00 and gave the company a “buy” rating in a report on Friday, October 18th. Finally, Robert W. Baird boosted their price objective on shares of Arcellx from $77.00 to $106.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 6th. Thirteen research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Arcellx has an average rating of “Buy” and an average target price of $105.93.

Insider Activity

In other news, Director Kavita Patel sold 1,500 shares of the stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $91.88, for a total value of $137,820.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, 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 transaction, the chief financial officer now directly owns 6,915 shares of the company’s stock, valued at $537,502.95. The trade was a 68.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 67,001 shares of company stock valued at $6,568,393. Insiders own 6.24% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. First Turn Management LLC acquired a new stake in Arcellx during the third quarter valued at approximately $17,896,000. Harbor Capital Advisors Inc. boosted its stake in Arcellx by 37.0% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 27,896 shares of the company’s stock valued at $2,330,000 after buying an additional 7,534 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Arcellx by 4.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 328,093 shares of the company’s stock valued at $27,399,000 after acquiring an additional 14,200 shares during the period. Renaissance Technologies LLC acquired a new position in Arcellx during the second quarter worth $1,494,000. Finally, Intech Investment Management LLC bought a new position in shares of Arcellx during the third quarter valued at $800,000. Institutional investors and hedge funds own 96.03% of the company’s stock.

Arcellx Stock Down 4.1 %

The stock has a fifty day simple moving average of $88.82 and a 200-day simple moving average of $72.20. The company has a market capitalization of $4.51 billion, a P/E ratio of -117.49 and a beta of 0.25.

Arcellx (NASDAQ:ACLX) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.48) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.54) by $0.06. The firm 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%. Analysts predict that Arcellx, Inc. will post -1.49 earnings per share for the current fiscal year.

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).