Arcellx (NASDAQ:ACLX) Coverage Initiated at Cantor Fitzgerald

Equities researchers at Cantor Fitzgerald started coverage on shares of Arcellx (NASDAQ:ACLX) in a report issued on Tuesday, MarketBeat.com reports. The firm set an “overweight” rating on the stock.

Several other analysts also recently commented on ACLX. Truist Financial reaffirmed a “buy” rating and issued a $87.00 price objective on shares of Arcellx in a report on Tuesday, June 18th. Evercore ISI initiated coverage on shares of Arcellx in a research note on Tuesday, May 14th. They set an “outperform” rating and a $85.00 target price on the stock. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $85.00 price target on shares of Arcellx in a research note on Monday, July 22nd. HC Wainwright dropped their price objective on Arcellx from $82.00 to $80.00 and set a “buy” rating for the company in a research note on Monday, May 13th. Finally, Needham & Company LLC restated a “buy” rating and set a $81.00 price target on shares of Arcellx in a report on Friday, August 9th. Fourteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $78.00.

Arcellx Stock Down 1.0 %

Arcellx stock opened at $65.46 on Tuesday. The firm has a market cap of $3.50 billion, a P/E ratio of -63.55 and a beta of 0.23. Arcellx has a twelve month low of $30.88 and a twelve month high of $75.10. The business has a fifty day moving average of $61.31 and a two-hundred day moving average of $59.65.

Arcellx (NASDAQ:ACLX) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.51) earnings per share for the quarter, topping the consensus estimate of ($0.52) by $0.01. The business had revenue of $27.38 million during 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 quarterly revenue was up 91.5% on a year-over-year basis. Equities analysts expect that Arcellx will post -1.64 earnings per share for the current year.

Insider Activity at Arcellx

In related news, insider Christopher Heery sold 20,000 shares of the company’s stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $55.13, for a total transaction of $1,102,600.00. Following the transaction, the insider now directly owns 9,278 shares of the company’s stock, valued at $511,496.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Christopher Heery sold 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $55.13, for a total transaction of $1,102,600.00. Following the transaction, the insider now directly owns 9,278 shares of the company’s stock, valued at $511,496.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kavita Patel sold 10,000 shares of the stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $54.27, for a total transaction of $542,700.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 129,584 shares of company stock worth $7,936,834. 6.24% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Algert Global LLC boosted its position in Arcellx by 24.4% during the second quarter. Algert Global LLC now owns 35,211 shares of the company’s stock worth $1,943,000 after purchasing an additional 6,901 shares during the period. The Manufacturers Life Insurance Company raised its stake in shares of Arcellx by 55.4% in the second quarter. The Manufacturers Life Insurance Company now owns 73,332 shares of the company’s stock valued at $4,047,000 after purchasing an additional 26,134 shares in the last quarter. Decheng Capital LLC bought a new position in shares of Arcellx during the 2nd quarter worth about $65,000. AQR Capital Management LLC lifted its stake in Arcellx by 38.9% during the second quarter. AQR Capital Management LLC now owns 16,852 shares of the company’s stock worth $930,000 after purchasing an additional 4,718 shares during the period. Finally, Affinity Asset Advisors LLC boosted its stake in Arcellx by 53.3% in the 2nd quarter. Affinity Asset Advisors LLC now owns 460,000 shares of the company’s stock valued at $25,387,000 after buying an additional 160,000 shares in the last quarter. 96.03% of the stock is owned by institutional investors and hedge funds.

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).