Arcellx (NASDAQ:ACLX) Hits New 1-Year High After Analyst Upgrade

Arcellx, Inc. (NASDAQ:ACLX)’s stock price reached a new 52-week high during trading on Monday after Stifel Nicolaus raised their price target on the stock from $83.00 to $122.00. Stifel Nicolaus currently has a buy rating on the stock. Arcellx traded as high as $98.30 and last traded at $98.30, with a volume of 1116 shares trading hands. The stock had previously closed at $96.86.

Other research analysts have also recently issued research reports about the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $81.00 price target on shares of Arcellx in a report on Friday, August 9th. Canaccord Genuity Group raised their price target on shares of Arcellx from $85.00 to $115.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Arcellx in a report on Monday, September 9th. Finally, Redburn Atlantic started coverage on shares of Arcellx in a report on Tuesday, October 8th. They issued a “buy” rating and a $109.00 price target for the company. Thirteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $89.75.

Insider Activity at Arcellx

In related news, CFO Michelle Gilson sold 15,000 shares of the firm’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $77.73, for a total transaction of $1,165,950.00. Following the sale, the chief financial officer now owns 6,915 shares in the company, valued at approximately $537,502.95. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CFO Michelle Gilson sold 15,000 shares of Arcellx 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 sale, the chief financial officer now owns 6,915 shares in the company, valued at $537,502.95. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Kavita Patel sold 1,500 shares of Arcellx stock in a transaction dated Tuesday, July 30th. The shares were sold at an average price of $61.97, for a total transaction of $92,955.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 72,056 shares of company stock worth $5,126,800. 6.24% of the stock is owned by company insiders.

Hedge Funds Weigh In On Arcellx

Several hedge funds and other institutional investors have recently modified their holdings of ACLX. Quest Partners LLC purchased a new position in Arcellx during the second quarter worth about $27,000. Plato Investment Management Ltd purchased a new position in Arcellx during the first quarter worth about $51,000. Decheng Capital LLC purchased a new position in Arcellx during the second quarter worth about $65,000. National Bank of Canada FI raised 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 worth $80,000 after purchasing an additional 500 shares during the period. Finally, Public Employees Retirement Association of Colorado purchased a new position in Arcellx during the second quarter worth about $178,000. 96.03% of the stock is owned by hedge funds and other institutional investors.

Arcellx Price Performance

The business’s 50 day simple moving average is $77.34 and its 200 day simple moving average is $63.10. The company has a market capitalization of $4.84 billion, a PE ratio of -87.83 and a beta of 0.25.

Arcellx (NASDAQ:ACLX) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.51) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.52) by $0.01. The business had revenue of $27.38 million for the quarter, compared to the consensus estimate of $22.04 million. Arcellx had a negative net margin of 37.23% and a negative return on equity of 12.42%. Arcellx’s revenue for the quarter was up 91.5% compared to the same quarter last year. As a group, analysts anticipate that Arcellx, Inc. will post -1.65 EPS for the current year.

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).