Arcellx, Inc. (NASDAQ:ACLX) Receives $88.50 Consensus Price Target from Brokerages

Arcellx, Inc. (NASDAQ:ACLX) has been assigned an average recommendation of “Buy” from the fourteen ratings firms that are currently covering the stock, Marketbeat.com reports. Thirteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $89.75.

Several equities research analysts have recently issued reports on ACLX shares. Needham & Company LLC restated a “buy” rating and issued a $96.00 target price (up previously from $81.00) on shares of Arcellx in a report on Friday, October 18th. Canaccord Genuity Group raised their target price on shares of Arcellx from $85.00 to $115.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Stifel Nicolaus raised their price target on shares of Arcellx from $83.00 to $122.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Arcellx in a research note on Monday, September 9th. Finally, Redburn Atlantic initiated coverage on shares of Arcellx in a research note on Tuesday, October 8th. They issued a “buy” rating and a $109.00 price target on the stock.

Arcellx Stock Down 2.5 %

ACLX stock opened at $84.31 on Tuesday. Arcellx has a 52 week low of $30.88 and a 52 week high of $97.54. The company has a fifty day simple moving average of $78.71 and a two-hundred day simple moving average of $63.62. The firm has a market capitalization of $4.51 billion, a P/E ratio of -81.85 and a beta of 0.25.

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

Insider Buying and Selling at Arcellx

In other Arcellx news, Director Kavita Patel sold 1,500 shares of the firm’s 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 transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CFO Michelle Gilson sold 15,000 shares of Arcellx stock in a transaction that occurred on 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. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kavita Patel sold 1,500 shares of Arcellx stock in a transaction that occurred on Tuesday, October 22nd. The stock was 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 quarter, insiders have sold 72,056 shares of company stock valued at $5,126,800. Company insiders own 6.24% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. China Universal Asset Management Co. Ltd. grew its position in shares of Arcellx by 64.5% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 10,339 shares of the company’s stock worth $863,000 after buying an additional 4,052 shares during the last quarter. abrdn plc acquired a new stake in Arcellx in the 3rd quarter worth approximately $4,242,000. Mirae Asset Global Investments Co. Ltd. boosted its stake in Arcellx by 21.7% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,944 shares of the company’s stock worth $161,000 after purchasing an additional 347 shares in the last quarter. High Net Worth Advisory Group LLC boosted its stake in Arcellx by 6.3% in the 3rd quarter. High Net Worth Advisory Group LLC now owns 8,500 shares of the company’s stock worth $710,000 after purchasing an additional 500 shares in the last quarter. Finally, Handelsbanken Fonder AB boosted its stake in Arcellx by 22.3% in the 3rd quarter. Handelsbanken Fonder AB now owns 12,600 shares of the company’s stock worth $1,052,000 after purchasing an additional 2,300 shares in the last quarter. 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).