Arcellx (NASDAQ:ACLX) Price Target Raised to $136.00

Arcellx (NASDAQ:ACLX) had its target price increased by Truist Financial from $87.00 to $136.00 in a research note published on Tuesday,Benzinga reports. Truist Financial currently has a buy rating on the stock.

Several other equities research analysts have also weighed in on the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $96.00 target price on shares of Arcellx in a research report on Wednesday, November 6th. Piper Sandler increased their target price on Arcellx from $91.00 to $115.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Stifel Nicolaus increased their target price on Arcellx from $83.00 to $122.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. Morgan Stanley increased 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. Finally, Redburn Atlantic assumed coverage on Arcellx in a research report on Tuesday, October 8th. They issued a “buy” rating and a $109.00 target price on the stock. Thirteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Arcellx has a consensus rating of “Buy” and a consensus price target of $103.08.

Arcellx Price Performance

Shares of ACLX opened at $95.08 on Tuesday. The business’s fifty day moving average price is $85.14 and its 200 day moving average price is $67.07. Arcellx has a 12-month low of $46.42 and a 12-month high of $107.37. The stock has a market capitalization of $5.14 billion, a PE ratio of -133.91 and a beta of 0.27.

Arcellx (NASDAQ:ACLX) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.48) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.54) by $0.06. Arcellx had a negative return on equity of 8.28% and a negative net margin of 25.94%. The firm had revenue of $26.03 million for the quarter, compared to analysts’ expectations of $35.21 million. As a group, research analysts anticipate that Arcellx will post -1.56 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Christopher Heery sold 21,684 shares of Arcellx stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $71.12, for a total transaction of $1,542,166.08. Following the transaction, the insider now directly owns 9,278 shares of the company’s stock, valued at $659,851.36. The trade was a 70.03 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kavita Patel sold 33,763 shares of Arcellx stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $104.14, for a total value of $3,516,078.82. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 119,557 shares of company stock valued at $10,163,933. Company insiders own 6.24% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of ACLX. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Arcellx by 21.7% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,944 shares of the company’s stock valued at $161,000 after purchasing an additional 347 shares during the period. Quest Partners LLC acquired a new position in shares of Arcellx in the 2nd quarter valued at $27,000. National Bank of Canada FI boosted its position in shares of Arcellx by 50.0% in the 2nd quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock valued at $80,000 after purchasing an additional 500 shares during the period. High Net Worth Advisory Group LLC boosted its position in shares of Arcellx by 6.3% in the 3rd quarter. High Net Worth Advisory Group LLC now owns 8,500 shares of the company’s stock valued at $710,000 after purchasing an additional 500 shares during the period. Finally, Principal Financial Group Inc. boosted its position in shares of Arcellx by 1.4% in the 2nd quarter. Principal Financial Group Inc. now owns 37,352 shares of the company’s stock valued at $2,061,000 after purchasing an additional 517 shares during the period. 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).