Arcellx, Inc. (NASDAQ:ACLX) Receives $105.93 Average Price Target from Brokerages

Shares of Arcellx, Inc. (NASDAQ:ACLX) have received a consensus recommendation of “Buy” from the fifteen analysts that are currently covering the stock, MarketBeat reports. Thirteen equities research analysts have rated the stock with a buy recommendation and two have issued a strong buy recommendation on the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $105.93.

A number of research analysts have commented on ACLX shares. Robert W. Baird raised their target price on shares of Arcellx from $77.00 to $106.00 and gave the company an “outperform” rating in a research report on Wednesday, November 6th. Barclays raised shares of Arcellx to a “strong-buy” rating in a report on Friday, November 29th. Bank of America increased their target price on Arcellx from $84.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Truist Financial boosted their price target on Arcellx from $87.00 to $136.00 and gave the stock a “buy” rating in a research report on Tuesday, November 12th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $115.00 price objective on shares of Arcellx in a research report on Tuesday, December 10th.

Arcellx Stock Up 2.7 %

Shares of NASDAQ:ACLX opened at $77.05 on Friday. The business’s 50 day moving average is $85.75 and its 200 day moving average is $75.64. The stock has a market cap of $4.17 billion, a P/E ratio of -108.52 and a beta of 0.33. Arcellx has a 52-week low of $47.88 and a 52-week high of $107.37.

Arcellx (NASDAQ:ACLX) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.48) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.54) by $0.06. The business had revenue of $26.03 million for 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%. On average, sell-side analysts anticipate that Arcellx will post -1.49 EPS for the current fiscal year.

Insiders Place Their Bets

In other Arcellx news, Director Kavita Patel sold 15,238 shares of Arcellx stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $105.92, for a total transaction of $1,614,008.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Christopher Heery sold 3,061 shares of the stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $77.17, for a total value of $236,217.37. Following the completion of the transaction, the insider now directly owns 32,456 shares in the company, valued at $2,504,629.52. This represents a 8.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 59,863 shares of company stock valued at $6,016,710. Insiders own 6.24% of the company’s stock.

Institutional Investors Weigh In On Arcellx

A number of institutional investors and hedge funds have recently modified their holdings of ACLX. Quest Partners LLC purchased a new position in Arcellx during the 2nd quarter worth approximately $27,000. Decheng Capital LLC acquired a new position in Arcellx during the second quarter valued at $65,000. National Bank of Canada FI boosted its holdings in Arcellx by 50.0% in the second 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 last quarter. Quarry LP acquired a new stake in Arcellx during the 3rd quarter worth about $125,000. Finally, Covestor Ltd raised its stake in shares of Arcellx by 53,766.7% during the 3rd quarter. Covestor Ltd now owns 1,616 shares of the company’s stock valued at $135,000 after buying an additional 1,613 shares during the last quarter. Institutional investors and hedge funds 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).