Arcellx, Inc. (NASDAQ:ACLX) Receives $105.93 Consensus PT from Brokerages

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

A number of equities research analysts have commented on the stock. Needham & Company LLC restated a “buy” rating and set a $105.00 target price on shares of Arcellx in a research note on Monday, December 9th. Robert W. Baird boosted their target price on shares of Arcellx from $77.00 to $106.00 and gave the stock an “outperform” rating in a report on Wednesday, November 6th. Piper Sandler raised their target price on shares of Arcellx from $91.00 to $115.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Morgan Stanley boosted their price target on shares of Arcellx from $81.00 to $106.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 6th. Finally, UBS Group raised their price objective on Arcellx from $106.00 to $114.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th.

Insider Activity

In other news, Director Kavita Patel sold 1,500 shares of the stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $89.69, for a total value of $134,535.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Christopher Heery sold 3,061 shares of the business’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $77.17, for a total value of $236,217.37. Following the transaction, the insider now owns 32,456 shares of the company’s stock, valued at approximately $2,504,629.52. The trade was a 8.62 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 59,863 shares of company stock valued at $6,016,710. 6.24% of the stock is currently owned by company insiders.

Institutional Trading of Arcellx

Large investors have recently modified their holdings of the company. Bank of New York Mellon Corp boosted its position in Arcellx by 21.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 147,198 shares of the company’s stock valued at $8,124,000 after acquiring an additional 26,134 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Arcellx by 34.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,811 shares of the company’s stock valued at $376,000 after purchasing an additional 1,740 shares during the last quarter. Principal Financial Group Inc. raised its holdings in Arcellx by 1.4% in the second quarter. Principal Financial Group Inc. now owns 37,352 shares of the company’s stock worth $2,061,000 after purchasing an additional 517 shares in the last quarter. Rhumbline Advisers lifted its position in shares of Arcellx by 14.3% during the second quarter. Rhumbline Advisers now owns 60,570 shares of the company’s stock valued at $3,343,000 after buying an additional 7,568 shares during the last quarter. Finally, TD Asset Management Inc boosted its holdings in shares of Arcellx by 36.9% in the 2nd quarter. TD Asset Management Inc now owns 123,118 shares of the company’s stock valued at $6,795,000 after buying an additional 33,200 shares in the last quarter. Hedge funds and other institutional investors own 96.03% of the company’s stock.

Arcellx Price Performance

Shares of ACLX stock opened at $72.26 on Friday. Arcellx has a 1 year low of $47.88 and a 1 year high of $107.37. The firm has a fifty day moving average price of $85.45 and a 200-day moving average price of $75.61. The company has a market cap of $3.91 billion, a price-to-earnings ratio of -101.77 and a beta of 0.33.

Arcellx (NASDAQ:ACLX) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.48) EPS for the quarter, topping analysts’ consensus estimates 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 business had revenue of $26.03 million during the quarter, compared to analysts’ expectations of $35.21 million. Equities research analysts expect that Arcellx will post -1.49 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).