Arcellx, Inc. (NASDAQ:ACLX) Receives Consensus Rating of “Buy” from Analysts

Shares of Arcellx, Inc. (NASDAQ:ACLX) have earned a consensus recommendation of “Buy” from the fifteen analysts that are covering the stock, Marketbeat reports. Thirteen analysts have rated the stock with a buy recommendation and two have issued a strong buy recommendation on the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $108.46.

Several research firms have recently commented on ACLX. Truist Financial raised their target price on shares of Arcellx from $87.00 to $136.00 and gave the stock a “buy” rating in a research note on Tuesday, November 12th. Piper Sandler lifted their target price on shares of Arcellx from $91.00 to $115.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. UBS Group upped 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. HC Wainwright reissued a “buy” rating and set a $115.00 price objective on shares of Arcellx in a research note on Tuesday, December 10th. Finally, Bank of America raised their price target on Arcellx from $84.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th.

Arcellx Stock Performance

NASDAQ:ACLX opened at $64.82 on Monday. Arcellx has a fifty-two week low of $47.88 and a fifty-two week high of $107.37. The company has a 50 day moving average price of $68.73 and a 200 day moving average price of $77.32. The stock has a market capitalization of $3.51 billion, a P/E ratio of -91.29 and a beta of 0.29.

Arcellx (NASDAQ:ACLX) last released its earnings results on Thursday, February 27th. The company reported ($0.87) EPS for the quarter, missing the consensus estimate of ($0.63) by ($0.24). Arcellx had a negative return on equity of 8.28% and a negative net margin of 25.94%. The company had revenue of $15.27 million for the quarter, compared to analyst estimates of $27.42 million. Research analysts forecast that Arcellx will post -1.58 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Kavita Patel sold 1,500 shares of Arcellx stock in a transaction on Tuesday, December 24th. The stock was sold at an average price of $76.97, for a total value of $115,455.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Rami Elghandour sold 38,300 shares of Arcellx stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $62.02, for a total value of $2,375,366.00. Following the completion of the sale, the insider now owns 149,186 shares of the company’s stock, valued at approximately $9,252,515.72. The trade was a 20.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 65,870 shares of company stock worth $4,327,461. Company insiders own 6.24% of the company’s stock.

Hedge Funds Weigh In On Arcellx

Hedge funds have recently added to or reduced their stakes in the stock. First Turn Management LLC acquired a new stake in shares of Arcellx during the third quarter worth $17,896,000. Charles Schwab Investment Management Inc. lifted its position in shares of Arcellx by 4.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 328,093 shares of the company’s stock valued at $27,399,000 after buying an additional 14,200 shares during the last quarter. Harbor Capital Advisors Inc. boosted its position in Arcellx by 37.0% during the third quarter. Harbor Capital Advisors Inc. now owns 27,896 shares of the company’s stock worth $2,330,000 after purchasing an additional 7,534 shares during the period. Lord Abbett & CO. LLC boosted its holdings in shares of Arcellx by 2.1% during the 3rd quarter. Lord Abbett & CO. LLC now owns 891,848 shares of the company’s stock worth $74,478,000 after buying an additional 18,004 shares during the period. Finally, Intech Investment Management LLC acquired a new position in shares of Arcellx in the third quarter valued at approximately $800,000. 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).