Arcellx (NASDAQ:ACLX) PT Raised to $115.00

Arcellx (NASDAQ:ACLX) had its price objective lifted by Canaccord Genuity Group from $85.00 to $115.00 in a report released on Thursday morning, Benzinga reports. They currently have a buy rating on the stock.

A number of other analysts have also recently weighed in on the company. Needham & Company LLC reaffirmed a “buy” rating and set a $81.00 price objective on shares of Arcellx in a research report on Friday, August 9th. Redburn Atlantic initiated coverage on Arcellx in a report on Tuesday, October 8th. They set a “buy” rating and a $109.00 price target for the company. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Arcellx in a research note on Monday, September 9th. Thirteen research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $85.25.

Arcellx Price Performance

NASDAQ ACLX opened at $95.27 on Thursday. Arcellx has a 12 month low of $30.88 and a 12 month high of $96.30. The company has a market capitalization of $5.10 billion, a price-to-earnings ratio of -92.50 and a beta of 0.25. The firm’s fifty day moving average price is $75.36 and its 200 day moving average price is $62.51.

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

Insider Buying and Selling

In other news, CFO Michelle Gilson sold 15,000 shares of the company’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $77.73, for a total transaction of $1,165,950.00. Following the completion of the transaction, the chief financial officer now owns 6,915 shares of the company’s stock, valued at $537,502.95. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, CFO Michelle Gilson sold 15,000 shares of Arcellx stock in a transaction dated Tuesday, September 17th. The stock was 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 directly 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 transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Kavita Patel sold 1,500 shares of the stock in a transaction that occurred on Tuesday, July 30th. The stock was sold at an average price of $61.97, for a total transaction of $92,955.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 70,556 shares of company stock worth $4,992,265. 6.24% of the stock is owned by company insiders.

Hedge Funds Weigh In On Arcellx

Several hedge funds and other institutional investors have recently made changes to their positions in ACLX. Vanguard Group Inc. lifted its stake in shares of Arcellx by 8.1% during the first quarter. Vanguard Group Inc. now owns 2,228,856 shares of the company’s stock worth $155,017,000 after purchasing an additional 167,037 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in Arcellx by 6.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,344,553 shares of the company’s stock worth $93,514,000 after acquiring an additional 84,373 shares in the last quarter. Great Point Partners LLC boosted its holdings in Arcellx by 64.0% in the 2nd quarter. Great Point Partners LLC now owns 492,000 shares of the company’s stock worth $27,153,000 after acquiring an additional 192,000 shares during the period. Affinity Asset Advisors LLC grew its position in Arcellx by 53.3% in the second quarter. Affinity Asset Advisors LLC now owns 460,000 shares of the company’s stock valued at $25,387,000 after acquiring an additional 160,000 shares in the last quarter. Finally, Victory Capital Management Inc. raised its stake in shares of Arcellx by 20.4% during the second quarter. Victory Capital Management Inc. now owns 283,872 shares of the company’s stock valued at $15,667,000 after purchasing an additional 48,006 shares during the period. 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).