Arcellx’s (ACLX) “Buy” Rating Reaffirmed at Truist Financial

Truist Financial reissued their buy rating on shares of Arcellx (NASDAQ:ACLX) in a research note published on Tuesday morning, Benzinga reports. They currently have a $87.00 price objective on the stock.

Several other analysts have also recently commented on ACLX. Piper Sandler initiated coverage on Arcellx in a research report on Friday, May 31st. They set an overweight rating and a $70.00 price target for the company. Evercore ISI initiated coverage on Arcellx in a research report on Tuesday, May 14th. They set an outperform rating and a $85.00 price target for the company. Barclays boosted their price target on Arcellx from $62.00 to $73.00 and gave the stock an overweight rating in a research report on Thursday, February 29th. Canaccord Genuity Group boosted their price objective on Arcellx from $66.00 to $85.00 and gave the stock a buy rating in a research note on Thursday, February 29th. Finally, Needham & Company LLC reissued a buy rating and set a $81.00 price objective on shares of Arcellx in a research note on Tuesday, May 7th. Thirteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of Buy and an average target price of $78.00.

Arcellx Price Performance

Arcellx stock opened at $53.81 on Tuesday. Arcellx has a 12 month low of $30.74 and a 12 month high of $75.10. The stock has a market capitalization of $2.88 billion, a PE ratio of -52.24 and a beta of 0.23. The business has a 50 day simple moving average of $53.06 and a 200-day simple moving average of $58.29.

Arcellx (NASDAQ:ACLX) last issued its quarterly earnings results on Thursday, May 9th. The company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.51) by $0.37. Arcellx had a negative return on equity of 13.11% and a negative net margin of 38.39%. The firm had revenue of $39.26 million during the quarter, compared to analysts’ expectations of $20.67 million. During the same period in the previous year, the business earned ($0.58) earnings per share. The firm’s revenue for the quarter was up 119.2% on a year-over-year basis. On average, equities research analysts anticipate that Arcellx will post -1.7 EPS for the current fiscal year.

Insider Activity

In related news, insider Rami Elghandour sold 23,086 shares of the stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $67.09, for a total transaction of $1,548,839.74. Following the completion of the transaction, the insider now owns 69,253 shares of the company’s stock, valued at approximately $4,646,183.77. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Olivia C. Ware sold 9,402 shares of the stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $55.55, for a total transaction of $522,281.10. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Rami Elghandour sold 23,086 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $67.09, for a total transaction of $1,548,839.74. Following the completion of the transaction, the insider now directly owns 69,253 shares of the company’s stock, valued at approximately $4,646,183.77. The disclosure for this sale can be found here. In the last three months, insiders have sold 633,855 shares of company stock valued at $43,576,340. Company insiders own 6.24% of the company’s stock.

Institutional Investors Weigh In On Arcellx

Several large investors have recently added to or reduced their stakes in the business. Plato Investment Management Ltd purchased a new stake in shares of Arcellx during the first quarter worth $51,000. Bamco Inc. NY grew its stake in Arcellx by 292.1% during the 1st quarter. Bamco Inc. NY now owns 248,993 shares of the company’s stock worth $17,317,000 after purchasing an additional 185,493 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings 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 purchasing an additional 84,373 shares during the period. Advisors Asset Management Inc. raised its position in Arcellx by 951.9% in the 1st quarter. Advisors Asset Management Inc. now owns 4,197 shares of the company’s stock valued at $292,000 after purchasing an additional 3,798 shares in the last quarter. Finally, Seven Eight Capital LP acquired a new stake in Arcellx in the 1st quarter valued at about $1,207,000. 96.03% of the stock is owned by hedge funds and other institutional investors.

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).