Arcellx (NASDAQ:ACLX) Reaches New 52-Week High After Analyst Upgrade

Arcellx, Inc. (NASDAQ:ACLX)’s share price hit a new 52-week high on Monday after Stifel Nicolaus raised their price target on the stock from $83.00 to $122.00. Stifel Nicolaus currently has a buy rating on the stock. Arcellx traded as high as $98.30 and last traded at $98.30, with a volume of 1116 shares changing hands. The stock had previously closed at $96.86.

Several other brokerages have also recently issued reports on ACLX. Cantor Fitzgerald restated an “overweight” rating on shares of Arcellx in a research note on Monday, September 9th. Redburn Atlantic assumed coverage on Arcellx in a report on Tuesday, October 8th. They set a “buy” rating and a $109.00 target price for the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $81.00 target price on shares of Arcellx in a research report on Friday, August 9th. Finally, Canaccord Genuity Group boosted their price target on shares of Arcellx from $85.00 to $115.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Thirteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $88.50.

Insider Transactions at Arcellx

In related news, insider Christopher Heery sold 21,684 shares of the stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $71.12, for a total value of $1,542,166.08. Following the completion of the transaction, the insider now owns 9,278 shares of the company’s stock, valued at $659,851.36. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, insider Christopher Heery sold 21,684 shares of the firm’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $71.12, for a total value of $1,542,166.08. Following the completion of the sale, the insider now directly owns 9,278 shares in the company, valued at approximately $659,851.36. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Kavita Patel sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $74.41, for a total transaction of $111,615.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 70,556 shares of company stock worth $4,992,265. 6.24% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Arcellx

Several large investors have recently made changes to their positions in ACLX. Vanguard Group Inc. raised its holdings in 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 acquiring an additional 167,037 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of 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 buying an additional 84,373 shares during the period. Great Point Partners LLC boosted its holdings in shares of Arcellx by 64.0% during the second 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 stake in shares of 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. boosted its stake in shares of Arcellx by 20.4% in the second quarter. Victory Capital Management Inc. now owns 283,872 shares of the company’s stock valued at $15,667,000 after buying an additional 48,006 shares during the period. Institutional investors own 96.03% of the company’s stock.

Arcellx Trading Down 6.8 %

The stock has a market capitalization of $4.83 billion, a P/E ratio of -87.65 and a beta of 0.25. The business has a 50-day moving average price of $76.75 and a two-hundred day moving average price of $62.90.

Arcellx (NASDAQ:ACLX) last posted its earnings results on Thursday, August 8th. The company reported ($0.51) EPS for the quarter, beating the consensus estimate of ($0.52) by $0.01. Arcellx had a negative return on equity of 12.42% and a negative net margin of 37.23%. The firm had revenue of $27.38 million during the quarter, compared to the consensus estimate of $22.04 million. Arcellx’s quarterly revenue was up 91.5% compared to the same quarter last year. On average, sell-side analysts forecast that Arcellx, Inc. will post -1.65 earnings per share for the current fiscal 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).