Bank of America Raises Arcellx (NASDAQ:ACLX) Price Target to $100.00

Arcellx (NASDAQ:ACLX) had its price objective boosted by equities researchers at Bank of America from $84.00 to $100.00 in a research note issued on Wednesday, Marketbeat reports. The firm presently has a “buy” rating on the stock. Bank of America‘s target price would indicate a potential upside of 0.85% from the company’s previous close.

A number of other brokerages have also issued reports on ACLX. Canaccord Genuity Group upped their target price on Arcellx from $85.00 to $115.00 and gave the company a “buy” rating in a research report on Thursday, October 17th. Morgan Stanley upped their price target on shares of Arcellx from $81.00 to $106.00 and gave the company an “overweight” rating in a report on Wednesday. Stifel Nicolaus increased their price objective on shares of Arcellx from $83.00 to $122.00 and gave the company a “buy” rating in a research note on Friday, October 18th. Redburn Atlantic initiated coverage on shares of Arcellx in a research report on Tuesday, October 8th. They issued a “buy” rating and a $109.00 target price for the company. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $96.00 price target on shares of Arcellx in a research report on Thursday, October 31st. Thirteen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $95.85.

Arcellx Price Performance

Shares of ACLX stock opened at $99.16 on Wednesday. The company’s fifty day moving average price is $82.32 and its two-hundred day moving average price is $65.58. The firm has a market capitalization of $5.33 billion, a P/E ratio of -95.35 and a beta of 0.27. Arcellx has a 12 month low of $43.50 and a 12 month high of $99.48.

Arcellx (NASDAQ:ACLX) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.51) EPS for the quarter, topping 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 business had revenue of $27.38 million for the quarter, compared to analysts’ expectations of $22.04 million. The business’s revenue for the quarter was up 91.5% on a year-over-year basis. On average, sell-side analysts anticipate that Arcellx will post -1.65 EPS for the current year.

Insider Buying and Selling at Arcellx

In other news, insider Christopher Heery sold 27,451 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $67.03, for a total transaction of $1,840,040.53. Following the completion of the transaction, the insider now directly owns 9,278 shares of the company’s stock, valued at approximately $621,904.34. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Arcellx news, insider Christopher Heery sold 27,451 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $67.03, for a total value of $1,840,040.53. Following the sale, the insider now directly owns 9,278 shares in the company, valued at approximately $621,904.34. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Kavita Patel sold 1,500 shares of the company’s stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $89.69, for a total transaction of $134,535.00. The disclosure for this sale can be found here. Insiders sold a total of 70,556 shares of company stock worth $5,033,845 over the last ninety days. Company insiders own 6.24% of the company’s stock.

Institutional Investors Weigh In On Arcellx

Large investors have recently made changes to their positions in the company. Quest Partners LLC acquired a new position in shares of Arcellx during the second quarter worth approximately $27,000. Plato Investment Management Ltd acquired a new position in Arcellx during the 1st quarter worth $51,000. Decheng Capital LLC bought a new position in shares of Arcellx in the second quarter worth $65,000. National Bank of Canada FI increased its holdings in shares of Arcellx by 50.0% during the second quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock valued at $80,000 after purchasing an additional 500 shares during the period. Finally, Covestor Ltd increased its holdings in shares of Arcellx by 53,766.7% during the third quarter. Covestor Ltd now owns 1,616 shares of the company’s stock valued at $135,000 after purchasing an additional 1,613 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).