HC Wainwright Boosts Arcellx (NASDAQ:ACLX) Price Target to $95.00

Arcellx (NASDAQ:ACLX) had its target price boosted by HC Wainwright from $80.00 to $95.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. HC Wainwright’s price objective suggests a potential downside of 4.20% from the stock’s previous close.

Several other analysts also recently issued reports on ACLX. Stifel Nicolaus lifted their price target on shares of Arcellx from $83.00 to $122.00 and gave the company a “buy” rating in a research report on Friday, October 18th. Needham & Company LLC reiterated a “buy” rating and set a $96.00 price objective on shares of Arcellx in a report on Thursday, October 31st. Cantor Fitzgerald restated an “overweight” rating on shares of Arcellx in a report on Monday, September 9th. Robert W. Baird lifted their price target on Arcellx from $77.00 to $106.00 and gave the company an “outperform” rating in a research note on Wednesday. Finally, Bank of America boosted their price objective on Arcellx from $84.00 to $100.00 and gave the stock a “buy” rating in a report on Wednesday. Thirteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $95.85.

Arcellx Price Performance

ACLX stock opened at $99.16 on Wednesday. The company’s 50-day moving average is $82.32 and its 200-day moving average is $65.58. The stock has a market capitalization of $5.33 billion, a PE ratio of -95.35 and a beta of 0.27. Arcellx has a 1 year low of $43.50 and a 1 year high of $99.48.

Arcellx (NASDAQ:ACLX) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.51) EPS for the quarter, beating analysts’ consensus estimates of ($0.52) by $0.01. The firm 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 revenue for the quarter was up 91.5% compared to the same quarter last year. On average, analysts anticipate that Arcellx will post -1.65 earnings per share for the current fiscal year.

Insider Buying and Selling at Arcellx

In other news, CFO Michelle Gilson sold 15,000 shares of Arcellx stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $77.73, for a total transaction of $1,165,950.00. Following the sale, the chief financial officer now directly owns 6,915 shares in the company, 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 hyperlink. In other news, Director Kavita Patel sold 1,500 shares of the stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $89.69, for a total transaction of $134,535.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Michelle Gilson sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $77.73, for a total transaction of $1,165,950.00. Following the sale, the chief financial officer now owns 6,915 shares of the company’s stock, valued at approximately $537,502.95. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 70,556 shares of company stock worth $5,033,845 in the last quarter. 6.24% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Arcellx

Several institutional investors and hedge funds have recently bought and sold shares of the company. First Turn Management LLC bought a new stake in shares of Arcellx in the third quarter valued at $17,896,000. Quest Partners LLC increased its holdings in Arcellx by 210.1% in the 3rd quarter. Quest Partners LLC now owns 1,532 shares of the company’s stock worth $128,000 after acquiring an additional 1,038 shares during the last quarter. Entropy Technologies LP bought a new stake in Arcellx in the 3rd quarter valued at about $293,000. Covestor Ltd raised its stake in Arcellx by 53,766.7% in the 3rd quarter. Covestor Ltd now owns 1,616 shares of the company’s stock valued at $135,000 after acquiring an additional 1,613 shares during the period. Finally, 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. 96.03% of the stock is owned by 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).