Morgan Stanley Forecasts Strong Price Appreciation for Arcellx (NASDAQ:ACLX) Stock

Arcellx (NASDAQ:ACLX) had its price objective increased by Morgan Stanley from $81.00 to $106.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Morgan Stanley’s price objective indicates a potential upside of 6.90% from the company’s previous close.

Other equities analysts have also recently issued reports about the company. Cantor Fitzgerald reiterated an “overweight” rating on shares of Arcellx in a report on Monday, September 9th. Canaccord Genuity Group lifted their price target on shares of Arcellx from $85.00 to $115.00 and gave the company a “buy” rating in a research report on Thursday, October 17th. Redburn Atlantic initiated coverage on shares of Arcellx in a research note on Tuesday, October 8th. They issued a “buy” rating and a $109.00 price target on the stock. Stifel Nicolaus increased their price objective on shares of Arcellx from $83.00 to $122.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $96.00 target price on shares of Arcellx in a research report on Thursday, October 31st. Thirteen equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $95.85.

Arcellx Price Performance

Shares of ACLX stock opened at $99.16 on Wednesday. The company has a market capitalization of $5.33 billion, a PE ratio of -95.35 and a beta of 0.27. The firm’s 50-day moving average is $82.32 and its two-hundred day moving average is $65.58. 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 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 for 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%. Arcellx’s quarterly revenue was up 91.5% compared to the same quarter last year. Sell-side analysts forecast that Arcellx will post -1.65 EPS for the current year.

Insider Activity

In related news, Director Kavita Patel sold 1,500 shares of the business’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $74.41, for a total transaction of $111,615.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Arcellx news, insider Christopher Heery sold 27,451 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were 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 of the company’s stock, valued at approximately $621,904.34. This represents a 0.00 % decrease in their position. The sale 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 firm’s stock in a transaction on 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. Over the last three months, insiders have sold 70,556 shares of company stock worth $5,033,845. Corporate insiders own 6.24% of the company’s stock.

Hedge Funds Weigh In On Arcellx

Several large investors have recently bought and sold shares of the business. Vanguard Group Inc. lifted its holdings in Arcellx by 8.1% during the 1st quarter. Vanguard Group Inc. now owns 2,228,856 shares of the company’s stock worth $155,017,000 after buying an additional 167,037 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position 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 acquiring an additional 84,373 shares in the last quarter. Great Point Partners LLC lifted its stake in 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 purchasing an additional 192,000 shares during the last quarter. Affinity Asset Advisors LLC boosted its holdings 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 purchasing an additional 160,000 shares in the last quarter. Finally, Victory Capital Management Inc. increased its stake in 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 purchasing an additional 48,006 shares during the last quarter. Hedge funds and other institutional investors own 96.03% of the company’s stock.

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).