HC Wainwright Has Optimistic Outlook of Arcellx Q3 Earnings

Arcellx, Inc. (NASDAQ:ACLX) – HC Wainwright boosted their Q3 2024 earnings per share estimates for Arcellx in a note issued to investors on Tuesday, November 5th. HC Wainwright analyst E. Bodnar now expects that the company will earn ($0.66) per share for the quarter, up from their previous estimate of ($0.68). HC Wainwright currently has a “Buy” rating and a $95.00 target price on the stock. The consensus estimate for Arcellx’s current full-year earnings is ($1.65) per share. HC Wainwright also issued estimates for Arcellx’s Q4 2024 earnings at ($0.57) EPS, FY2024 earnings at ($1.87) EPS, FY2025 earnings at ($3.11) EPS, FY2026 earnings at ($5.00) EPS, FY2027 earnings at ($2.79) EPS and FY2028 earnings at $0.59 EPS.

A number of other analysts also recently weighed in on the company. Bank of America upped their target price on Arcellx from $84.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday. 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 note on Friday, October 18th. Needham & Company LLC reaffirmed a “buy” rating and set a $96.00 price target on shares of Arcellx in a report on Wednesday. Piper Sandler lifted their price objective on shares of Arcellx from $91.00 to $115.00 and gave the company an “overweight” rating in a research note on Friday. Finally, Canaccord Genuity Group raised their target price on Arcellx from $85.00 to $115.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Thirteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $99.31.

Arcellx Trading Up 3.9 %

NASDAQ ACLX opened at $103.06 on Friday. The company has a market cap of $5.54 billion, a price-to-earnings ratio of -99.10 and a beta of 0.27. Arcellx has a 1-year low of $43.50 and a 1-year high of $106.24. The company has a 50 day moving average of $83.01 and a 200-day moving average of $65.94.

Arcellx (NASDAQ:ACLX) last announced its earnings results on Thursday, August 8th. The company reported ($0.51) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.52) by $0.01. Arcellx had a negative net margin of 37.23% and a negative return on equity of 12.42%. The company had revenue of $27.38 million during the quarter, compared to analysts’ expectations of $22.04 million. The business’s revenue was up 91.5% on a year-over-year basis.

Insider Activity at Arcellx

In other Arcellx news, CFO Michelle Gilson sold 15,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The shares were 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 of the company’s stock, valued at $537,502.95. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, Director Kavita Patel sold 1,500 shares of Arcellx stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $89.69, for a total value of $134,535.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Michelle Gilson sold 15,000 shares of the stock in a transaction that occurred on Tuesday, September 17th. The shares were 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 of the company’s stock, valued at $537,502.95. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 70,556 shares of company stock worth $5,033,845 in the last quarter. 6.24% of the stock is owned by insiders.

Institutional Trading of Arcellx

A number of large investors have recently bought and sold shares of the business. Quest Partners LLC bought a new stake in shares of Arcellx in the 2nd quarter valued at $27,000. Plato Investment Management Ltd acquired a new position in shares of Arcellx during the first quarter valued at about $51,000. Decheng Capital LLC bought a new position in shares of Arcellx during the 2nd quarter worth about $65,000. National Bank of Canada FI grew its stake in shares of Arcellx by 50.0% in the 2nd quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock valued at $80,000 after buying an additional 500 shares during the period. Finally, Covestor Ltd increased its position 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 buying an additional 1,613 shares in the last quarter. 96.03% of the stock is currently owned by institutional investors and hedge funds.

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).