Analysts Set Arcellx, Inc. (NASDAQ:ACLX) Target Price at $103.08

Arcellx, Inc. (NASDAQ:ACLX) has been assigned an average rating of “Buy” from the fourteen ratings firms that are presently covering the stock, MarketBeat.com reports. Thirteen analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $103.08.

A number of analysts recently issued reports on ACLX shares. Redburn Atlantic assumed coverage on Arcellx in a research note on Tuesday, October 8th. They set a “buy” rating and a $109.00 price objective on the stock. Morgan Stanley upped their price target on Arcellx from $81.00 to $106.00 and gave the company an “overweight” rating in a research report on Wednesday, November 6th. Needham & Company LLC restated a “buy” rating and issued a $96.00 price objective on shares of Arcellx in a research report on Wednesday, November 6th. 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 research report on Thursday, October 17th. Finally, HC Wainwright upped their price objective on shares of Arcellx from $80.00 to $95.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th.

Insider Buying and Selling

In other Arcellx news, Director Kavita Patel sold 15,238 shares of the firm’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $105.92, for a total value of $1,614,008.96. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Christopher Heery sold 21,684 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $71.12, for a total transaction of $1,542,166.08. Following the transaction, the insider now directly owns 9,278 shares of the company’s stock, valued at approximately $659,851.36. This trade represents a 70.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 119,557 shares of company stock worth $10,163,933 in the last ninety days. 6.24% of the stock is owned by insiders.

Institutional Investors Weigh In On Arcellx

Several institutional investors and hedge funds have recently bought and sold shares of ACLX. Vanguard Group Inc. lifted its stake in Arcellx by 8.1% in 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 during the period. Janus Henderson Group PLC lifted its position in shares of Arcellx by 5.7% in the 3rd quarter. Janus Henderson Group PLC now owns 2,011,950 shares of the company’s stock worth $168,026,000 after purchasing an additional 109,332 shares during the period. RA Capital Management L.P. increased its position in shares of Arcellx by 15.4% during the third quarter. RA Capital Management L.P. now owns 1,851,479 shares of the company’s stock valued at $154,617,000 after buying an additional 247,465 shares during the period. Price T Rowe Associates Inc. MD increased its position in shares of Arcellx by 6.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,344,553 shares of the company’s stock valued at $93,514,000 after buying an additional 84,373 shares during the period. Finally, Geode Capital Management LLC raised its stake in Arcellx by 4.3% in the third quarter. Geode Capital Management LLC now owns 974,967 shares of the company’s stock worth $81,434,000 after buying an additional 39,781 shares in the last quarter. Hedge funds and other institutional investors own 96.03% of the company’s stock.

Arcellx Trading Up 0.4 %

Arcellx stock opened at $88.22 on Friday. The business’s 50 day simple moving average is $85.97 and its 200 day simple moving average is $67.76. Arcellx has a 12 month low of $46.42 and a 12 month high of $107.37. The company has a market cap of $4.77 billion, a price-to-earnings ratio of -124.25 and a beta of 0.27.

Arcellx (NASDAQ:ACLX) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.48) earnings per share for the quarter, topping the consensus estimate of ($0.54) by $0.06. The company had revenue of $26.03 million during the quarter, compared to the consensus estimate of $35.21 million. Arcellx had a negative return on equity of 8.28% and a negative net margin of 25.94%. As a group, equities research analysts forecast that Arcellx will post -1.49 earnings per share for the current fiscal year.

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).