Arcellx, Inc. (NASDAQ:ACLX) Receives $105.93 Consensus Price Target from Analysts

Arcellx, Inc. (NASDAQ:ACLX) has been assigned an average rating of “Buy” from the fifteen analysts that are covering the company, Marketbeat Ratings reports. Thirteen investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $105.93.

Several analysts have issued reports on the stock. Barclays raised shares of Arcellx to a “strong-buy” rating in a report on Friday, November 29th. Needham & Company LLC reiterated a “buy” rating and set a $105.00 target price on shares of Arcellx in a report on Monday, December 9th. Cantor Fitzgerald reissued an “overweight” rating on shares of Arcellx in a report on Monday, September 9th. Redburn Atlantic assumed coverage on Arcellx in a research report on Tuesday, October 8th. They issued a “buy” rating and a $109.00 price objective on the stock. Finally, Stifel Nicolaus lifted their price objective on Arcellx from $83.00 to $122.00 and gave the stock a “buy” rating in a research report on Friday, October 18th.

Arcellx Stock Performance

ACLX opened at $83.80 on Wednesday. The company has a market cap of $4.53 billion, a price-to-earnings ratio of -118.03 and a beta of 0.25. Arcellx has a one year low of $47.88 and a one year high of $107.37. The business’s fifty day moving average is $88.93 and its two-hundred day moving average is $72.42.

Arcellx (NASDAQ:ACLX) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.48) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.54) by $0.06. The business 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%. On average, analysts predict that Arcellx will post -1.49 EPS for the current fiscal year.

Insider Activity at Arcellx

In other Arcellx news, Director Kavita Patel sold 1,500 shares of the business’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $91.88, for a total transaction of $137,820.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Michelle Gilson sold 15,000 shares of the company’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $77.73, for a total value of $1,165,950.00. Following the sale, the chief financial officer now owns 6,915 shares of the company’s stock, valued at $537,502.95. This represents a 68.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 67,001 shares of company stock worth $6,568,393. 6.24% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of ACLX. Quest Partners LLC purchased a new stake in Arcellx during the 2nd quarter worth $27,000. Decheng Capital LLC purchased a new stake in Arcellx during the 2nd quarter worth approximately $65,000. National Bank of Canada FI raised its position 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 purchasing an additional 500 shares in the last quarter. Quarry LP purchased a new position in shares of Arcellx during the 3rd quarter valued at approximately $125,000. Finally, Covestor Ltd increased its stake in shares of Arcellx by 53,766.7% in the third quarter. Covestor Ltd now owns 1,616 shares of the company’s stock worth $135,000 after buying an additional 1,613 shares during the last quarter. Hedge funds and other institutional investors 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).