Arcellx, Inc. (NASDAQ:ACLX) Receives Average Recommendation of “Buy” from Brokerages

Shares of Arcellx, Inc. (NASDAQ:ACLX) have earned a consensus rating of “Buy” from the fifteen brokerages that are covering the stock, MarketBeat.com reports. Thirteen research analysts have rated the stock with a buy recommendation and two have issued a strong buy recommendation on the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $105.93.

Several equities analysts recently commented on ACLX shares. Truist Financial upped their price target on shares of Arcellx from $87.00 to $136.00 and gave the company a “buy” rating in a report on Tuesday, November 12th. UBS Group upped their price target on shares of Arcellx from $106.00 to $114.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Morgan Stanley upped their target price on shares of Arcellx from $81.00 to $106.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 6th. Bank of America upped their target price on shares of Arcellx from $84.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. Finally, Needham & Company LLC restated a “buy” rating and issued a $105.00 target price on shares of Arcellx in a research note on Monday, December 9th.

Arcellx Trading Down 2.8 %

Shares of NASDAQ:ACLX opened at $63.75 on Monday. The company has a market capitalization of $3.45 billion, a price-to-earnings ratio of -89.79 and a beta of 0.29. Arcellx has a 12 month low of $47.88 and a 12 month high of $107.37. The firm’s 50-day moving average is $70.11 and its 200 day moving average is $77.46.

Insider Activity

In related news, Director Kavita Patel sold 1,500 shares of the stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $76.97, for a total transaction of $115,455.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Christopher Heery sold 3,301 shares of the stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $79.55, for a total transaction of $262,594.55. Following the sale, the insider now directly owns 35,517 shares of the company’s stock, valued at $2,825,377.35. The trade was a 8.50 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 15,915 shares of company stock worth $1,209,567. Corporate insiders own 6.24% of the company’s stock.

Institutional Investors Weigh In On Arcellx

Hedge funds and other institutional investors have recently bought and sold shares of the company. First Turn Management LLC purchased a new stake in Arcellx during the third quarter valued at approximately $17,896,000. Charles Schwab Investment Management Inc. raised its holdings in shares of Arcellx by 4.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 328,093 shares of the company’s stock worth $27,399,000 after buying an additional 14,200 shares during the last quarter. Harbor Capital Advisors Inc. raised its holdings in shares of Arcellx by 37.0% in the third quarter. Harbor Capital Advisors Inc. now owns 27,896 shares of the company’s stock worth $2,330,000 after buying an additional 7,534 shares during the last quarter. Lord Abbett & CO. LLC raised its holdings in shares of Arcellx by 2.1% in the third quarter. Lord Abbett & CO. LLC now owns 891,848 shares of the company’s stock worth $74,478,000 after buying an additional 18,004 shares during the last quarter. Finally, Intech Investment Management LLC purchased a new position in shares of Arcellx in the third quarter worth $800,000. 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).