Arcellx, Inc. (NASDAQ:ACLX) Receives $88.50 Average Price Target from Analysts

Shares of Arcellx, Inc. (NASDAQ:ACLX) have been given an average recommendation of “Buy” by the fourteen brokerages that are covering the firm, Marketbeat Ratings reports. Thirteen research analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $89.75.

Several equities analysts have recently commented on ACLX shares. Stifel Nicolaus increased their target price on Arcellx from $83.00 to $122.00 and gave the company a “buy” rating in a research note on Friday, October 18th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Arcellx in a research note on Monday, September 9th. Needham & Company LLC reissued a “buy” rating and issued a $96.00 price objective (up from $81.00) on shares of Arcellx in a report on Friday, October 18th. Redburn Atlantic began coverage on shares of Arcellx in a research report on Tuesday, October 8th. They set a “buy” rating and a $109.00 price target on the stock. Finally, Canaccord Genuity Group lifted their target price on Arcellx from $85.00 to $115.00 and gave the stock a “buy” rating in a report on Thursday, October 17th.

Arcellx Stock Down 1.9 %

ACLX stock opened at $86.48 on Tuesday. The company has a market cap of $4.63 billion, a price-to-earnings ratio of -83.96 and a beta of 0.25. Arcellx has a 52 week low of $30.88 and a 52 week high of $97.54. The business has a fifty day simple moving average of $78.33 and a 200-day simple moving average of $63.44.

Arcellx (NASDAQ:ACLX) last announced its earnings results on Thursday, August 8th. The company reported ($0.51) EPS for the quarter, beating the consensus estimate of ($0.52) by $0.01. The business had revenue of $27.38 million for the quarter, compared to the consensus estimate of $22.04 million. Arcellx had a negative return on equity of 12.42% and a negative net margin of 37.23%. The firm’s revenue was up 91.5% on a year-over-year basis. As a group, analysts expect that Arcellx will post -1.65 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Arcellx news, Director Kavita Patel sold 1,500 shares of the stock in a transaction that occurred on Tuesday, July 30th. The shares were sold at an average price of $61.97, for a total value of $92,955.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Arcellx news, Director Kavita Patel sold 1,500 shares of Arcellx stock in a transaction that occurred on Tuesday, July 30th. The shares were sold at an average price of $61.97, for a total value of $92,955.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Michelle Gilson sold 15,000 shares of the stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $77.73, for a total transaction of $1,165,950.00. Following the transaction, the chief financial officer now directly owns 6,915 shares in the company, valued at $537,502.95. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 72,056 shares of company stock worth $5,126,800. 6.24% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Arcellx

Several hedge funds and other institutional investors have recently made changes to their positions in ACLX. Vanguard Group Inc. lifted its position in shares of Arcellx by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 2,061,819 shares of the company’s stock worth $114,431,000 after purchasing an additional 23,262 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new position in Arcellx in the first quarter worth $804,000. Principal Financial Group Inc. boosted its stake in Arcellx by 246.3% during the first quarter. Principal Financial Group Inc. now owns 36,835 shares of the company’s stock worth $2,562,000 after buying an additional 26,197 shares in the last quarter. Advisory Alpha LLC bought a new stake in Arcellx in the 1st quarter valued at $209,000. Finally, Sei Investments Co. raised its stake in shares of Arcellx by 36.3% in the 1st quarter. Sei Investments Co. now owns 14,836 shares of the company’s stock valued at $1,032,000 after buying an additional 3,951 shares in the last quarter. 96.03% of the stock is 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).