Arcellx (NASDAQ:ACLX) Earns “Buy” Rating from Needham & Company LLC

Arcellx (NASDAQ:ACLX)‘s stock had its “buy” rating reiterated by Needham & Company LLC in a research note issued to investors on Thursday, Benzinga reports. They presently have a $96.00 target price on the stock. Needham & Company LLC’s price target would suggest a potential upside of 11.41% from the stock’s current price.

Several other equities analysts have also recently commented on ACLX. Cantor Fitzgerald reissued an “overweight” rating on shares of Arcellx in a research note on Monday, September 9th. Stifel Nicolaus raised their price objective on shares of Arcellx from $83.00 to $122.00 and gave the company a “buy” rating in a research report on Friday, October 18th. Redburn Atlantic started coverage on shares of Arcellx in a research report on Tuesday, October 8th. They set a “buy” rating and a $109.00 price objective for the company. Finally, Canaccord Genuity Group raised their price objective 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. Twelve equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $89.75.

Arcellx Trading Up 2.3 %

Arcellx stock opened at $86.17 on Thursday. The stock has a market cap of $4.63 billion, a price-to-earnings ratio of -82.86 and a beta of 0.25. The company’s 50-day moving average price is $80.27 and its two-hundred day moving average price is $64.33. Arcellx has a 52 week low of $35.01 and a 52 week high of $97.54.

Arcellx (NASDAQ:ACLX) last released 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 firm had revenue of $27.38 million for the quarter, compared to analysts’ expectations of $22.04 million. Arcellx had a negative net margin of 37.23% and a negative return on equity of 12.42%. The business’s revenue was up 91.5% on a year-over-year basis. Research analysts expect that Arcellx will post -1.65 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Arcellx news, insider Christopher Heery sold 27,451 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $67.03, for a total value of $1,840,040.53. Following the completion of the transaction, the insider now directly owns 9,278 shares in the company, valued at $621,904.34. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, insider Christopher Heery sold 27,451 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $67.03, for a total transaction of $1,840,040.53. Following the completion of the sale, the insider now directly owns 9,278 shares in the company, valued at approximately $621,904.34. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Kavita Patel sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $74.41, for a total transaction of $111,615.00. The disclosure for this sale can be found here. Insiders sold a total of 70,556 shares of company stock worth $5,033,845 over the last ninety days. 6.24% of the stock is currently owned by company insiders.

Institutional Trading of Arcellx

Several institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in Arcellx by 8.1% during the first quarter. Vanguard Group Inc. now owns 2,228,856 shares of the company’s stock valued at $155,017,000 after acquiring an additional 167,037 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in 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 acquiring an additional 84,373 shares in the last quarter. Great Point Partners LLC raised its position in Arcellx by 64.0% during the second quarter. Great Point Partners LLC now owns 492,000 shares of the company’s stock valued at $27,153,000 after acquiring an additional 192,000 shares in the last quarter. Affinity Asset Advisors LLC raised its position in Arcellx by 53.3% during the second quarter. Affinity Asset Advisors LLC now owns 460,000 shares of the company’s stock valued at $25,387,000 after acquiring an additional 160,000 shares in the last quarter. Finally, Victory Capital Management Inc. raised its position in Arcellx by 20.4% during the second quarter. Victory Capital Management Inc. now owns 283,872 shares of the company’s stock valued at $15,667,000 after acquiring an additional 48,006 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).