Needham & Company LLC Reiterates Buy Rating for Arcellx (NASDAQ:ACLX)

Arcellx (NASDAQ:ACLX)‘s stock had its “buy” rating reissued by equities researchers at Needham & Company LLC in a report released on Wednesday,Benzinga reports. They currently have a $96.00 target price on the stock. Needham & Company LLC’s target price suggests a potential downside of 3.19% from the stock’s current price.

Several other equities analysts also recently weighed in on ACLX. HC Wainwright lifted their price target on shares of Arcellx from $80.00 to $95.00 and gave the company a “buy” rating in a report on Wednesday. Stifel Nicolaus increased their price target on Arcellx from $83.00 to $122.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. Cantor Fitzgerald restated an “overweight” rating on shares of Arcellx in a research report on Monday, September 9th. Redburn Atlantic initiated coverage on Arcellx in a research report on Tuesday, October 8th. They set a “buy” rating and a $109.00 target price for the company. Finally, Robert W. Baird lifted their target price on Arcellx from $77.00 to $106.00 and gave the company an “outperform” rating in a research note on Wednesday. Thirteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Arcellx currently has an average rating of “Buy” and a consensus price target of $95.85.

Arcellx Stock Performance

NASDAQ ACLX opened at $99.16 on Wednesday. The business’s fifty day moving average is $82.32 and its 200 day moving average is $65.58. Arcellx has a fifty-two week low of $43.50 and a fifty-two week high of $99.48. The company has a market capitalization of $5.33 billion, a PE ratio of -95.35 and a beta of 0.27.

Arcellx (NASDAQ:ACLX) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.51) earnings per share for the quarter, beating analysts’ consensus estimates 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 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. On average, sell-side analysts forecast that Arcellx will post -1.65 EPS for the current year.

Insider Activity at Arcellx

In related news, Director Kavita Patel sold 1,500 shares of the company’s stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $89.69, for a total transaction of $134,535.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Arcellx news, Director Kavita Patel sold 1,500 shares of Arcellx stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $89.69, for a total value of $134,535.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Christopher Heery sold 27,451 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was 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 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 disclosure for this sale can be found here. Over the last ninety days, insiders sold 70,556 shares of company stock valued at $5,033,845. 6.24% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Arcellx

Several institutional investors have recently modified their holdings of the stock. Advisory Alpha LLC bought a new position in shares of Arcellx during the 1st quarter valued at approximately $209,000. Sei Investments Co. boosted its stake in Arcellx by 36.3% during the first quarter. Sei Investments Co. now owns 14,836 shares of the company’s stock worth $1,032,000 after buying an additional 3,951 shares during the period. Russell Investments Group Ltd. boosted its stake in Arcellx by 3.1% during the first quarter. Russell Investments Group Ltd. now owns 195,437 shares of the company’s stock worth $13,593,000 after buying an additional 5,895 shares during the period. ProShare Advisors LLC increased its position in Arcellx by 12.0% during the first quarter. ProShare Advisors LLC now owns 10,590 shares of the company’s stock valued at $737,000 after acquiring an additional 1,131 shares during the last quarter. Finally, Bleakley Financial Group LLC purchased a new stake in shares of Arcellx in the first quarter valued at $232,000. 96.03% of the stock is owned by institutional investors.

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).