Robert W. Baird Forecasts Strong Price Appreciation for Arcellx (NASDAQ:ACLX) Stock

Arcellx (NASDAQ:ACLX) had its target price increased by investment analysts at Robert W. Baird from $77.00 to $106.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Robert W. Baird’s price objective points to a potential upside of 6.90% from the company’s current price.

Other equities research analysts have also recently issued reports about the company. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Arcellx in a report on Monday, September 9th. Redburn Atlantic assumed coverage on Arcellx in a report on Tuesday, October 8th. They set a “buy” rating and a $109.00 target price on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $96.00 price target on shares of Arcellx in a report on Thursday, October 31st. Stifel Nicolaus increased their price objective on shares of Arcellx from $83.00 to $122.00 and gave the stock a “buy” rating in a report on Friday, October 18th. Finally, Morgan Stanley boosted 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. Thirteen research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $95.85.

Arcellx Stock Up 6.6 %

Shares of Arcellx stock opened at $99.16 on Wednesday. Arcellx has a 12-month low of $43.50 and a 12-month high of $99.48. The stock has a market capitalization of $5.33 billion, a P/E ratio of -95.35 and a beta of 0.27. The company has a 50-day simple moving average of $82.32 and a 200 day simple moving average of $65.58.

Arcellx (NASDAQ:ACLX) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.51) earnings per share for the quarter, topping the consensus estimate of ($0.52) by $0.01. Arcellx had a negative net margin of 37.23% and a negative return on equity of 12.42%. The company had revenue of $27.38 million during the quarter, compared to analyst estimates of $22.04 million. The business’s revenue was up 91.5% on a year-over-year basis. On average, equities analysts anticipate that Arcellx will post -1.65 earnings per share for the current year.

Insider Buying and Selling

In other Arcellx news, CFO Michelle Gilson sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $77.73, for a total value of $1,165,950.00. Following the transaction, the chief financial officer now directly owns 6,915 shares of the company’s stock, valued at approximately $537,502.95. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, 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 completion of the sale, the chief financial officer now owns 6,915 shares in the company, valued at approximately $537,502.95. This 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 this link. Also, insider Christopher Heery sold 27,451 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $67.03, for a total value of $1,840,040.53. Following the transaction, 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 position. The disclosure for this sale can be found here. Insiders sold a total of 70,556 shares of company stock valued at $5,033,845 over the last ninety days. Insiders own 6.24% of the company’s stock.

Hedge Funds Weigh In On Arcellx

Hedge funds and other institutional investors have recently made changes to their positions in the company. First Turn Management LLC bought a new stake in shares of Arcellx in the 3rd quarter valued at $17,896,000. Quest Partners LLC grew its stake in Arcellx by 210.1% in the third quarter. Quest Partners LLC now owns 1,532 shares of the company’s stock valued at $128,000 after acquiring an additional 1,038 shares during the period. Entropy Technologies LP bought a new stake in shares of Arcellx in the third quarter worth about $293,000. Covestor Ltd raised its position in shares of Arcellx by 53,766.7% during the third quarter. Covestor Ltd now owns 1,616 shares of the company’s stock worth $135,000 after purchasing an additional 1,613 shares during the period. Finally, Harbor Capital Advisors Inc. lifted its holdings in shares of Arcellx by 37.0% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 27,896 shares of the company’s stock valued at $2,330,000 after purchasing an additional 7,534 shares in the last quarter. 96.03% of the stock is owned by institutional investors.

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).