Arcellx (NASDAQ:ACLX) Hits New 1-Year High on Analyst Upgrade

Arcellx, Inc. (NASDAQ:ACLX)’s share price hit a new 52-week high during trading on Thursday after HC Wainwright raised their price target on the stock from $80.00 to $95.00. HC Wainwright currently has a buy rating on the stock. Arcellx traded as high as $97.86 and last traded at $97.79, with a volume of 230060 shares traded. The stock had previously closed at $92.98.

ACLX has been the subject of several other research reports. Canaccord Genuity Group raised their target price on Arcellx from $85.00 to $115.00 and gave the stock a “buy” rating in a research note on Thursday, October 17th. Needham & Company LLC reaffirmed a “buy” rating and issued a $96.00 price objective on shares of Arcellx in a research note on Thursday, October 31st. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Arcellx in a research note on Monday, September 9th. Bank of America increased their price target on Arcellx from $84.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday. Finally, Redburn Atlantic started coverage on Arcellx in a research report on Tuesday, October 8th. They set a “buy” rating and a $109.00 price objective for the company. Thirteen equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $95.85.

Insider Buying and Selling

In other Arcellx news, 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 directly owns 9,278 shares of the company’s stock, valued at $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 is available through this hyperlink. In other Arcellx news, insider Christopher Heery sold 27,451 shares of the business’s stock in a transaction on 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 transaction, the insider now owns 9,278 shares in the company, valued at $621,904.34. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Kavita Patel sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $74.41, for a total value of $111,615.00. The disclosure for this sale can be found here. In the last three months, insiders sold 70,556 shares of company stock valued at $5,033,845. Company insiders own 6.24% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in ACLX. Quest Partners LLC acquired a new stake in shares of Arcellx in the 2nd quarter valued at about $27,000. Plato Investment Management Ltd acquired a new stake in Arcellx during the first quarter valued at approximately $51,000. Decheng Capital LLC acquired a new stake in Arcellx during the second quarter valued at approximately $65,000. National Bank of Canada FI grew its position in shares of Arcellx by 50.0% in the 2nd quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock worth $80,000 after acquiring an additional 500 shares in the last quarter. Finally, Covestor Ltd increased its holdings in shares of Arcellx by 53,766.7% in the 3rd quarter. Covestor Ltd now owns 1,616 shares of the company’s stock valued at $135,000 after acquiring an additional 1,613 shares during the last quarter. 96.03% of the stock is owned by institutional investors and hedge funds.

Arcellx Trading Up 6.6 %

The company has a 50-day moving average of $82.32 and a 200-day moving average of $65.58. The firm has a market capitalization of $5.33 billion, a price-to-earnings ratio of -95.35 and a beta of 0.27.

Arcellx (NASDAQ:ACLX) last posted 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 company had revenue of $27.38 million during the quarter, compared to analyst estimates 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 for the quarter was up 91.5% compared to the same quarter last year. On average, research analysts forecast that Arcellx, Inc. will post -1.65 earnings per share for the current year.

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).