Piper Sandler Forecasts Strong Price Appreciation for Arcellx (NASDAQ:ACLX) Stock

Arcellx (NASDAQ:ACLX) had its target price boosted by analysts at Piper Sandler from $91.00 to $115.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Piper Sandler’s price objective suggests a potential upside of 11.59% from the company’s previous close.

A number of other equities analysts have also weighed in on the stock. Bank of America upped their price target on shares of Arcellx from $84.00 to $100.00 and gave the stock a “buy” rating in a research report on Wednesday. Robert W. Baird upped their target price on shares of Arcellx from $77.00 to $106.00 and gave the stock an “outperform” rating in a report on Wednesday. Redburn Atlantic started coverage on Arcellx in a report on Tuesday, October 8th. They set a “buy” rating and a $109.00 price target on the stock. Stifel Nicolaus upped their price objective on Arcellx from $83.00 to $122.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Arcellx in a research report on Monday, September 9th. Thirteen equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $99.31.

Arcellx Stock Performance

NASDAQ:ACLX opened at $103.06 on Friday. Arcellx has a one year low of $43.50 and a one year high of $106.24. The business has a fifty day moving average price of $83.01 and a 200-day moving average price of $66.02.

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. Equities research analysts anticipate that Arcellx will post -1.65 EPS for the current year.

Insider Activity

In related news, Director Kavita Patel sold 1,500 shares of the business’s 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 SEC, which is accessible through this link. In related news, Director Kavita Patel sold 1,500 shares of the stock in a transaction dated 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Michelle Gilson sold 15,000 shares of Arcellx 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 transaction, the chief financial officer now owns 6,915 shares of the company’s stock, valued at approximately $537,502.95. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 70,556 shares of company stock worth $5,033,845. 6.24% of the stock is currently owned by insiders.

Institutional Trading of Arcellx

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Intech Investment Management LLC purchased a new position in Arcellx during the third quarter worth $800,000. Advisors Asset Management Inc. boosted its stake in shares of Arcellx by 13.1% during the 3rd quarter. Advisors Asset Management Inc. now owns 6,196 shares of the company’s stock worth $517,000 after purchasing an additional 720 shares during the period. First Turn Management LLC purchased a new position in shares of Arcellx during the 3rd quarter worth about $17,896,000. Quest Partners LLC raised its position in Arcellx by 210.1% in the 3rd quarter. Quest Partners LLC now owns 1,532 shares of the company’s stock worth $128,000 after purchasing an additional 1,038 shares during the period. Finally, Entropy Technologies LP bought a new stake in Arcellx in the third quarter worth about $293,000. Hedge funds and other institutional investors own 96.03% of the company’s stock.

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).