Arcellx (NASDAQ:ACLX) Given “Buy” Rating at Canaccord Genuity Group

Canaccord Genuity Group reiterated their buy rating on shares of Arcellx (NASDAQ:ACLX) in a research note issued to investors on Monday morning, Benzinga reports. The brokerage currently has a $85.00 price objective on the stock.

Several other analysts have also weighed in on ACLX. Truist Financial reiterated a buy rating and set a $87.00 target price on shares of Arcellx in a research report on Tuesday, June 18th. HC Wainwright dropped their target price on shares of Arcellx from $82.00 to $80.00 and set a buy rating for the company in a research report on Monday, May 13th. Piper Sandler initiated coverage on shares of Arcellx in a research note on Friday, May 31st. They set an overweight rating and a $70.00 price objective on the stock. Stifel Nicolaus lifted their target price on shares of Arcellx from $82.00 to $83.00 and gave the company a buy rating in a research note on Wednesday, May 15th. Finally, Scotiabank reaffirmed an outperform rating and set a $82.00 price target on shares of Arcellx in a report on Thursday, April 4th. Thirteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of Buy and a consensus target price of $78.00.

Arcellx Stock Down 1.7 %

ACLX opened at $62.10 on Monday. Arcellx has a 12-month low of $30.88 and a 12-month high of $75.10. The firm has a market capitalization of $3.32 billion, a P/E ratio of -60.29 and a beta of 0.23. The stock has a fifty day moving average of $55.34 and a 200-day moving average of $58.99.

Arcellx (NASDAQ:ACLX) last posted its earnings results on Thursday, May 9th. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.51) by $0.37. The company had revenue of $39.26 million for the quarter, compared to analyst estimates of $20.67 million. Arcellx had a negative return on equity of 13.11% and a negative net margin of 38.39%. The business’s revenue was up 119.2% compared to the same quarter last year. During the same period last year, the company earned ($0.58) earnings per share. On average, analysts expect that Arcellx will post -1.7 earnings per share for the current fiscal year.

Insider Buying and Selling at Arcellx

In other Arcellx news, insider Christopher Heery sold 10,901 shares of the stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $65.30, for a total value of $711,835.30. Following the sale, the insider now directly owns 9,278 shares in the company, valued at $605,853.40. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, insider Christopher Heery sold 10,901 shares of the company’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $65.30, for a total transaction of $711,835.30. Following the completion of the transaction, the insider now directly owns 9,278 shares of the company’s stock, valued at $605,853.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Michelle Gilson sold 12,121 shares of Arcellx stock in a transaction that occurred on Friday, May 24th. The shares were sold at an average price of $50.71, for a total transaction of $614,655.91. Following the completion of the sale, the chief financial officer now owns 19,792 shares in the company, valued at $1,003,652.32. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 109,238 shares of company stock valued at $6,008,891. 6.24% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Arcellx

Large investors have recently made changes to their positions in the stock. Principal Financial Group Inc. grew its holdings in shares of Arcellx by 246.3% during the 1st quarter. Principal Financial Group Inc. now owns 36,835 shares of the company’s stock worth $2,562,000 after purchasing an additional 26,197 shares in the last quarter. Advisory Alpha LLC bought a new stake in shares of Arcellx in the 1st quarter valued at about $209,000. Jump Financial LLC acquired a new stake in shares of Arcellx in the fourth quarter valued at about $843,000. DekaBank Deutsche Girozentrale raised its position in shares of Arcellx by 87.5% during the fourth quarter. DekaBank Deutsche Girozentrale now owns 30,000 shares of the company’s stock worth $1,706,000 after acquiring an additional 14,000 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its stake in shares of Arcellx by 425.0% in the fourth quarter. Victory Capital Management Inc. now owns 155,652 shares of the company’s stock worth $8,639,000 after acquiring an additional 126,002 shares during the period. Institutional investors and hedge funds 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).