Arcellx (NASDAQ:ACLX) Given New $115.00 Price Target at Canaccord Genuity Group

Arcellx (NASDAQ:ACLX) had its price target lifted by Canaccord Genuity Group from $85.00 to $115.00 in a research report report published on Thursday, Benzinga reports. The brokerage currently has a buy rating on the stock.

Other analysts have also issued reports about the company. Needham & Company LLC reaffirmed a “buy” rating and set a $81.00 target price on shares of Arcellx in a report on Friday, August 9th. Redburn Atlantic assumed coverage on shares of Arcellx in a research note on Tuesday, October 8th. They set a “buy” rating and a $109.00 price objective on the stock. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Arcellx in a research note on Monday, September 9th. Thirteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Arcellx currently has a consensus rating of “Buy” and an average price target of $85.25.

Arcellx Stock Performance

Shares of ACLX stock opened at $95.27 on Thursday. Arcellx has a fifty-two week low of $30.88 and a fifty-two week high of $96.30. The firm has a market capitalization of $5.10 billion, a price-to-earnings ratio of -92.50 and a beta of 0.25. The stock’s 50-day simple moving average is $75.36 and its 200-day simple moving average is $62.51.

Arcellx (NASDAQ:ACLX) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.51) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.52) by $0.01. The business had revenue of $27.38 million for the quarter, compared to analyst estimates of $22.04 million. Arcellx had a negative net margin of 37.23% and a negative return on equity of 12.42%. The company’s revenue was up 91.5% compared to the same quarter last year. As a group, equities analysts forecast that Arcellx will post -1.65 earnings per share for the current year.

Insider Buying and Selling at Arcellx

In other news, insider Christopher Heery sold 21,684 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $71.12, for a total value of $1,542,166.08. Following the sale, the insider now directly owns 9,278 shares of the company’s stock, valued at approximately $659,851.36. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Christopher Heery sold 21,684 shares of the stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $71.12, for a total transaction of $1,542,166.08. Following the completion of the transaction, the insider now owns 9,278 shares of the company’s stock, valued at approximately $659,851.36. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Michelle Gilson sold 15,000 shares of the business’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 completion of the sale, the chief financial officer now directly owns 6,915 shares in the company, valued at approximately $537,502.95. The trade was 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 worth $4,992,265 over the last three months. Insiders own 6.24% of the company’s stock.

Institutional Trading of Arcellx

Institutional investors and hedge funds have recently bought and sold shares of the business. Quest Partners LLC purchased a new position in Arcellx in the 2nd quarter valued at approximately $27,000. National Bank of Canada FI raised its holdings in Arcellx by 50.0% in the second quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock valued at $80,000 after acquiring an additional 500 shares in the last quarter. High Net Worth Advisory Group LLC lifted its stake in Arcellx by 6.3% in the third quarter. High Net Worth Advisory Group LLC now owns 8,500 shares of the company’s stock worth $710,000 after acquiring an additional 500 shares during the last quarter. Principal Financial Group Inc. grew its holdings in Arcellx by 1.4% during the 2nd quarter. Principal Financial Group Inc. now owns 37,352 shares of the company’s stock worth $2,061,000 after acquiring an additional 517 shares in the last quarter. Finally, Plato Investment Management Ltd purchased a new stake in shares of Arcellx in the 1st quarter valued at approximately $51,000. 96.03% of the stock is currently owned by hedge funds and other 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).