Arcellx (NASDAQ:ACLX) Given New $115.00 Price Target at Piper Sandler

Arcellx (NASDAQ:ACLX) had its target price lifted by Piper Sandler from $91.00 to $115.00 in a research report sent to investors on Friday,Benzinga reports. Piper Sandler currently has an overweight rating on the stock.

Several other analysts have also weighed in on ACLX. Morgan Stanley lifted their price objective on Arcellx from $81.00 to $106.00 and gave the stock an “overweight” rating in a report on Wednesday. Redburn Atlantic started coverage on Arcellx in a research report on Tuesday, October 8th. They issued a “buy” rating and a $109.00 price objective for the company. HC Wainwright boosted their target price on Arcellx from $80.00 to $95.00 and gave the stock a “buy” rating in a research report on Wednesday. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Arcellx in a research note on Monday, September 9th. Finally, Bank of America boosted their target price on Arcellx from $84.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday. Thirteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $99.31.

Arcellx Price Performance

Shares of ACLX traded up $3.90 during trading hours on Friday, reaching $103.06. 846,034 shares of the company’s stock traded hands, compared to its average volume of 478,667. The business’s fifty day simple moving average is $83.01 and its two-hundred day simple moving average is $65.94. Arcellx has a twelve month low of $43.50 and a twelve month high of $106.24. The firm has a market capitalization of $5.54 billion, a price-to-earnings ratio of -99.10 and a beta of 0.27.

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

Insiders Place Their Bets

In other news, Director Kavita Patel sold 1,500 shares of Arcellx stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $74.41, for a total transaction of $111,615.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Arcellx news, Director Kavita Patel sold 1,500 shares of Arcellx stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $74.41, for a total value of $111,615.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 transaction of $1,840,040.53. Following the sale, the insider now directly owns 9,278 shares of the company’s stock, valued at approximately $621,904.34. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 70,556 shares of company stock worth $5,033,845 over the last three months. Company insiders own 6.24% of the company’s stock.

Hedge Funds Weigh In On Arcellx

Several hedge funds have recently added to or reduced their stakes in ACLX. Vanguard Group Inc. lifted its position in shares of Arcellx by 8.1% in the 1st quarter. Vanguard Group Inc. now owns 2,228,856 shares of the company’s stock worth $155,017,000 after purchasing an additional 167,037 shares during the period. Price T Rowe Associates Inc. MD increased its stake in shares of Arcellx by 6.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,344,553 shares of the company’s stock worth $93,514,000 after acquiring an additional 84,373 shares during the period. Great Point Partners LLC grew its position in Arcellx by 64.0% during the second quarter. Great Point Partners LLC now owns 492,000 shares of the company’s stock valued at $27,153,000 after buying an additional 192,000 shares during the period. Affinity Asset Advisors LLC grew its position in Arcellx by 53.3% during the second quarter. Affinity Asset Advisors LLC now owns 460,000 shares of the company’s stock valued at $25,387,000 after buying an additional 160,000 shares during the period. Finally, Victory Capital Management Inc. grew its position in Arcellx by 20.4% during the second quarter. Victory Capital Management Inc. now owns 283,872 shares of the company’s stock valued at $15,667,000 after buying an additional 48,006 shares during the period. 96.03% of the stock is currently owned by 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).