Truist Financial Issues Positive Forecast for Arcellx (NASDAQ:ACLX) Stock Price

Arcellx (NASDAQ:ACLX) had its price objective upped by Truist Financial from $87.00 to $136.00 in a research report released on Tuesday morning,Benzinga reports. Truist Financial currently has a buy rating on the stock.

Several other equities analysts have also recently weighed in on the stock. Piper Sandler lifted their price objective on shares of Arcellx from $91.00 to $115.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Cantor Fitzgerald restated an “overweight” rating on shares of Arcellx in a research report on Monday, September 9th. Redburn Atlantic assumed coverage on Arcellx in a report on Tuesday, October 8th. They issued a “buy” rating and a $109.00 target price on the stock. Bank of America raised their price target on shares of Arcellx from $84.00 to $100.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. Finally, HC Wainwright upped their price objective on shares of Arcellx from $80.00 to $95.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Thirteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average target price of $103.08.

Arcellx Stock Down 5.7 %

Shares of NASDAQ ACLX opened at $100.48 on Tuesday. Arcellx has a 12 month low of $43.83 and a 12 month high of $107.37. The company has a market cap of $5.40 billion, a price-to-earnings ratio of -141.52 and a beta of 0.27. The business has a fifty day simple moving average of $84.45 and a 200-day simple moving average of $66.84.

Arcellx (NASDAQ:ACLX) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.48) EPS for the quarter, beating analysts’ consensus estimates of ($0.54) by $0.06. The company had revenue of $26.03 million during the quarter, compared to analyst estimates of $35.21 million. Arcellx had a negative net margin of 25.94% and a negative return on equity of 8.25%. As a group, sell-side analysts expect that Arcellx will post -1.64 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Kavita Patel sold 15,238 shares of the company’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $105.92, for a total transaction of $1,614,008.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Christopher Heery sold 27,451 shares of the firm’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 directly owns 9,278 shares in the company, valued at approximately $621,904.34. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Kavita Patel sold 15,238 shares of the business’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $105.92, for a total transaction of $1,614,008.96. The disclosure for this sale can be found here. Insiders have sold 119,557 shares of company stock valued at $10,163,933 over the last three months. 6.24% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Arcellx

Hedge funds and other institutional investors have recently made changes to their positions in the business. First Turn Management LLC bought a new stake in Arcellx during the 3rd quarter valued at approximately $17,896,000. Great Point Partners LLC grew its stake in shares of Arcellx by 64.0% in the second quarter. Great Point Partners LLC now owns 492,000 shares of the company’s stock worth $27,153,000 after acquiring an additional 192,000 shares during the last quarter. Bamco Inc. NY grew its stake in shares of Arcellx by 292.1% in the first quarter. Bamco Inc. NY now owns 248,993 shares of the company’s stock worth $17,317,000 after acquiring an additional 185,493 shares during the last quarter. Vanguard Group Inc. increased its position in Arcellx by 8.1% during the first quarter. Vanguard Group Inc. now owns 2,228,856 shares of the company’s stock worth $155,017,000 after acquiring an additional 167,037 shares during the period. Finally, Affinity Asset Advisors LLC raised its stake in Arcellx by 53.3% during the 2nd quarter. Affinity Asset Advisors LLC now owns 460,000 shares of the company’s stock valued at $25,387,000 after purchasing an additional 160,000 shares during the last quarter. 96.03% of the stock is owned by institutional investors and hedge funds.

About Arcellx

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).