Needham & Company LLC Reiterates Buy Rating for Arcellx (NASDAQ:ACLX)

Arcellx (NASDAQ:ACLX)‘s stock had its “buy” rating restated by stock analysts at Needham & Company LLC in a research note issued to investors on Monday,Benzinga reports. They presently have a $105.00 price target on the stock. Needham & Company LLC’s target price indicates a potential upside of 24.19% from the stock’s current price.

Several other equities analysts also recently issued reports on ACLX. Redburn Atlantic began coverage on shares of Arcellx in a report on Tuesday, October 8th. They set a “buy” rating and a $109.00 price objective on the stock. Barclays upgraded Arcellx to a “strong-buy” rating in a research note on Friday, November 29th. Piper Sandler raised their target price on Arcellx from $91.00 to $115.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. Morgan Stanley boosted their price target on Arcellx from $81.00 to $106.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 6th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Arcellx in a research note on Monday, September 9th. Twelve research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $103.77.

Arcellx Trading Down 2.2 %

NASDAQ ACLX opened at $84.55 on Monday. The stock has a market capitalization of $4.57 billion, a price-to-earnings ratio of -119.08 and a beta of 0.25. The stock has a 50-day moving average of $88.46 and a 200 day moving average of $71.57. Arcellx has a twelve month low of $46.42 and a twelve month high of $107.37.

Arcellx (NASDAQ:ACLX) last announced its earnings results on Thursday, November 7th. The company reported ($0.48) earnings per share for the quarter, topping the consensus estimate of ($0.54) by $0.06. Arcellx had a negative return on equity of 8.28% and a negative net margin of 25.94%. The business had revenue of $26.03 million during the quarter, compared to the consensus estimate of $35.21 million. Equities analysts predict that Arcellx will post -1.49 EPS for the current fiscal year.

Insider Buying and Selling at Arcellx

In related news, CFO Michelle Gilson sold 15,000 shares of the stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $77.73, for a total transaction of $1,165,950.00. Following 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 68.45 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kavita Patel sold 1,500 shares of Arcellx stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $74.41, for a total value of $111,615.00. The disclosure for this sale can be found here. Insiders sold a total of 68,501 shares of company stock worth $6,680,008 over the last three months. Insiders own 6.24% of the company’s stock.

Institutional Trading of Arcellx

Hedge funds have recently made changes to their positions in the business. Quest Partners LLC purchased a new stake in Arcellx during the 2nd quarter worth approximately $27,000. Decheng Capital LLC purchased a new stake in shares of Arcellx during the second quarter worth $65,000. National Bank of Canada FI raised its stake in shares of 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. Quarry LP purchased a new position in Arcellx in the third quarter valued at $125,000. Finally, Covestor Ltd increased its holdings in Arcellx by 53,766.7% during the 3rd quarter. Covestor Ltd now owns 1,616 shares of the company’s stock worth $135,000 after purchasing an additional 1,613 shares during the period. Institutional investors and hedge funds own 96.03% of the company’s stock.

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).