Arcellx, Inc. (NASDAQ:ACLX) Given Consensus Rating of “Buy” by Analysts

Shares of Arcellx, Inc. (NASDAQ:ACLX) have earned an average rating of “Buy” from the fifteen analysts that are presently covering the company, MarketBeat reports. Thirteen research analysts have rated the stock with a buy recommendation and two have assigned a strong buy recommendation to the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $105.93.

ACLX has been the topic of several recent research reports. Cantor Fitzgerald reiterated an “overweight” rating on shares of Arcellx in a research report on Monday, September 9th. Truist Financial lifted their target price on shares of Arcellx from $87.00 to $136.00 and gave the stock a “buy” rating in a research report on Tuesday, November 12th. UBS Group lifted their target price on shares of Arcellx from $106.00 to $114.00 and gave the stock a “buy” rating in a research report on Tuesday. Needham & Company LLC reiterated a “buy” rating and set a $105.00 target price on shares of Arcellx in a research report on Monday. Finally, Bank of America lifted their target price on shares of Arcellx from $84.00 to $100.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th.

Arcellx Trading Down 0.8 %

ACLX opened at $82.27 on Wednesday. The company’s 50 day moving average is $88.46 and its 200-day moving average is $72.02. Arcellx has a 1-year low of $46.42 and a 1-year high of $107.37. The company has a market cap of $4.45 billion, a P/E ratio of -115.87 and a beta of 0.25.

Arcellx (NASDAQ:ACLX) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.48) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.54) by $0.06. Arcellx had a negative net margin of 25.94% and a negative return on equity of 8.28%. The company had revenue of $26.03 million for the quarter, compared to the consensus estimate of $35.21 million. On average, equities analysts forecast that Arcellx will post -1.49 EPS for the current year.

Insider Activity

In other news, CFO Michelle Gilson sold 15,000 shares of Arcellx stock in a transaction 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 owns 6,915 shares in the company, valued at $537,502.95. The trade was a 68.45 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Kavita Patel sold 33,763 shares of Arcellx stock in a transaction on Friday, November 8th. The shares were sold at an average price of $104.14, for a total transaction of $3,516,078.82. The disclosure for this sale can be found here. Insiders sold 67,001 shares of company stock worth $6,568,393 in the last quarter. 6.24% of the stock is owned by corporate insiders.

Institutional Trading of Arcellx

Hedge funds and other institutional investors have recently bought and sold shares of the business. Quest Partners LLC bought a new stake in Arcellx during the 2nd quarter valued at $27,000. Decheng Capital LLC bought a new stake in Arcellx during the 2nd quarter valued at $65,000. National Bank of Canada FI increased its stake in Arcellx by 50.0% during the 2nd quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock valued at $80,000 after purchasing an additional 500 shares in the last quarter. Quarry LP bought a new stake in Arcellx during the 3rd quarter valued at $125,000. Finally, Covestor Ltd increased its stake in Arcellx by 53,766.7% during the 3rd quarter. Covestor Ltd now owns 1,616 shares of the company’s stock valued at $135,000 after purchasing an additional 1,613 shares in the last quarter. Institutional investors 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).