Arcellx (NASDAQ:ACLX) PT Raised to $115.00 at Canaccord Genuity Group

Arcellx (NASDAQ:ACLX) had its price objective upped by research analysts at Canaccord Genuity Group from $85.00 to $115.00 in a research note issued on Thursday, Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target would suggest a potential upside of 25.68% from the stock’s current price.

Several other research analysts have also recently issued reports on the stock. Needham & Company LLC reissued a “buy” rating and set a $81.00 target price on shares of Arcellx in a report on Friday, August 9th. Cantor Fitzgerald reissued an “overweight” rating on shares of Arcellx in a research note on Monday, September 9th. Finally, Redburn Atlantic began coverage on shares of Arcellx in a research report on Tuesday, October 8th. They set a “buy” rating and a $109.00 price target on the stock. Fourteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $82.69.

Arcellx Price Performance

Arcellx stock opened at $91.50 on Thursday. Arcellx has a 1-year low of $30.88 and a 1-year high of $93.48. The firm has a market capitalization of $4.90 billion, a P/E ratio of -88.83 and a beta of 0.25. The company’s 50-day moving average is $74.51 and its 200 day moving average is $62.28.

Arcellx (NASDAQ:ACLX) last released its quarterly earnings data 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 firm had revenue of $27.38 million for the quarter, compared to the consensus estimate of $22.04 million. Arcellx had a negative net margin of 37.23% and a negative return on equity of 12.42%. The firm’s quarterly revenue was up 91.5% on a year-over-year basis. Research analysts anticipate that Arcellx will post -1.65 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Kavita Patel sold 1,500 shares of the firm’s stock in a transaction on Tuesday, July 30th. The shares were sold at an average price of $61.97, for a total value of $92,955.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, insider Christopher Heery sold 27,451 shares of the 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 of the company’s stock, valued at $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 accessible through the SEC website. Also, Director Kavita Patel sold 1,500 shares of the stock in a transaction on Tuesday, July 30th. The shares were sold at an average price of $61.97, for a total transaction of $92,955.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 70,556 shares of company stock worth $4,992,265. 6.24% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Quest Partners LLC purchased a new position in Arcellx during the 2nd quarter worth $27,000. Plato Investment Management Ltd purchased a new position in Arcellx during the 1st quarter worth $51,000. Decheng Capital LLC purchased a new position in Arcellx during the 2nd quarter worth $65,000. National Bank of Canada FI grew its position in Arcellx by 50.0% during the 2nd quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock worth $80,000 after purchasing an additional 500 shares during the last quarter. Finally, Advisory Alpha LLC purchased a new position in Arcellx during the 1st quarter worth $209,000. 96.03% of the stock is owned by hedge funds and other institutional investors.

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).