Piper Sandler Issues Positive Forecast for Arcellx (NASDAQ:ACLX) Stock Price

Arcellx (NASDAQ:ACLX) had its price objective lifted by Piper Sandler from $91.00 to $115.00 in a research report released on Friday morning,Benzinga reports. They currently have an overweight rating on the stock.

Several other brokerages have also recently weighed in on ACLX. Canaccord Genuity Group boosted their price objective on shares of Arcellx from $85.00 to $115.00 and gave the stock a “buy” rating in a research note on Thursday, October 17th. Needham & Company LLC reissued a “buy” rating and set a $96.00 target price on shares of Arcellx in a research report on Wednesday. Robert W. Baird lifted their price objective on shares of Arcellx from $77.00 to $106.00 and gave the company an “outperform” rating in a research note on Wednesday. Stifel Nicolaus raised their price target on shares of Arcellx from $83.00 to $122.00 and gave the company a “buy” rating in a report on Friday, October 18th. Finally, HC Wainwright lifted their price objective on shares of Arcellx from $80.00 to $95.00 and gave the stock a “buy” rating in a report on Wednesday. Thirteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $99.31.

Arcellx Price Performance

ACLX traded up $3.90 during trading on Friday, hitting $103.06. 846,034 shares of the stock traded hands, compared to its average volume of 478,667. Arcellx has a twelve month low of $43.50 and a twelve month high of $106.24. The company has a market cap of $5.54 billion, a price-to-earnings ratio of -99.10 and a beta of 0.27. The business has a 50 day moving average price of $83.01 and a 200 day moving average price of $65.94.

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

Insider Buying and Selling at Arcellx

In related news, Director Kavita Patel sold 1,500 shares of the business’s stock in a transaction 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 legal filing with the Securities & Exchange Commission, which is available through this link. In other Arcellx news, insider Christopher Heery sold 27,451 shares of the company’s stock in a transaction dated 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 owns 9,278 shares of the company’s stock, valued at $621,904.34. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Kavita Patel sold 1,500 shares of the stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $74.41, for a total transaction of $111,615.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 70,556 shares of company stock worth $5,033,845. Company insiders own 6.24% of the company’s stock.

Institutional Trading of Arcellx

Large investors have recently made changes to their positions in the company. Quest Partners LLC acquired a new stake in shares of Arcellx in the second quarter valued at approximately $27,000. Plato Investment Management Ltd purchased a new stake in Arcellx during the 1st quarter worth about $51,000. Decheng Capital LLC acquired a new position in shares of Arcellx during the 2nd quarter valued at about $65,000. National Bank of Canada FI increased its stake in shares of 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 acquiring an additional 500 shares during the last quarter. Finally, Covestor Ltd grew its holdings in shares of 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. 96.03% of the stock is currently 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).