Arcellx (NASDAQ:ACLX) Price Target Raised to $114.00

Arcellx (NASDAQ:ACLX) had its price target boosted by UBS Group from $106.00 to $114.00 in a research report report published on Tuesday,Benzinga reports. They currently have a buy rating on the stock.

A number of other research firms have also issued reports on ACLX. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Arcellx in a research note on Monday, September 9th. Morgan Stanley upped their price objective on Arcellx from $81.00 to $106.00 and gave the company an “overweight” rating in a research report on Wednesday, November 6th. Robert W. Baird lifted their price objective on Arcellx from $77.00 to $106.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 6th. Truist Financial boosted their target price on shares of Arcellx from $87.00 to $136.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. Finally, Barclays raised shares of Arcellx to a “strong-buy” rating in a research note on Friday, November 29th. Thirteen research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $105.93.

Arcellx Stock Down 4.1 %

NASDAQ:ACLX opened at $83.42 on Tuesday. Arcellx has a 52-week low of $47.88 and a 52-week high of $107.37. The stock has a fifty day simple moving average of $88.82 and a 200-day simple moving average of $72.20. The company has a market capitalization of $4.51 billion, a PE ratio of -117.49 and a beta of 0.25.

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

Insider Activity at Arcellx

In related news, CFO Michelle Gilson sold 15,000 shares of Arcellx stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $77.73, for a total value of $1,165,950.00. Following the transaction, the chief financial officer now owns 6,915 shares in the company, valued at approximately $537,502.95. This trade represents a 68.45 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kavita Patel sold 1,500 shares of the company’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $91.88, for a total value of $137,820.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 67,001 shares of company stock worth $6,568,393. 6.24% of the stock is owned by company insiders.

Institutional Trading of Arcellx

A number of institutional investors have recently modified their holdings of the company. Quest Partners LLC purchased a new position in Arcellx in the second quarter valued at approximately $27,000. Decheng Capital LLC purchased a new position in shares of Arcellx in the 2nd quarter valued at $65,000. National Bank of Canada FI raised its stake in shares of Arcellx by 50.0% in 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 period. Quarry LP acquired a new position in shares of Arcellx during the 3rd quarter valued at $125,000. Finally, Covestor Ltd boosted its position 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. Hedge funds and other 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).