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

Shares of Arcellx, Inc. (NASDAQ:ACLX) have received an average rating of “Buy” from the fifteen analysts that are covering the firm, MarketBeat Ratings reports. Thirteen research analysts have rated the stock with a buy rating and two have issued a strong buy rating on the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $105.93.

Several equities research analysts have weighed in on ACLX shares. Needham & Company LLC restated a “buy” rating and issued a $105.00 target price on shares of Arcellx in a research note on Monday, December 9th. Robert W. Baird boosted their target price on Arcellx from $77.00 to $106.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 6th. Barclays upgraded Arcellx to a “strong-buy” rating in a research note on Friday, November 29th. Piper Sandler boosted their price target on Arcellx from $91.00 to $115.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Finally, Stifel Nicolaus increased their price objective on shares of Arcellx from $83.00 to $122.00 and gave the company a “buy” rating in a research report on Friday, October 18th.

Insider Buying and Selling at Arcellx

In related news, insider Christopher Heery sold 3,301 shares of the firm’s stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $79.55, for a total transaction of $262,594.55. Following the sale, the insider now directly owns 35,517 shares of the company’s stock, valued at $2,825,377.35. This trade represents a 8.50 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kavita Patel sold 33,763 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $104.14, for a total value of $3,516,078.82. The disclosure for this sale can be found here. In the last quarter, insiders sold 63,416 shares of company stock worth $6,242,800. Insiders own 6.24% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ACLX. RA Capital Management L.P. increased its holdings in Arcellx by 15.4% in the 3rd quarter. RA Capital Management L.P. now owns 1,851,479 shares of the company’s stock worth $154,617,000 after acquiring an additional 247,465 shares in the last quarter. First Turn Management LLC acquired a new stake in shares of Arcellx in the third quarter valued at about $17,896,000. Janus Henderson Group PLC increased its stake in shares of Arcellx by 5.7% during the third quarter. Janus Henderson Group PLC now owns 2,011,950 shares of the company’s stock worth $168,026,000 after purchasing an additional 109,332 shares in the last quarter. abrdn plc acquired a new position in shares of Arcellx during the 3rd quarter worth about $4,242,000. Finally, Geode Capital Management LLC lifted its stake in Arcellx by 4.3% in the 3rd quarter. Geode Capital Management LLC now owns 974,967 shares of the company’s stock valued at $81,434,000 after buying an additional 39,781 shares in the last quarter. Hedge funds and other institutional investors own 96.03% of the company’s stock.

Arcellx Trading Up 0.5 %

ACLX opened at $64.58 on Thursday. Arcellx has a 12 month low of $47.88 and a 12 month high of $107.37. The stock has a fifty day moving average price of $77.48 and a 200-day moving average price of $76.72. The firm has a market cap of $3.49 billion, a price-to-earnings ratio of -90.96 and a beta of 0.33.

Arcellx (NASDAQ:ACLX) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.48) EPS for the quarter, beating the consensus estimate 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 business had revenue of $26.03 million during the quarter, compared to analyst estimates of $35.21 million. On average, equities research analysts forecast that Arcellx will post -1.58 EPS for the current year.

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).