Brokerages Set Arcellx, Inc. (NASDAQ:ACLX) Price Target at $105.93

Shares of Arcellx, Inc. (NASDAQ:ACLX) have earned a consensus recommendation of “Buy” from the fifteen analysts that are currently covering the firm, Marketbeat Ratings reports. Thirteen research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $108.46.

ACLX has been the topic of several research analyst reports. Bank of America upped their price objective on Arcellx from $84.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Truist Financial raised their price objective on shares of Arcellx from $87.00 to $136.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. 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 lifted their price objective on shares of Arcellx from $77.00 to $106.00 and gave the stock an “outperform” rating in a report on Wednesday, November 6th. Finally, Piper Sandler boosted their target price on Arcellx from $91.00 to $115.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th.

Arcellx Stock Performance

Arcellx stock opened at $64.82 on Monday. The stock has a market capitalization of $3.51 billion, a P/E ratio of -91.29 and a beta of 0.29. Arcellx has a 52 week low of $47.88 and a 52 week high of $107.37. The stock has a fifty day moving average of $68.73 and a 200-day moving average of $77.32.

Arcellx (NASDAQ:ACLX) last issued its quarterly earnings data on Thursday, February 27th. The company reported ($0.87) EPS for the quarter, missing the consensus estimate of ($0.63) by ($0.24). Arcellx had a negative return on equity of 8.28% and a negative net margin of 25.94%. The company had revenue of $15.27 million during the quarter, compared to analysts’ expectations of $27.42 million. On average, research analysts forecast that Arcellx will post -1.58 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Christopher Heery sold 3,061 shares of Arcellx stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $77.17, for a total transaction of $236,217.37. Following the completion of the sale, the insider now owns 32,456 shares in the company, valued at $2,504,629.52. This trade represents a 8.62 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Kavita Patel sold 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $76.97, for a total value of $115,455.00. The disclosure for this sale can be found here. Insiders have sold 65,870 shares of company stock valued at $4,327,461 over the last ninety days. 6.24% of the stock is owned by insiders.

Hedge Funds Weigh In On Arcellx

Several institutional investors have recently bought and sold shares of ACLX. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Arcellx by 21.7% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,944 shares of the company’s stock valued at $161,000 after buying an additional 347 shares in the last quarter. abrdn plc acquired a new stake in Arcellx during the 3rd quarter valued at approximately $4,242,000. China Universal Asset Management Co. Ltd. lifted its position in Arcellx by 64.5% during the third quarter. China Universal Asset Management Co. Ltd. now owns 10,339 shares of the company’s stock valued at $863,000 after purchasing an additional 4,052 shares during the period. US Bancorp DE boosted its stake in shares of Arcellx by 60.0% in the third quarter. US Bancorp DE now owns 7,603 shares of the company’s stock worth $635,000 after buying an additional 2,851 shares during the last quarter. Finally, Harbor Capital Advisors Inc. boosted its position in Arcellx by 37.0% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 27,896 shares of the company’s stock worth $2,330,000 after purchasing an additional 7,534 shares in the last quarter. 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).