Redburn Atlantic Initiates Coverage on Arcellx (NASDAQ:ACLX)

Redburn Atlantic started coverage on shares of Arcellx (NASDAQ:ACLX) in a research report report published on Tuesday morning, MarketBeat reports. The brokerage issued a buy rating and a $109.00 target price on the stock.

Several other research analysts have also recently weighed in on ACLX. Canaccord Genuity Group reiterated a buy rating and issued a $85.00 price target on shares of Arcellx in a report on Monday, July 22nd. Truist Financial reiterated a buy rating and issued a $87.00 price target on shares of Arcellx in a report on Tuesday, June 18th. Cantor Fitzgerald reiterated an overweight rating on shares of Arcellx in a report on Monday, September 9th. Finally, Needham & Company LLC restated a buy rating and set a $81.00 target price on shares of Arcellx in a report on Friday, August 9th. Fifteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of Buy and a consensus target price of $80.38.

Arcellx Stock Performance

Shares of NASDAQ:ACLX opened at $86.20 on Tuesday. Arcellx has a 52 week low of $30.88 and a 52 week high of $88.66. The company has a market capitalization of $4.63 billion, a PE ratio of -82.88 and a beta of 0.25. The company has a 50 day moving average price of $72.19 and a two-hundred day moving average price of $61.92.

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

Insider Buying and Selling at Arcellx

In other Arcellx news, insider Christopher Heery sold 10,901 shares of the stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $65.30, for a total value of $711,835.30. Following the completion of the sale, the insider now owns 9,278 shares in the company, valued at $605,853.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Arcellx news, insider Christopher Heery sold 10,901 shares of the stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $65.30, for a total value of $711,835.30. Following the completion of the sale, the insider now owns 9,278 shares in the company, valued at $605,853.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Michelle Gilson sold 15,000 shares of the stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $77.73, for a total transaction of $1,165,950.00. Following the completion of the sale, the chief financial officer now owns 6,915 shares of the company’s stock, valued at approximately $537,502.95. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 81,457 shares of company stock worth $5,704,100 over the last quarter. 6.24% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Arcellx

Several large investors have recently modified their holdings of the stock. Quest Partners LLC bought a new position in shares of Arcellx in the second quarter valued at about $27,000. National Bank of Canada FI raised its position in shares of Arcellx by 50.0% in the second quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock valued at $80,000 after purchasing an additional 500 shares during the period. High Net Worth Advisory Group LLC raised its position in shares of Arcellx by 6.3% in the third quarter. High Net Worth Advisory Group LLC now owns 8,500 shares of the company’s stock valued at $710,000 after purchasing an additional 500 shares during the period. Principal Financial Group Inc. raised its position in shares of Arcellx by 1.4% in the second quarter. Principal Financial Group Inc. now owns 37,352 shares of the company’s stock valued at $2,061,000 after purchasing an additional 517 shares during the period. Finally, Plato Investment Management Ltd bought a new position in shares of Arcellx in the first quarter valued at about $51,000. 96.03% of the stock is owned by 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).