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

Arcellx, Inc. (NASDAQ:ACLX) has earned an average rating of “Buy” from the fifteen research firms that are presently covering the firm, Marketbeat Ratings reports. Thirteen 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 brokerages that have issued ratings on the stock in the last year is $105.93.

ACLX has been the topic of a number of research reports. Piper Sandler increased their price objective on shares of Arcellx from $91.00 to $115.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. HC Wainwright reiterated a “buy” rating and set a $115.00 price objective on shares of Arcellx in a research note on Tuesday, December 10th. UBS Group upped their target price on Arcellx from $106.00 to $114.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. Robert W. Baird lifted their price target on Arcellx from $77.00 to $106.00 and gave the company an “outperform” rating in a research report on Wednesday, November 6th. Finally, Truist Financial upped their price objective on Arcellx from $87.00 to $136.00 and gave the stock a “buy” rating in a research report on Tuesday, November 12th.

Arcellx Stock Performance

Arcellx stock opened at $72.26 on Friday. Arcellx has a one year low of $47.88 and a one year high of $107.37. The stock has a market cap of $3.91 billion, a PE ratio of -101.77 and a beta of 0.33. The stock has a 50-day moving average of $85.45 and a two-hundred day moving average of $75.61.

Arcellx (NASDAQ:ACLX) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.48) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.54) by $0.06. The firm had revenue of $26.03 million for the quarter, compared to analyst estimates 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, sell-side analysts predict that Arcellx will post -1.49 EPS for the current fiscal year.

Insider Transactions at Arcellx

In related news, insider Christopher Heery sold 3,301 shares of the stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $79.55, for a total value of $262,594.55. Following the completion of the sale, the insider now owns 35,517 shares of the company’s stock, valued at approximately $2,825,377.35. This trade represents a 8.50 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Kavita Patel sold 15,238 shares of the business’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $105.92, for a total value of $1,614,008.96. The disclosure for this sale can be found here. Insiders have sold 59,863 shares of company stock valued at $6,016,710 over the last ninety days. Insiders own 6.24% of the company’s stock.

Institutional Investors Weigh In On Arcellx

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Janus Henderson Group PLC increased its position in shares of Arcellx by 5.7% during the 3rd 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 during the last quarter. RA Capital Management L.P. raised its stake in shares of Arcellx by 15.4% in the 3rd quarter. RA Capital Management L.P. now owns 1,851,479 shares of the company’s stock valued at $154,617,000 after acquiring an additional 247,465 shares during the period. Geode Capital Management LLC raised its stake in shares of 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 acquiring an additional 39,781 shares during the period. Lord Abbett & CO. LLC boosted its position in shares of Arcellx by 2.1% during the 3rd quarter. Lord Abbett & CO. LLC now owns 891,848 shares of the company’s stock worth $74,478,000 after purchasing an additional 18,004 shares during the period. Finally, Great Point Partners LLC increased its holdings in Arcellx by 64.0% in the 2nd quarter. Great Point Partners LLC now owns 492,000 shares of the company’s stock valued at $27,153,000 after purchasing an additional 192,000 shares during the last quarter. 96.03% of the stock is currently owned by institutional investors and hedge funds.

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).