Canaccord Genuity Group Reaffirms Buy Rating for Arcellx (NASDAQ:ACLX)

Canaccord Genuity Group reiterated their buy rating on shares of Arcellx (NASDAQ:ACLX) in a report released on Monday, Benzinga reports. They currently have a $85.00 price target on the stock.

ACLX has been the subject of a number of other research reports. Truist Financial reaffirmed a buy rating and issued a $87.00 price target on shares of Arcellx in a research note on Tuesday, June 18th. Piper Sandler started coverage on shares of Arcellx in a research note on Friday, May 31st. They set an overweight rating and a $70.00 target price for the company. Needham & Company LLC reaffirmed a buy rating and set a $81.00 price objective on shares of Arcellx in a research report on Tuesday, May 7th. Scotiabank reissued an outperform rating and issued a $82.00 target price on shares of Arcellx in a research note on Thursday, April 4th. Finally, HC Wainwright lowered their price target on Arcellx from $82.00 to $80.00 and set a buy rating for the company in a research report on Monday, May 13th. Thirteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Arcellx has an average rating of Buy and an average target price of $78.00.

Arcellx Stock Performance

Arcellx stock opened at $62.69 on Monday. Arcellx has a fifty-two week low of $30.88 and a fifty-two week high of $75.10. The stock has a market cap of $3.35 billion, a P/E ratio of -60.86 and a beta of 0.23. The firm’s fifty day moving average price is $55.55 and its 200-day moving average price is $59.01.

Arcellx (NASDAQ:ACLX) last announced its quarterly earnings data on Thursday, May 9th. The company reported ($0.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.51) by $0.37. The company had revenue of $39.26 million for the quarter, compared to analysts’ expectations of $20.67 million. Arcellx had a negative return on equity of 13.11% and a negative net margin of 38.39%. Arcellx’s revenue for the quarter was up 119.2% compared to the same quarter last year. During the same period last year, the firm posted ($0.58) EPS. Sell-side analysts predict that Arcellx will post -1.7 earnings per share for the current year.

Insider Buying and Selling at Arcellx

In related news, CFO Michelle Gilson sold 12,121 shares of Arcellx stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $50.71, for a total transaction of $614,655.91. Following the sale, the chief financial officer now owns 19,792 shares of the company’s stock, valued at approximately $1,003,652.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Christopher Heery sold 10,901 shares of the firm’s 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 transaction, the insider now directly owns 9,278 shares of the company’s stock, valued at $605,853.40. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Michelle Gilson sold 12,121 shares of the stock in a transaction on Friday, May 24th. The shares were sold at an average price of $50.71, for a total transaction of $614,655.91. Following the transaction, the chief financial officer now owns 19,792 shares of the company’s stock, valued at approximately $1,003,652.32. The disclosure for this sale can be found here. Insiders have sold a total of 109,238 shares of company stock valued at $6,008,891 over the last ninety days. 6.24% of the stock is currently owned by company insiders.

Institutional Trading of Arcellx

Several hedge funds have recently made changes to their positions in the business. Perceptive Advisors LLC grew its holdings in Arcellx by 14.6% during the 4th quarter. Perceptive Advisors LLC now owns 4,544,809 shares of the company’s stock valued at $252,237,000 after purchasing an additional 578,831 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Arcellx by 8.1% in the first quarter. Vanguard Group Inc. now owns 2,228,856 shares of the company’s stock worth $155,017,000 after buying an additional 167,037 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in shares of Arcellx by 6.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,344,553 shares of the company’s stock worth $93,514,000 after acquiring an additional 84,373 shares during the last quarter. PFM Health Sciences LP boosted its holdings in Arcellx by 39.5% during the 4th quarter. PFM Health Sciences LP now owns 335,198 shares of the company’s stock valued at $18,603,000 after acquiring an additional 94,860 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in Arcellx by 1.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 264,178 shares of the company’s stock valued at $14,662,000 after acquiring an additional 3,722 shares during the last quarter. 96.03% of the stock is currently 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).