Arcellx, Inc. (NASDAQ:ACLX) Receives Average Recommendation of “Buy” from Analysts

Shares of Arcellx, Inc. (NASDAQ:ACLX) have received a consensus recommendation of “Buy” from the fifteen brokerages that are currently covering the stock, MarketBeat 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 12 month target price among analysts that have issued ratings on the stock in the last year is $105.93.

A number of brokerages have commented on ACLX. Barclays upgraded shares of Arcellx to a “strong-buy” rating in a research note on Friday, November 29th. UBS Group increased their price target on shares of Arcellx from $106.00 to $114.00 and gave the company a “buy” rating in a research note on Tuesday. Robert W. Baird increased their price target on shares of Arcellx from $77.00 to $106.00 and gave the company an “outperform” rating in a research note on Wednesday, November 6th. Morgan Stanley raised their target price on shares of Arcellx from $81.00 to $106.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 6th. Finally, Bank of America raised their target price on shares of Arcellx from $84.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th.

Insider Buying and Selling

In related news, Director Kavita Patel sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $91.88, for a total transaction of $137,820.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Michelle Gilson sold 15,000 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $77.73, for a total transaction of $1,165,950.00. Following the transaction, the chief financial officer now directly owns 6,915 shares in the company, valued at approximately $537,502.95. This represents a 68.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 67,001 shares of company stock valued at $6,568,393. 6.24% of the stock is owned by company insiders.

Hedge Funds Weigh In On Arcellx

Several hedge funds have recently bought and sold shares of ACLX. Quest Partners LLC bought a new position in Arcellx in the 2nd quarter valued at about $27,000. Decheng Capital LLC bought a new position in Arcellx in the 2nd quarter valued at about $65,000. National Bank of Canada FI increased its holdings in Arcellx by 50.0% in the 2nd quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock valued at $80,000 after buying an additional 500 shares during the period. Quarry LP bought a new position in Arcellx in the 3rd quarter valued at about $125,000. Finally, Covestor Ltd increased its holdings in Arcellx by 53,766.7% in the 3rd quarter. Covestor Ltd now owns 1,616 shares of the company’s stock valued at $135,000 after buying an additional 1,613 shares during the period. 96.03% of the stock is owned by institutional investors.

Arcellx Trading Down 0.8 %

Shares of ACLX opened at $82.27 on Wednesday. The stock has a market capitalization of $4.45 billion, a price-to-earnings ratio of -115.87 and a beta of 0.25. The firm has a fifty day simple moving average of $88.46 and a 200 day simple moving average of $72.02. Arcellx has a 12 month low of $46.42 and a 12 month high of $107.37.

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