Arcellx (NASDAQ:ACLX) Given New $115.00 Price Target at Piper Sandler

Arcellx (NASDAQ:ACLX) had its price target boosted by equities researchers at Piper Sandler from $91.00 to $115.00 in a research note issued on Friday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Piper Sandler’s price target would indicate a potential upside of 15.97% from the stock’s previous close.

Other research analysts also recently issued research reports about the stock. Bank of America lifted their target price on shares of Arcellx from $84.00 to $100.00 and gave the stock a “buy” rating in a report on Wednesday. Canaccord Genuity Group boosted their price objective on shares of Arcellx from $85.00 to $115.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Redburn Atlantic initiated coverage on shares of Arcellx in a report on Tuesday, October 8th. They set a “buy” rating and a $109.00 price objective on the stock. Needham & Company LLC reissued a “buy” rating and issued a $96.00 target price on shares of Arcellx in a research note on Wednesday. Finally, HC Wainwright upped their target price on shares of Arcellx from $80.00 to $95.00 and gave the company a “buy” rating in a research note on Wednesday. Thirteen research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Buy” and an average price target of $99.31.

Arcellx Price Performance

Shares of ACLX opened at $99.16 on Friday. The company has a market capitalization of $5.33 billion, a PE ratio of -95.35 and a beta of 0.27. Arcellx has a one year low of $43.50 and a one year high of $99.48. The company’s fifty day moving average price is $82.32 and its 200 day moving average price is $65.58.

Arcellx (NASDAQ:ACLX) last announced its earnings results on Thursday, August 8th. The company reported ($0.51) EPS for the quarter, topping the consensus estimate of ($0.52) by $0.01. The firm had revenue of $27.38 million for the quarter, compared to the consensus estimate 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. Analysts anticipate that Arcellx will post -1.65 earnings per share for the current year.

Insider Buying and Selling at Arcellx

In other Arcellx news, Director Kavita Patel sold 1,500 shares of the business’s stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $89.69, for a total value of $134,535.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CFO Michelle Gilson sold 15,000 shares of the company’s stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 6,915 shares in the company, valued at approximately $537,502.95. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kavita Patel sold 1,500 shares of the company’s stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $89.69, for a total transaction of $134,535.00. The disclosure for this sale can be found here. Insiders have sold a total of 70,556 shares of company stock worth $5,033,845 over the last ninety days. Corporate insiders own 6.24% of the company’s stock.

Hedge Funds Weigh In On Arcellx

Large investors have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD lifted its holdings in Arcellx by 6.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,344,553 shares of the company’s stock valued at $93,514,000 after buying an additional 84,373 shares during the period. Seven Eight Capital LP acquired a new position in Arcellx in the first quarter valued at approximately $1,207,000. Bamco Inc. NY lifted its holdings in Arcellx by 292.1% in the first quarter. Bamco Inc. NY now owns 248,993 shares of the company’s stock valued at $17,317,000 after buying an additional 185,493 shares during the period. Harbor Capital Advisors Inc. lifted its holdings in Arcellx by 37.0% in the third quarter. Harbor Capital Advisors Inc. now owns 27,896 shares of the company’s stock valued at $2,330,000 after buying an additional 7,534 shares during the period. Finally, Renaissance Technologies LLC acquired a new position in Arcellx in the second quarter valued at approximately $1,494,000. 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).