Arcellx’s (ACLX) Overweight Rating Reiterated at Cantor Fitzgerald

Cantor Fitzgerald reaffirmed their overweight rating on shares of Arcellx (NASDAQ:ACLX) in a research note released on Monday, Benzinga reports.

Other equities analysts also recently issued research reports about the stock. Truist Financial restated a buy rating and set a $87.00 price objective on shares of Arcellx in a research report on Tuesday, June 18th. Needham & Company LLC reiterated a buy rating and set a $81.00 target price on shares of Arcellx in a research report on Friday, August 9th. Stifel Nicolaus increased their target price on Arcellx from $82.00 to $83.00 and gave the stock a buy rating in a research note on Wednesday, May 15th. Evercore ISI began coverage on Arcellx in a research note on Tuesday, May 14th. They issued an outperform rating and a $85.00 price target on the stock. Finally, Piper Sandler assumed coverage on Arcellx in a research report on Friday, May 31st. They issued an overweight rating and a $70.00 price objective for the company. Fourteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of Buy and a consensus target price of $78.00.

Arcellx Stock Performance

Shares of NASDAQ:ACLX opened at $74.77 on Monday. The stock has a market capitalization of $4.00 billion, a price-to-earnings ratio of -72.59 and a beta of 0.23. Arcellx has a one year low of $30.88 and a one year high of $76.72. The company has a 50-day simple moving average of $63.18 and a 200-day simple moving average of $60.07.

Arcellx (NASDAQ:ACLX) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.51) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.52) by $0.01. Arcellx had a negative return on equity of 12.42% and a negative net margin of 37.23%. The company had revenue of $27.38 million during the quarter, compared to analysts’ expectations of $22.04 million. The firm’s revenue was up 91.5% compared to the same quarter last year. As a group, research analysts forecast that Arcellx will post -1.65 EPS for the current fiscal year.

Insider Activity

In other Arcellx news, CFO Michelle Gilson sold 12,877 shares of the stock in a transaction on Wednesday, June 26th. The stock was sold at an average price of $53.70, for a total transaction of $691,494.90. Following the sale, the chief financial officer now owns 6,915 shares in the company, valued at approximately $371,335.50. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Arcellx news, Director Kavita Patel sold 10,000 shares of the firm’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $54.27, for a total transaction of $542,700.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Michelle Gilson sold 12,877 shares of the business’s stock in a transaction that occurred on Wednesday, June 26th. The shares were sold at an average price of $53.70, for a total transaction of $691,494.90. Following the completion of the transaction, the chief financial officer now directly owns 6,915 shares of the company’s stock, valued at approximately $371,335.50. The disclosure for this sale can be found here. Insiders have sold 114,505 shares of company stock worth $7,185,387 over the last ninety days. 6.24% of the stock is currently owned by insiders.

Institutional Trading of Arcellx

Hedge funds have recently bought and sold shares of the company. Perceptive Advisors LLC grew its position in shares of Arcellx by 14.6% in the fourth 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 period. Great Point Partners LLC boosted its stake in Arcellx by 64.0% in the 2nd quarter. Great Point Partners LLC now owns 492,000 shares of the company’s stock worth $27,153,000 after buying an additional 192,000 shares during the last quarter. Bamco Inc. NY boosted its stake in Arcellx by 292.1% in the 1st quarter. Bamco Inc. NY now owns 248,993 shares of the company’s stock worth $17,317,000 after buying an additional 185,493 shares during the last quarter. Vanguard Group Inc. grew its holdings in Arcellx by 8.1% in the 1st quarter. Vanguard Group Inc. now owns 2,228,856 shares of the company’s stock valued at $155,017,000 after buying an additional 167,037 shares during the period. Finally, Affinity Asset Advisors LLC increased its stake in shares of Arcellx by 53.3% during the 2nd quarter. Affinity Asset Advisors LLC now owns 460,000 shares of the company’s stock valued at $25,387,000 after acquiring an additional 160,000 shares during the last quarter. Institutional investors and hedge funds own 96.03% of the company’s stock.

Arcellx Company Profile

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).