Analysts Set Arcellx, Inc. (NASDAQ:ACLX) PT at $103.08

Shares of Arcellx, Inc. (NASDAQ:ACLX) have been given a consensus recommendation of “Buy” by the fourteen research firms that are currently covering the firm, MarketBeat reports. Thirteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $103.08.

A number of research firms have weighed in on ACLX. Truist Financial increased their target price on shares of Arcellx from $87.00 to $136.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. Robert W. Baird increased their target price on shares of Arcellx from $77.00 to $106.00 and gave the company an “outperform” rating in a research report on Wednesday, November 6th. Needham & Company LLC reissued a “buy” rating and set a $96.00 target price on shares of Arcellx in a research report on Wednesday, November 6th. Piper Sandler increased their target price on shares of Arcellx from $91.00 to $115.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. Finally, Canaccord Genuity Group increased their target price on shares of Arcellx from $85.00 to $115.00 and gave the company a “buy” rating in a research report on Thursday, October 17th.

Insider Buying and Selling

In related news, insider Christopher Heery sold 27,451 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $67.03, for a total value of $1,840,040.53. Following the transaction, the insider now directly owns 9,278 shares in the company, valued at $621,904.34. This trade represents a 74.74 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Michelle Gilson sold 15,000 shares of the stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $77.73, for a total value of $1,165,950.00. Following the completion of the transaction, the chief financial officer now 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. Insiders have sold a total of 119,557 shares of company stock worth $10,163,933 in the last ninety days. Corporate insiders own 6.24% of the company’s stock.

Hedge Funds Weigh In On Arcellx

Several large investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in Arcellx by 8.1% during the 1st quarter. Vanguard Group Inc. now owns 2,228,856 shares of the company’s stock valued at $155,017,000 after acquiring an additional 167,037 shares in the last quarter. Janus Henderson Group PLC lifted its stake in Arcellx by 5.7% during the 3rd quarter. Janus Henderson Group PLC now owns 2,011,950 shares of the company’s stock valued at $168,026,000 after acquiring an additional 109,332 shares in the last quarter. RA Capital Management L.P. lifted its stake in Arcellx by 15.4% during 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 in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in 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 valued at $93,514,000 after acquiring an additional 84,373 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Arcellx by 4.3% during the 3rd quarter. Geode Capital Management LLC now owns 974,967 shares of the company’s stock valued at $81,434,000 after purchasing an additional 39,781 shares during the last quarter. 96.03% of the stock is currently owned by institutional investors.

Arcellx Price Performance

Arcellx stock opened at $90.44 on Friday. The business has a 50 day moving average of $87.02 and a 200-day moving average of $68.51. Arcellx has a 1 year low of $46.42 and a 1 year high of $107.37. The company has a market capitalization of $4.89 billion, a P/E ratio of -122.84 and a beta of 0.27.

Arcellx (NASDAQ:ACLX) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.48) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.54) by $0.06. Arcellx had a negative return on equity of 8.28% and a negative net margin of 25.94%. The company had revenue of $26.03 million during the quarter, compared to the consensus estimate of $35.21 million. Equities analysts anticipate that Arcellx will post -1.49 EPS for the current 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).