Needham & Company LLC Reaffirms “Buy” Rating for Arcellx (NASDAQ:ACLX)

Arcellx (NASDAQ:ACLX)‘s stock had its “buy” rating restated by equities research analysts at Needham & Company LLC in a research report issued on Wednesday, Benzinga reports. They presently have a $96.00 target price on the stock. Needham & Company LLC’s price target would suggest a potential upside of 10.19% from the company’s current price.

Several other analysts have also recently commented on ACLX. HC Wainwright raised their price target on shares of Arcellx from $80.00 to $95.00 and gave the stock a “buy” rating in a report on Wednesday. Robert W. Baird increased their target price on shares of Arcellx from $77.00 to $106.00 and gave the stock an “outperform” rating in a research report on Wednesday. Stifel Nicolaus boosted their price target on Arcellx from $83.00 to $122.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. Morgan Stanley boosted their target price on Arcellx from $81.00 to $106.00 and gave the stock an “overweight” rating in a report on Wednesday. Finally, Bank of America increased their price target on Arcellx from $84.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday. Thirteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $95.85.

Arcellx Trading Up 0.8 %

Shares of ACLX opened at $87.12 on Wednesday. The business’s 50-day moving average price is $81.21 and its 200 day moving average price is $65.15. The stock has a market capitalization of $4.68 billion, a P/E ratio of -83.77 and a beta of 0.27. Arcellx has a 1-year low of $43.50 and a 1-year high of $97.54.

Arcellx (NASDAQ:ACLX) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.51) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.52) by $0.01. Arcellx had a negative net margin of 37.23% and a negative return on equity of 12.42%. The business had revenue of $27.38 million for the quarter, compared to analyst estimates of $22.04 million. The business’s quarterly revenue was up 91.5% compared to the same quarter last year. On average, research analysts predict that Arcellx will post -1.65 earnings per share for the current year.

Insider Activity

In other Arcellx news, CFO Michelle Gilson sold 15,000 shares of the company’s stock in a transaction that occurred 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 of the company’s stock, valued at $537,502.95. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, Director Kavita Patel sold 1,500 shares of the stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $89.69, for a total value of $134,535.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Michelle Gilson sold 15,000 shares of the business’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $77.73, for a total value of $1,165,950.00. Following the completion of the sale, 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 position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 70,556 shares of company stock valued at $5,033,845. Insiders own 6.24% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of ACLX. Vanguard Group Inc. boosted its holdings in shares of Arcellx by 8.1% in the 1st quarter. Vanguard Group Inc. now owns 2,228,856 shares of the company’s stock worth $155,017,000 after acquiring an additional 167,037 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake 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 worth $93,514,000 after purchasing an additional 84,373 shares in the last quarter. Great Point Partners LLC increased its stake in shares of Arcellx by 64.0% in the second quarter. Great Point Partners LLC now owns 492,000 shares of the company’s stock valued at $27,153,000 after buying an additional 192,000 shares in the last quarter. Affinity Asset Advisors LLC raised its holdings in shares of Arcellx by 53.3% in the second quarter. Affinity Asset Advisors LLC now owns 460,000 shares of the company’s stock valued at $25,387,000 after buying an additional 160,000 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its position in Arcellx by 20.4% during the 2nd quarter. Victory Capital Management Inc. now owns 283,872 shares of the company’s stock worth $15,667,000 after buying an additional 48,006 shares in the last quarter. 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).