Bank of America Forecasts Strong Price Appreciation for Arcellx (NASDAQ:ACLX) Stock

Arcellx (NASDAQ:ACLX) had its price target increased by Bank of America from $84.00 to $100.00 in a research note released on Wednesday, Marketbeat Ratings reports. They currently have a buy rating on the stock.

A number of other research firms have also commented on ACLX. Cantor Fitzgerald reissued an “overweight” rating on shares of Arcellx in a report on Monday, September 9th. Needham & Company LLC reissued a “buy” rating and issued a $96.00 target price on shares of Arcellx in a research report on Thursday, October 31st. Canaccord Genuity Group upped their target price on shares of Arcellx from $85.00 to $115.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. Stifel Nicolaus lifted their price target on shares of Arcellx from $83.00 to $122.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. Finally, Morgan Stanley increased their price objective on shares of Arcellx from $81.00 to $106.00 and gave the company an “overweight” rating in a research report on Wednesday. Thirteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Arcellx presently has an average rating of “Buy” and a consensus target price of $95.85.

Arcellx Stock Performance

NASDAQ:ACLX opened at $92.98 on Wednesday. The firm has a 50-day simple moving average of $81.69 and a two-hundred day simple moving average of $65.35. The firm has a market cap of $5.00 billion, a P/E ratio of -89.40 and a beta of 0.27. Arcellx has a fifty-two week low of $43.50 and a fifty-two week high of $97.54.

Arcellx (NASDAQ:ACLX) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.51) earnings per share for the quarter, beating the consensus estimate of ($0.52) by $0.01. The company had revenue of $27.38 million during 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 business’s revenue for the quarter was up 91.5% compared to the same quarter last year. On average, equities research analysts predict that Arcellx will post -1.65 EPS for the current year.

Insider Activity

In related news, Director Kavita Patel sold 1,500 shares of the firm’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $74.41, for a total value of $111,615.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. 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 shares were 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 directly owns 6,915 shares in the company, valued at $537,502.95. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Kavita Patel sold 1,500 shares of the firm’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $74.41, for a total transaction of $111,615.00. The disclosure for this sale can be found here. Insiders sold a total of 70,556 shares of company stock valued at $5,033,845 in the last 90 days. Company insiders own 6.24% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of ACLX. Quest Partners LLC bought a new stake in Arcellx during the second quarter valued at about $27,000. Plato Investment Management Ltd purchased a new stake in shares of Arcellx during the first quarter worth about $51,000. Decheng Capital LLC bought a new stake in Arcellx during the 2nd quarter valued at approximately $65,000. National Bank of Canada FI lifted 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 worth $80,000 after purchasing an additional 500 shares in the last quarter. Finally, Covestor Ltd grew its holdings in Arcellx by 53,766.7% during 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 in the last quarter. Institutional investors own 96.03% of the company’s stock.

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).