Cantor Fitzgerald Reaffirms “Overweight” Rating for Arcellx (NASDAQ:ACLX)

Arcellx (NASDAQ:ACLX)‘s stock had its “overweight” rating restated by equities research analysts at Cantor Fitzgerald in a research report issued to clients and investors on Monday, Benzinga reports.

ACLX has been the topic of a number of other research reports. 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. Needham & Company LLC reiterated a “buy” rating and set a $81.00 price objective on shares of Arcellx in a research report on Friday, August 9th. HC Wainwright reduced their target price on shares of Arcellx from $82.00 to $80.00 and set a “buy” rating for the company in a research report on Monday, May 13th. Evercore ISI initiated coverage on shares of Arcellx in a research note on Tuesday, May 14th. They issued an “outperform” rating and a $85.00 price target on the stock. Finally, Truist Financial reiterated a “buy” rating and issued a $87.00 price objective on shares of Arcellx in a research note on Tuesday, June 18th. Fourteen equities research 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, Arcellx currently has a consensus rating of “Buy” and a consensus price target of $78.00.

Arcellx Trading Down 0.1 %

NASDAQ:ACLX opened at $74.19 on Monday. The firm has a fifty day simple moving average of $62.37 and a 200 day simple moving average of $59.89. Arcellx has a 1-year low of $30.88 and a 1-year high of $76.72. The stock has a market capitalization of $3.99 billion, a PE ratio of -72.03 and a beta of 0.23.

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

Insider Transactions at Arcellx

In other Arcellx news, insider Christopher Heery sold 20,000 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $55.39, for a total value of $1,107,800.00. Following the sale, the insider now owns 9,278 shares of the company’s stock, valued at approximately $513,908.42. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CFO Michelle Gilson sold 12,877 shares of the company’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 in the company, valued at approximately $371,335.50. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Christopher Heery sold 20,000 shares of the stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $55.39, for a total transaction of $1,107,800.00. Following the completion of the transaction, the insider now directly owns 9,278 shares of the company’s stock, valued at approximately $513,908.42. The disclosure for this sale can be found here. In the last 90 days, insiders sold 113,005 shares of company stock valued at $7,073,772. Company insiders own 6.24% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Principal Financial Group Inc. grew its position in Arcellx by 246.3% during the 1st quarter. Principal Financial Group Inc. now owns 36,835 shares of the company’s stock worth $2,562,000 after acquiring an additional 26,197 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Arcellx by 6.7% during 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 during the last quarter. Seven Eight Capital LP acquired a new position in shares of Arcellx in the first quarter valued at approximately $1,207,000. Bamco Inc. NY raised its holdings in Arcellx by 292.1% in the 1st 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 last quarter. Finally, Advisory Alpha LLC acquired a new stake in Arcellx during the 1st quarter worth approximately $209,000. 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).