Arcellx (NASDAQ:ACLX) Earns Buy Rating from Analysts at Redburn Atlantic

Equities research analysts at Redburn Atlantic started coverage on shares of Arcellx (NASDAQ:ACLX) in a research report issued to clients and investors on Tuesday, Briefing.com reports. The firm set a “buy” rating and a $109.00 price target on the stock. Redburn Atlantic’s price objective indicates a potential upside of 43.29% from the stock’s current price.

Several other brokerages have also recently weighed in on ACLX. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Arcellx in a research report on Monday, September 9th. Needham & Company LLC reissued a “buy” rating and set a $81.00 target price on shares of Arcellx in a report on Friday, August 9th. Canaccord Genuity Group reissued a “buy” rating and issued a $85.00 price target on shares of Arcellx in a research note on Monday, July 22nd. Finally, Truist Financial restated a “buy” rating and issued a $87.00 price objective on shares of Arcellx in a report on Tuesday, June 18th. Fifteen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $80.38.

Arcellx Trading Down 2.8 %

Shares of Arcellx stock opened at $76.07 on Tuesday. Arcellx has a 12-month low of $30.88 and a 12-month high of $88.66. The company has a market cap of $4.07 billion, a P/E ratio of -73.85 and a beta of 0.25. The company’s fifty day simple moving average is $70.28 and its two-hundred day simple moving average is $61.43.

Arcellx (NASDAQ:ACLX) last posted its earnings results on Thursday, August 8th. The company reported ($0.51) EPS for the quarter, topping analysts’ consensus estimates of ($0.52) by $0.01. The business had revenue of $27.38 million during 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 company’s revenue was up 91.5% on a year-over-year basis. Analysts predict that Arcellx will post -1.65 EPS for the current fiscal year.

Insider Transactions at Arcellx

In other Arcellx news, CFO Michelle Gilson sold 15,000 shares of the company’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $77.73, for a total transaction of $1,165,950.00. Following the sale, the chief financial officer now directly owns 6,915 shares of the company’s stock, valued at approximately $537,502.95. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, Director Kavita Patel sold 1,500 shares of the stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $74.41, for a total value of $111,615.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Michelle Gilson sold 15,000 shares of the firm’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 sale, the chief financial officer now directly owns 6,915 shares in the company, valued at approximately $537,502.95. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 85,128 shares of company stock valued at $5,924,397 over the last 90 days. 6.24% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Quest Partners LLC acquired a new position in shares of Arcellx during the second quarter worth approximately $27,000. Plato Investment Management Ltd bought a new stake in Arcellx during the 1st quarter worth approximately $51,000. Decheng Capital LLC bought a new stake in shares of Arcellx during the 2nd quarter valued at about $65,000. National Bank of Canada FI grew its position in Arcellx by 50.0% in the second quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock worth $80,000 after acquiring an additional 500 shares in the last quarter. Finally, Public Employees Retirement Association of Colorado bought a new position in Arcellx during the second quarter valued at approximately $178,000. 96.03% of the stock is 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).