Stifel Nicolaus Increases Arcellx (NASDAQ:ACLX) Price Target to $122.00

Arcellx (NASDAQ:ACLX) had its price objective hoisted by Stifel Nicolaus from $83.00 to $122.00 in a research report released on Friday morning, MarketBeat reports. Stifel Nicolaus currently has a buy rating on the stock.

Several other research analysts have also 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 reiterated a “buy” rating and set a $81.00 price objective on shares of Arcellx in a research note on Friday, August 9th. Canaccord Genuity Group raised 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. Finally, Redburn Atlantic began coverage on shares of Arcellx in a research report on Tuesday, October 8th. They set a “buy” rating and a $109.00 price target for the company. Thirteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Arcellx presently has a consensus rating of “Buy” and a consensus target price of $88.50.

Arcellx Trading Down 6.8 %

NASDAQ ACLX opened at $90.28 on Friday. The business’s 50-day moving average price is $76.75 and its 200 day moving average price is $62.90. Arcellx has a twelve month low of $30.88 and a twelve month high of $97.54. The company has a market capitalization of $4.83 billion, a PE ratio of -87.65 and a beta of 0.25.

Arcellx (NASDAQ:ACLX) last released its 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. The firm 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%. Arcellx’s revenue was up 91.5% on a year-over-year basis. Equities analysts predict that Arcellx will post -1.65 EPS for the current year.

Insider Buying and Selling

In other news, CFO Michelle Gilson sold 15,000 shares of the stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $77.73, for a total transaction 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 approximately $537,502.95. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, CFO Michelle Gilson sold 15,000 shares of the stock in a transaction dated 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 transaction, the chief financial officer now owns 6,915 shares of the company’s stock, valued at approximately $537,502.95. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Kavita Patel sold 1,500 shares of the business’s stock in a transaction dated Tuesday, July 30th. The shares were sold at an average price of $61.97, for a total value of $92,955.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 70,556 shares of company stock worth $4,992,265. 6.24% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of ACLX. Great Point Partners LLC raised its stake in Arcellx by 64.0% during the second quarter. Great Point Partners LLC now owns 492,000 shares of the company’s stock worth $27,153,000 after acquiring an additional 192,000 shares during the period. Bamco Inc. NY raised its position in shares of Arcellx by 292.1% during the 1st quarter. Bamco Inc. NY now owns 248,993 shares of the company’s stock worth $17,317,000 after purchasing an additional 185,493 shares during the period. Vanguard Group Inc. lifted 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 purchasing an additional 167,037 shares during the last quarter. Affinity Asset Advisors LLC boosted its position in Arcellx by 53.3% during the 2nd quarter. Affinity Asset Advisors LLC now owns 460,000 shares of the company’s stock valued at $25,387,000 after purchasing an additional 160,000 shares during the period. Finally, Price T Rowe Associates Inc. MD grew 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 worth $93,514,000 after buying an additional 84,373 shares during the last quarter. 96.03% of the stock is currently owned by institutional investors.

Arcellx Company Profile

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).