Arcellx (NASDAQ:ACLX) Given Buy Rating at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Arcellx (NASDAQ:ACLX) in a report published on Thursday morning, Benzinga reports. They currently have a $96.00 price objective on the stock.

Several other equities analysts have also commented on ACLX. Cantor Fitzgerald restated an “overweight” rating on shares of Arcellx in a research report on Monday, September 9th. Redburn Atlantic initiated coverage on shares of Arcellx in a research report on Tuesday, October 8th. They issued a “buy” rating and a $109.00 target price for the company. Stifel Nicolaus lifted their price target on Arcellx from $83.00 to $122.00 and gave the company a “buy” rating in a report on Friday, October 18th. Finally, Canaccord Genuity Group increased their price objective on Arcellx from $85.00 to $115.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Twelve equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Arcellx currently has an average rating of “Buy” and an average price target of $89.75.

Arcellx Stock Up 2.3 %

Shares of NASDAQ ACLX opened at $86.17 on Thursday. The firm’s 50-day moving average price is $80.61 and its two-hundred day moving average price is $64.68. Arcellx has a 52-week low of $35.01 and a 52-week high of $97.54. The stock has a market capitalization of $4.63 billion, a P/E ratio of -82.86 and a beta of 0.27.

Arcellx (NASDAQ:ACLX) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.51) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.52) by $0.01. The business had revenue of $27.38 million for the quarter, compared to the consensus estimate 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 revenue for the quarter was up 91.5% on a year-over-year basis. As a group, equities research analysts expect that Arcellx will post -1.65 earnings per share for the current year.

Insider Transactions at Arcellx

In other Arcellx news, insider Christopher Heery sold 27,451 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $67.03, for a total value of $1,840,040.53. Following the sale, the insider now directly owns 9,278 shares in the company, valued at approximately $621,904.34. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Kavita Patel sold 1,500 shares of Arcellx stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $89.69, for a total transaction of $134,535.00. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Christopher Heery sold 27,451 shares of Arcellx stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $67.03, for a total value of $1,840,040.53. Following the transaction, the insider now directly owns 9,278 shares in the company, valued at approximately $621,904.34. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 70,556 shares of company stock valued at $5,033,845. Corporate insiders own 6.24% of the company’s stock.

Hedge Funds Weigh In On Arcellx

A number of hedge funds have recently modified their holdings of the stock. Covestor Ltd increased its stake in shares of Arcellx by 53,766.7% during the 3rd quarter. Covestor Ltd now owns 1,616 shares of the company’s stock worth $135,000 after purchasing an additional 1,613 shares during the last quarter. Harbor Capital Advisors Inc. increased its position in Arcellx by 37.0% during the third quarter. Harbor Capital Advisors Inc. now owns 27,896 shares of the company’s stock worth $2,330,000 after buying an additional 7,534 shares during the last quarter. US Bancorp DE raised its holdings in Arcellx by 60.0% during the third quarter. US Bancorp DE now owns 7,603 shares of the company’s stock valued at $635,000 after buying an additional 2,851 shares in the last quarter. China Universal Asset Management Co. Ltd. lifted its position in shares of Arcellx by 64.5% in the third quarter. China Universal Asset Management Co. Ltd. now owns 10,339 shares of the company’s stock worth $863,000 after buying an additional 4,052 shares during the last quarter. Finally, abrdn plc bought a new stake in shares of Arcellx during the 3rd quarter worth about $4,242,000. 96.03% of the stock is owned by institutional investors and hedge funds.

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).