HC Wainwright Issues Positive Forecast for Arcellx (NASDAQ:ACLX) Stock Price

Arcellx (NASDAQ:ACLX) had its target price raised by stock analysts at HC Wainwright from $80.00 to $95.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. HC Wainwright’s price target indicates a potential downside of 4.20% from the stock’s previous close.

Several other analysts have also recently issued reports on ACLX. Robert W. Baird increased their target price on shares of Arcellx from $77.00 to $106.00 and gave the stock an “outperform” rating in a research note on Wednesday. Canaccord Genuity Group increased their price objective on Arcellx from $85.00 to $115.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. Cantor Fitzgerald restated an “overweight” rating on shares of Arcellx in a research report on Monday, September 9th. Bank of America raised their price target on Arcellx from $84.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday. Finally, Redburn Atlantic began coverage on Arcellx in a report on Tuesday, October 8th. They set a “buy” rating and a $109.00 price objective for the company. Thirteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Arcellx currently has an average rating of “Buy” and an average target price of $95.85.

Arcellx Stock Performance

NASDAQ:ACLX opened at $99.16 on Wednesday. Arcellx has a 52-week low of $43.50 and a 52-week high of $99.48. The business’s fifty day moving average is $82.32 and its 200 day moving average is $65.58. The firm has a market cap of $5.33 billion, a price-to-earnings ratio of -95.35 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 analysts’ consensus estimates of ($0.52) by $0.01. The firm had revenue of $27.38 million for 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 firm’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 fiscal year.

Insider Buying and Selling

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

Institutional Investors Weigh In On Arcellx

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. First Turn Management LLC bought a new stake in Arcellx in the 3rd quarter worth $17,896,000. Quest Partners LLC boosted its holdings in shares of Arcellx by 210.1% during the third quarter. Quest Partners LLC now owns 1,532 shares of the company’s stock worth $128,000 after purchasing an additional 1,038 shares during the period. Entropy Technologies LP purchased a new stake in shares of Arcellx during the third quarter worth about $293,000. Covestor Ltd grew its stake in shares of Arcellx by 53,766.7% in the third 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. Finally, Harbor Capital Advisors Inc. increased its holdings in Arcellx by 37.0% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 27,896 shares of the company’s stock valued at $2,330,000 after purchasing an additional 7,534 shares during the period. 96.03% of the stock is currently owned by institutional investors.

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).