Arcellx (NASDAQ:ACLX) Price Target Raised to $115.00

Arcellx (NASDAQ:ACLX) had its price target upped by Piper Sandler from $91.00 to $115.00 in a research report released on Friday,Benzinga reports. They currently have an overweight rating on the stock.

A number of other analysts have also recently weighed in on ACLX. Stifel Nicolaus raised their price objective on Arcellx from $83.00 to $122.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. Needham & Company LLC restated a “buy” rating and set a $96.00 price objective on shares of Arcellx in a research note on Wednesday, November 6th. Robert W. Baird increased their price target on Arcellx from $77.00 to $106.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 6th. Bank of America boosted their price objective on Arcellx from $84.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Finally, Morgan Stanley raised their target price on Arcellx from $81.00 to $106.00 and gave the stock an “overweight” rating in a report on Wednesday, November 6th. Thirteen investment 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, the company currently has a consensus rating of “Buy” and a consensus price target of $99.31.

Arcellx Price Performance

Shares of ACLX opened at $103.06 on Friday. The company has a 50-day moving average of $83.01 and a 200 day moving average of $66.11. The firm has a market capitalization of $5.54 billion, a price-to-earnings ratio of -99.10 and a beta of 0.27. Arcellx has a 1-year low of $43.50 and a 1-year high of $106.24.

Arcellx (NASDAQ:ACLX) last announced its earnings results 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 business had revenue of $27.38 million for the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. On average, equities analysts anticipate that Arcellx will post -1.65 earnings per share for the current fiscal year.

Insider Buying and Selling at Arcellx

In other Arcellx news, CFO Michelle Gilson sold 15,000 shares of Arcellx 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 owns 6,915 shares of the company’s stock, valued at $537,502.95. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, insider Christopher Heery sold 27,451 shares of the stock in a transaction that occurred on 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. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Michelle Gilson sold 15,000 shares of Arcellx stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $77.73, for a total value of $1,165,950.00. Following the transaction, the chief financial officer now owns 6,915 shares in the company, valued at approximately $537,502.95. The trade was 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 worth $5,033,845. Corporate insiders own 6.24% of the company’s stock.

Institutional Trading of Arcellx

A number of hedge funds and other institutional investors have recently modified their holdings of ACLX. First Turn Management LLC acquired a new position in shares of Arcellx during the 3rd quarter valued at about $17,896,000. Great Point Partners LLC boosted its holdings in Arcellx by 64.0% in the 2nd quarter. Great Point Partners LLC now owns 492,000 shares of the company’s stock valued at $27,153,000 after purchasing an additional 192,000 shares during the last quarter. Bamco Inc. NY grew its stake in shares of 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 period. Vanguard Group Inc. increased its holdings in shares of Arcellx by 8.1% during the 1st quarter. Vanguard Group Inc. now owns 2,228,856 shares of the company’s stock worth $155,017,000 after buying an additional 167,037 shares during the last quarter. Finally, Affinity Asset Advisors LLC raised its position in shares of 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 buying an additional 160,000 shares during the period. 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).