Arcellx, Inc. (NASDAQ:ACLX) Receives Consensus Recommendation of “Buy” from Brokerages

Shares of Arcellx, Inc. (NASDAQ:ACLX) have been given an average rating of “Buy” by the fifteen research firms that are covering the firm, Marketbeat.com reports. Thirteen research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $105.93.

Several research firms have recently weighed in on ACLX. UBS Group increased their price objective on Arcellx from $106.00 to $114.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. Barclays raised shares of Arcellx to a “strong-buy” rating in a report on Friday, November 29th. Bank of America boosted their price objective on shares of Arcellx from $84.00 to $100.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. HC Wainwright reiterated a “buy” rating and issued a $115.00 target price on shares of Arcellx in a research note on Tuesday, December 10th. Finally, Piper Sandler boosted their price target on Arcellx from $91.00 to $115.00 and gave the company an “overweight” rating in a research note on Friday, November 8th.

Arcellx Price Performance

Arcellx stock opened at $79.13 on Friday. Arcellx has a fifty-two week low of $47.88 and a fifty-two week high of $107.37. The firm has a fifty day moving average price of $86.15 and a two-hundred day moving average price of $75.04. The firm has a market cap of $4.28 billion, a price-to-earnings ratio of -111.45 and a beta of 0.25.

Arcellx (NASDAQ:ACLX) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.48) earnings per share for the quarter, topping the consensus estimate of ($0.54) by $0.06. The business had revenue of $26.03 million during the quarter, compared to analysts’ expectations of $35.21 million. Arcellx had a negative return on equity of 8.28% and a negative net margin of 25.94%. As a group, sell-side analysts expect that Arcellx will post -1.49 earnings per share for the current year.

Insiders Place Their Bets

In other Arcellx news, Director Kavita Patel sold 15,238 shares of the company’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $105.92, for a total transaction of $1,614,008.96. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold 53,501 shares of company stock worth $5,517,898 over the last three months. 6.24% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of ACLX. RA Capital Management L.P. raised its position in Arcellx by 15.4% in the 3rd quarter. RA Capital Management L.P. now owns 1,851,479 shares of the company’s stock valued at $154,617,000 after purchasing an additional 247,465 shares during the last quarter. First Turn Management LLC acquired a new stake in shares of Arcellx in the third quarter valued at $17,896,000. Great Point Partners LLC raised its holdings in shares of Arcellx by 64.0% in the second quarter. Great Point Partners LLC now owns 492,000 shares of the company’s stock valued at $27,153,000 after buying an additional 192,000 shares during the last quarter. Affinity Asset Advisors LLC lifted 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 worth $25,387,000 after buying an additional 160,000 shares in the last quarter. Finally, Janus Henderson Group PLC grew its holdings in Arcellx by 5.7% during the 3rd quarter. Janus Henderson Group PLC now owns 2,011,950 shares of the company’s stock worth $168,026,000 after acquiring an additional 109,332 shares during the last quarter. 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).