Brokerages Set Arcellx, Inc. (NASDAQ:ACLX) Target Price at $105.93

Arcellx, Inc. (NASDAQ:ACLX) has been assigned a consensus rating of “Buy” from the fifteen analysts that are currently covering the firm, Marketbeat reports. Thirteen equities research analysts have rated the stock with a buy recommendation and two have given a strong buy recommendation to the company. The average 1 year price objective among analysts that have covered the stock in the last year is $105.93.

ACLX has been the subject of a number of analyst reports. Redburn Atlantic started coverage on shares of Arcellx in a research note on Tuesday, October 8th. They set a “buy” rating and a $109.00 price target for the company. Barclays upgraded Arcellx to a “strong-buy” rating in a research report on Friday, November 29th. Morgan Stanley lifted their price objective on Arcellx from $81.00 to $106.00 and gave the company an “overweight” rating in a report on Wednesday, November 6th. HC Wainwright reaffirmed a “buy” rating and issued a $115.00 target price on shares of Arcellx in a report on Tuesday, December 10th. Finally, Needham & Company LLC reissued a “buy” rating and set a $105.00 price target on shares of Arcellx in a report on Monday, December 9th.

Insider Activity

In related news, Director Kavita Patel sold 1,500 shares of the company’s stock in a transaction on Tuesday, January 14th. The stock was sold at an average price of $65.87, for a total transaction of $98,805.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Christopher Heery sold 3,301 shares of the stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $79.55, for a total transaction of $262,594.55. Following the completion of the transaction, the insider now directly owns 35,517 shares of the company’s stock, valued at $2,825,377.35. This trade represents a 8.50 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 63,416 shares of company stock worth $6,242,800. 6.24% of the stock is currently owned by corporate insiders.

Institutional Trading of Arcellx

Institutional investors have recently modified their holdings of the business. Janus Henderson Group PLC raised its position in shares of Arcellx by 5.7% during the third 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. RA Capital Management L.P. raised its holdings in Arcellx by 15.4% during the 3rd quarter. RA Capital Management L.P. now owns 1,851,479 shares of the company’s stock worth $154,617,000 after purchasing an additional 247,465 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Arcellx by 4.3% in the 3rd quarter. Geode Capital Management LLC now owns 974,967 shares of the company’s stock worth $81,434,000 after purchasing an additional 39,781 shares during the period. Lord Abbett & CO. LLC boosted its stake in shares of Arcellx by 2.1% in the 3rd quarter. Lord Abbett & CO. LLC now owns 891,848 shares of the company’s stock valued at $74,478,000 after purchasing an additional 18,004 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Arcellx by 4.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 328,093 shares of the company’s stock worth $27,399,000 after buying an additional 14,200 shares during the period. Institutional investors own 96.03% of the company’s stock.

Arcellx Stock Performance

NASDAQ ACLX opened at $64.76 on Thursday. The stock has a 50-day simple moving average of $76.14 and a 200 day simple moving average of $76.86. Arcellx has a twelve month low of $47.88 and a twelve month high of $107.37. The stock has a market capitalization of $3.50 billion, a PE ratio of -91.21 and a beta of 0.29.

Arcellx (NASDAQ:ACLX) last released its earnings results on Thursday, November 7th. The company reported ($0.48) earnings per share for the quarter, beating 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 net margin of 25.94% and a negative return on equity of 8.28%. As a group, equities research analysts forecast that Arcellx will post -1.58 EPS for the current fiscal year.

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).