Analysts Set Arcellx, Inc. (NASDAQ:ACLX) PT at $75.64

Arcellx, Inc. (NASDAQ:ACLX) has been given a consensus rating of “Buy” by the twelve analysts that are currently covering the company, MarketBeat.com reports. Twelve analysts have rated the stock with a buy rating. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $75.64.

A number of analysts have recently issued reports on the stock. Morgan Stanley started coverage on shares of Arcellx in a research note on Thursday, March 7th. They set an “overweight” rating and a $81.00 target price for the company. Robert W. Baird lifted their target price on Arcellx from $63.00 to $77.00 and gave the stock an “outperform” rating in a report on Thursday, February 29th. Stifel Nicolaus restated a “buy” rating and issued a $82.00 target price on shares of Arcellx in a research note on Thursday, March 14th. Scotiabank reissued an “outperform” rating and issued a $82.00 price target on shares of Arcellx in a report on Thursday, April 4th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $81.00 price objective on shares of Arcellx in a report on Thursday, April 11th.

Insider Buying and Selling

In other Arcellx news, insider Christopher Heery sold 3,456 shares of the firm’s stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $62.29, for a total value of $215,274.24. Following the sale, the insider now directly owns 36,958 shares of the company’s stock, valued at approximately $2,302,113.82. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, insider Christopher Heery sold 3,456 shares of the stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $62.29, for a total transaction of $215,274.24. Following the completion of the sale, the insider now owns 36,958 shares of the company’s stock, valued at approximately $2,302,113.82. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Olivia C. Ware sold 9,402 shares of the firm’s stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $55.55, for a total value of $522,281.10. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 623,982 shares of company stock worth $43,372,457. 6.24% of the stock is owned by insiders.

Hedge Funds Weigh In On Arcellx

Large investors have recently added to or reduced their stakes in the company. Principal Financial Group Inc. increased its holdings in shares of Arcellx by 246.3% in the 1st quarter. Principal Financial Group Inc. now owns 36,835 shares of the company’s stock worth $2,562,000 after acquiring an additional 26,197 shares during the period. China Universal Asset Management Co. Ltd. boosted its stake in shares of Arcellx by 80.7% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 10,177 shares of the company’s stock worth $708,000 after acquiring an additional 4,545 shares in the last quarter. Simplicity Wealth LLC acquired a new position in shares of Arcellx in the first quarter worth about $232,000. Allspring Global Investments Holdings LLC purchased a new stake in shares of Arcellx in the first quarter valued at $804,000. Finally, High Net Worth Advisory Group LLC lifted its position in shares of Arcellx by 14.3% in the first quarter. High Net Worth Advisory Group LLC now owns 8,000 shares of the company’s stock worth $556,000 after purchasing an additional 1,000 shares in the last quarter. 96.03% of the stock is currently owned by institutional investors.

Arcellx Trading Down 1.1 %

Arcellx stock opened at $52.69 on Tuesday. The business’s fifty day simple moving average is $63.02 and its two-hundred day simple moving average is $56.31. Arcellx has a 12 month low of $30.74 and a 12 month high of $75.10. The company has a market capitalization of $2.81 billion, a price-to-earnings ratio of -35.84 and a beta of 0.24.

Arcellx (NASDAQ:ACLX) last posted its quarterly earnings data on Wednesday, February 28th. The company reported $0.42 EPS for the quarter, topping the consensus estimate of ($0.53) by $0.95. Arcellx had a negative return on equity of 20.96% and a negative net margin of 64.08%. The firm had revenue of $63.15 million for the quarter, compared to the consensus estimate of $20.07 million. During the same quarter last year, the company earned ($0.76) earnings per share. On average, equities research analysts predict that Arcellx will post -1.69 EPS for the current 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).