Arcellx (NASDAQ:ACLX) Stock Rating Reaffirmed by Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Arcellx (NASDAQ:ACLX) in a report published on Tuesday morning, MarketBeat.com reports. The brokerage currently has a $81.00 price target on the stock.

A number of other equities analysts also recently weighed in on the stock. Robert W. Baird lifted their price target on shares of Arcellx from $63.00 to $77.00 and gave the company an outperform rating in a report on Thursday, February 29th. HC Wainwright lifted their target price on Arcellx from $60.00 to $82.00 and gave the company a buy rating in a report on Thursday, February 29th. Scotiabank restated an outperform rating and set a $82.00 price target on shares of Arcellx in a research note on Thursday, April 4th. Barclays lifted their price objective on Arcellx from $62.00 to $73.00 and gave the company an overweight rating in a research note on Thursday, February 29th. Finally, Stifel Nicolaus reissued a buy rating and set a $82.00 target price on shares of Arcellx in a research report on Thursday, March 14th. Twelve research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of Buy and a consensus target price of $75.64.

Arcellx Stock Up 0.9 %

Shares of NASDAQ:ACLX opened at $52.73 on Tuesday. The business has a fifty day simple moving average of $61.92 and a 200-day simple moving average of $56.69. Arcellx has a 52 week low of $30.74 and a 52 week high of $75.10. The company has a market cap of $2.81 billion, a P/E ratio of -35.87 and a beta of 0.24.

Arcellx (NASDAQ:ACLX) last posted its quarterly earnings results on Wednesday, February 28th. The company reported $0.42 EPS for the quarter, beating the consensus estimate of ($0.53) by $0.95. The company had revenue of $63.15 million during the quarter, compared to analysts’ expectations of $20.07 million. Arcellx had a negative return on equity of 20.96% and a negative net margin of 64.08%. During the same quarter in the previous year, the business earned ($0.76) EPS. Sell-side analysts expect that Arcellx will post -1.69 earnings per share for the current fiscal year.

Insider Activity

In other Arcellx news, Director Jill Carroll sold 504,263 shares of the firm’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $70.55, for a total transaction of $35,575,754.65. Following the completion of the transaction, the director now directly owns 1,479,148 shares of the company’s stock, valued at approximately $104,353,891.40. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, insider Christopher Heery sold 2,967 shares of the business’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $64.46, for a total transaction of $191,252.82. Following the completion of the sale, the insider now owns 30,303 shares of the company’s stock, valued at approximately $1,953,331.38. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Jill Carroll sold 504,263 shares of the firm’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $70.55, for a total value of $35,575,754.65. Following the completion of the sale, the director now directly owns 1,479,148 shares in the company, valued at approximately $104,353,891.40. The disclosure for this sale can be found here. In the last three months, insiders sold 620,526 shares of company stock worth $43,157,182. 6.24% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Bleakley Financial Group LLC acquired a new position in shares of Arcellx during the first quarter valued at $232,000. ProShare Advisors LLC lifted its position in Arcellx by 12.0% in the 1st quarter. ProShare Advisors LLC now owns 10,590 shares of the company’s stock valued at $737,000 after purchasing an additional 1,131 shares during the last quarter. Russell Investments Group Ltd. boosted its stake in Arcellx by 3.1% during the 1st quarter. Russell Investments Group Ltd. now owns 195,437 shares of the company’s stock valued at $13,593,000 after purchasing an additional 5,895 shares during the period. Sei Investments Co. grew its position in Arcellx by 36.3% in the 1st quarter. Sei Investments Co. now owns 14,836 shares of the company’s stock worth $1,032,000 after purchasing an additional 3,951 shares during the last quarter. Finally, Advisory Alpha LLC bought a new position in Arcellx in the 1st quarter worth about $209,000. 96.03% of the stock is currently owned by institutional investors.

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).