Brokerages Set Arcellx, Inc. (NASDAQ:ACLX) Target Price at $78.00

Shares of Arcellx, Inc. (NASDAQ:ACLX) have been given an average rating of “Buy” by the fifteen ratings firms that are currently covering the company, Marketbeat.com reports. Fourteen analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among brokers that have covered the stock in the last year is $78.00.

A number of research firms have recently issued reports on ACLX. Canaccord Genuity Group reissued a “buy” rating and issued a $85.00 target price on shares of Arcellx in a report on Monday, July 22nd. Cantor Fitzgerald initiated coverage on shares of Arcellx in a research note on Tuesday. They issued an “overweight” rating for the company. HC Wainwright lowered their target price on shares of Arcellx from $82.00 to $80.00 and set a “buy” rating on the stock in a report on Monday, May 13th. Piper Sandler began coverage on shares of Arcellx in a report on Friday, May 31st. They set an “overweight” rating and a $70.00 price target for the company. Finally, Evercore ISI initiated coverage on Arcellx in a report on Tuesday, May 14th. They issued an “outperform” rating and a $85.00 price objective on the stock.

Insiders Place Their Bets

In other news, CFO Michelle Gilson sold 12,877 shares of the business’s stock in a transaction that occurred on Wednesday, June 26th. The shares were sold at an average price of $53.70, for a total value of $691,494.90. Following the completion of the transaction, the chief financial officer now owns 6,915 shares of the company’s stock, valued at $371,335.50. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CFO Michelle Gilson sold 12,877 shares of the firm’s stock in a transaction on Wednesday, June 26th. The stock was sold at an average price of $53.70, for a total transaction of $691,494.90. Following the sale, the chief financial officer now owns 6,915 shares in the company, valued at $371,335.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Christopher Heery sold 20,000 shares of the company’s stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $55.13, for a total value of $1,102,600.00. Following the completion of the transaction, the insider now owns 9,278 shares of the company’s stock, valued at $511,496.14. The disclosure for this sale can be found here. Insiders have sold 129,584 shares of company stock valued at $7,936,834 in the last ninety days. Insiders own 6.24% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Perceptive Advisors LLC grew its holdings in Arcellx by 14.6% in the fourth quarter. Perceptive Advisors LLC now owns 4,544,809 shares of the company’s stock valued at $252,237,000 after purchasing an additional 578,831 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. Price T Rowe Associates Inc. MD increased its holdings in shares of Arcellx by 6.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,344,553 shares of the company’s stock worth $93,514,000 after buying an additional 84,373 shares during the last quarter. Great Point Partners LLC raised its position in shares of Arcellx by 64.0% in the 2nd quarter. Great Point Partners LLC now owns 492,000 shares of the company’s stock worth $27,153,000 after buying an additional 192,000 shares during the period. Finally, Affinity Asset Advisors LLC boosted its holdings in Arcellx by 53.3% in the second quarter. Affinity Asset Advisors LLC now owns 460,000 shares of the company’s stock valued at $25,387,000 after acquiring an additional 160,000 shares during the last quarter. Institutional investors and hedge funds own 96.03% of the company’s stock.

Arcellx Stock Performance

Shares of Arcellx stock opened at $65.46 on Monday. The company has a market capitalization of $3.50 billion, a P/E ratio of -63.55 and a beta of 0.23. Arcellx has a 1 year low of $30.88 and a 1 year high of $75.10. The company’s fifty day moving average is $61.31 and its two-hundred day moving average is $59.65.

Arcellx (NASDAQ:ACLX) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.51) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.52) by $0.01. The firm had revenue of $27.38 million for the quarter, compared to analyst estimates of $22.04 million. Arcellx had a negative return on equity of 12.42% and a negative net margin of 37.23%. The company’s quarterly revenue was up 91.5% on a year-over-year basis. As a group, equities analysts expect that Arcellx will post -1.64 earnings per share for the current year.

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).