Arcellx (NASDAQ:ACLX) Receives Buy Rating from Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Arcellx (NASDAQ:ACLX) in a report published on Thursday, Benzinga reports. They currently have a $96.00 price objective on the stock.

ACLX has been the subject of a number of other research reports. Stifel Nicolaus upped their target price on Arcellx from $83.00 to $122.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. Redburn Atlantic began coverage on Arcellx in a research report on Tuesday, October 8th. They issued a “buy” rating and a $109.00 target price on the stock. Cantor Fitzgerald reiterated an “overweight” rating on shares of Arcellx in a research note on Monday, September 9th. Finally, Canaccord Genuity Group lifted their target price on Arcellx from $85.00 to $115.00 and gave the stock a “buy” rating in a research note on Thursday, October 17th. Twelve equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $89.75.

Arcellx Stock Performance

Shares of Arcellx stock traded up $1.27 during trading on Thursday, hitting $85.54. 38,175 shares of the stock traded hands, compared to its average volume of 460,407. The stock has a market cap of $4.60 billion, a P/E ratio of -81.03 and a beta of 0.25. Arcellx has a twelve month low of $35.01 and a twelve month high of $97.54. The company has a fifty day moving average price of $80.27 and a two-hundred day moving average price of $64.33.

Arcellx (NASDAQ:ACLX) last announced its 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 during the quarter, compared to analysts’ expectations of $22.04 million. Arcellx had a negative return on equity of 12.42% and a negative net margin of 37.23%. The business’s revenue was up 91.5% compared to the same quarter last year. On average, equities research analysts expect that Arcellx will post -1.65 EPS for the current fiscal year.

Insider Transactions at Arcellx

In other Arcellx news, Director Kavita Patel sold 1,500 shares of the company’s stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $89.69, for a total value of $134,535.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, Director Kavita Patel sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $89.69, for a total transaction of $134,535.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Michelle Gilson sold 15,000 shares of the firm’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $77.73, for a total transaction of $1,165,950.00. Following the completion of the transaction, the chief financial officer now directly owns 6,915 shares in the company, valued at $537,502.95. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 70,556 shares of company stock valued at $5,033,845. Corporate insiders own 6.24% of the company’s stock.

Institutional Investors Weigh In On Arcellx

Several hedge funds have recently bought and sold shares of ACLX. Quest Partners LLC bought a new stake in Arcellx during the 2nd quarter valued at $27,000. Plato Investment Management Ltd purchased a new position in Arcellx during the 1st quarter valued at $51,000. Decheng Capital LLC purchased a new position in Arcellx during the 2nd quarter valued at $65,000. National Bank of Canada FI increased its position in Arcellx by 50.0% during the 2nd quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock valued at $80,000 after purchasing an additional 500 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in Arcellx by 21.7% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,944 shares of the company’s stock valued at $161,000 after purchasing an additional 347 shares during the period. 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).