Arcellx, Inc. (NASDAQ:ACLX) Receives $105.93 Average Price Target from Analysts

Shares of Arcellx, Inc. (NASDAQ:ACLX - Get Free Report) have been given a consensus rating of "Buy" by the fifteen brokerages that are currently covering the firm, Marketbeat.com reports. Thirteen research analysts have rated the stock with a buy recommendation and two have given a strong buy recommendation to the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $105.93.

A number of equities research analysts recently commented on the stock. Needham & Company LLC restated a "buy" rating and set a $105.00 price objective on shares of Arcellx in a report on Monday, December 9th. Truist Financial upped their price objective on Arcellx from $87.00 to $136.00 and gave the stock a "buy" rating in a research report on Tuesday, November 12th. Canaccord Genuity Group lifted their target price on Arcellx from $85.00 to $115.00 and gave the company a "buy" rating in a research report on Thursday, October 17th. HC Wainwright reaffirmed a "buy" rating and set a $115.00 price target on shares of Arcellx in a research note on Tuesday, December 10th. Finally, UBS Group increased their target price on shares of Arcellx from $106.00 to $114.00 and gave the stock a "buy" rating in a report on Tuesday, December 10th.

Insiders Place Their Bets

In related news, Director Kavita Patel sold 33,763 shares of the stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $104.14, for a total transaction of $3,516,078.82. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Christopher Heery sold 3,301 shares of the business's stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $79.55, for a total transaction of $262,594.55. Following the transaction, the insider now owns 35,517 shares of the company's stock, valued at approximately $2,825,377.35. This represents a 8.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 63,416 shares of company stock worth $6,242,800 in the last 90 days. Company insiders own 6.24% of the company's stock.

Hedge Funds Weigh In On Arcellx

A number of institutional investors have recently modified their holdings of the business. KBC Group NV raised its position in Arcellx by 37.3% in the fourth quarter. KBC Group NV now owns 1,388 shares of the company's stock valued at $106,000 after purchasing an additional 377 shares during the last quarter. Quarry LP acquired a new stake in Arcellx during the 3rd quarter worth approximately $125,000. Quest Partners LLC grew its holdings in Arcellx by 210.1% during the 3rd quarter. Quest Partners LLC now owns 1,532 shares of the company's stock worth $128,000 after acquiring an additional 1,038 shares during the last quarter. Covestor Ltd increased its position in Arcellx by 53,766.7% in the 3rd quarter. Covestor Ltd now owns 1,616 shares of the company's stock valued at $135,000 after acquiring an additional 1,613 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Arcellx by 21.7% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,944 shares of the company's stock worth $161,000 after purchasing an additional 347 shares during the period. Institutional investors and hedge funds own 96.03% of the company's stock.

Arcellx Price Performance

ACLX traded up $2.95 during mid-day trading on Thursday, hitting $67.53. The stock had a trading volume of 533,341 shares, compared to its average volume of 700,018. Arcellx has a 1-year low of $47.88 and a 1-year high of $107.37. The stock's fifty day simple moving average is $77.48 and its 200-day simple moving average is $76.72. The firm has a market capitalization of $3.65 billion, a price-to-earnings ratio of -95.11 and a beta of 0.33.

Arcellx (NASDAQ:ACLX - Get Free Report) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.48) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.54) by $0.06. Arcellx had a negative return on equity of 8.28% and a negative net margin of 25.94%. The company had revenue of $26.03 million during the quarter, compared to the consensus estimate of $35.21 million. As a group, research analysts expect that Arcellx will post -1.58 earnings per share 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).