Arcellx, Inc. (NASDAQ:ACLX) Given Consensus Rating of "Buy" by Brokerages

Arcellx, Inc. (NASDAQ:ACLX - Get Free Report) has been assigned a consensus rating of "Buy" from the fourteen analysts that are covering the company, MarketBeat Ratings reports. Thirteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $103.08.

ACLX has been the subject of several recent analyst reports. Morgan Stanley raised their target price on shares of Arcellx from $81.00 to $106.00 and gave the company an "overweight" rating in a research note on Wednesday, November 6th. Piper Sandler raised their price objective on Arcellx from $91.00 to $115.00 and gave the company an "overweight" rating in a research report on Friday, November 8th. Truist Financial boosted their target price on Arcellx from $87.00 to $136.00 and gave the stock a "buy" rating in a report on Tuesday. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Arcellx in a report on Monday, September 9th. Finally, Robert W. Baird lifted their price objective on shares of Arcellx from $77.00 to $106.00 and gave the stock an "outperform" rating in a research report on Wednesday, November 6th.

Arcellx Trading Down 7.6 %

Shares of NASDAQ:ACLX traded down $7.25 during trading on Friday, hitting $87.83. 855,372 shares of the company were exchanged, compared to its average volume of 482,139. The stock has a market cap of $4.75 billion, a price-to-earnings ratio of -123.70 and a beta of 0.27. Arcellx has a fifty-two week low of $46.42 and a fifty-two week high of $107.37. The firm has a fifty day moving average price of $85.97 and a two-hundred day moving average price of $67.65.

Arcellx (NASDAQ:ACLX - Get Free Report) last issued its earnings results on Thursday, November 7th. The company reported ($0.48) earnings per share for the quarter, topping analysts' consensus estimates of ($0.54) by $0.06. Arcellx had a negative net margin of 25.94% and a negative return on equity of 8.28%. The business had revenue of $26.03 million for the quarter, compared to the consensus estimate of $35.21 million. As a group, research analysts predict that Arcellx will post -1.49 EPS for the current year.

Insider Activity

In other news, Director Kavita Patel sold 33,763 shares of the business's stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $104.14, for a total value of $3,516,078.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Michelle Gilson sold 15,000 shares of the stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $77.73, for a total transaction of $1,165,950.00. Following the sale, the chief financial officer now owns 6,915 shares in the company, valued at $537,502.95. This represents a 68.45 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 119,557 shares of company stock worth $10,163,933. Corporate insiders own 6.24% of the company's stock.

Institutional Investors Weigh In On Arcellx

Several institutional investors and hedge funds have recently added to or reduced their stakes in ACLX. Vanguard Group Inc. lifted its holdings in shares of Arcellx by 8.1% in the first quarter. Vanguard Group Inc. now owns 2,228,856 shares of the company's stock worth $155,017,000 after acquiring an additional 167,037 shares during the last quarter. Janus Henderson Group PLC increased its position in Arcellx by 5.7% during the 3rd quarter. Janus Henderson Group PLC now owns 2,011,950 shares of the company's stock worth $168,026,000 after purchasing an additional 109,332 shares in the last quarter. RA Capital Management L.P. lifted its stake in Arcellx by 15.4% in the 3rd quarter. RA Capital Management L.P. now owns 1,851,479 shares of the company's stock valued at $154,617,000 after purchasing an additional 247,465 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in Arcellx by 6.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,344,553 shares of the company's stock valued at $93,514,000 after buying an additional 84,373 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in Arcellx by 4.3% in the third quarter. Geode Capital Management LLC now owns 974,967 shares of the company's stock valued at $81,434,000 after buying an additional 39,781 shares in the last quarter. 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).