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

Arcellx, Inc. (NASDAQ:ACLX - Get Free Report) has earned an average recommendation of "Buy" from the fifteen research firms that are currently covering the company, Marketbeat reports. Thirteen equities research analysts have rated the stock with a buy recommendation and two have given a strong buy recommendation to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $105.93.

Several equities research analysts recently issued reports on the stock. Morgan Stanley lifted their price target on shares of Arcellx from $81.00 to $106.00 and gave the stock an "overweight" rating in a research note on Wednesday, November 6th. Needham & Company LLC reiterated a "buy" rating and issued a $105.00 price target on shares of Arcellx in a research note on Monday. HC Wainwright restated a "buy" rating and set a $115.00 price objective on shares of Arcellx in a research note on Tuesday. Bank of America upped their target price on shares of Arcellx from $84.00 to $100.00 and gave the company a "buy" rating in a research note on Wednesday, November 6th. Finally, Barclays raised Arcellx to a "strong-buy" rating in a research report on Friday, November 29th.

Insider Activity

In other Arcellx news, CFO Michelle Gilson sold 15,000 shares of the business'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 sale, the chief financial officer now directly owns 6,915 shares of the company's stock, valued at $537,502.95. The trade was a 68.45 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kavita Patel sold 1,500 shares of the firm's stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $89.69, for a total value of $134,535.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 67,001 shares of company stock worth $6,568,393. Insiders own 6.24% of the company's stock.

Institutional Investors Weigh In On Arcellx

A number of institutional investors have recently bought and sold shares of ACLX. Quest Partners LLC acquired a new position in Arcellx in the 2nd quarter valued at approximately $27,000. Decheng Capital LLC acquired a new position in shares of Arcellx in the second quarter worth $65,000. National Bank of Canada FI raised its holdings in shares of Arcellx by 50.0% during the second quarter. National Bank of Canada FI now owns 1,500 shares of the company's stock worth $80,000 after acquiring an additional 500 shares in the last quarter. Quarry LP acquired a new stake in Arcellx during the third quarter valued at $125,000. Finally, Covestor Ltd grew its stake in Arcellx by 53,766.7% in the third quarter. Covestor Ltd now owns 1,616 shares of the company's stock valued at $135,000 after purchasing an additional 1,613 shares in the last quarter. 96.03% of the stock is currently owned by institutional investors and hedge funds.

Arcellx Trading Up 6.0 %

Shares of ACLX traded up $4.90 during midday trading on Wednesday, reaching $87.17. 803,028 shares of the company were exchanged, compared to its average volume of 480,733. Arcellx has a 1-year low of $46.42 and a 1-year high of $107.37. The stock has a 50-day moving average price of $88.46 and a 200-day moving average price of $72.02. The company has a market cap of $4.71 billion, a price-to-earnings ratio of -123.79 and a beta of 0.25.

Arcellx (NASDAQ:ACLX - Get Free Report) last released its quarterly 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. The firm had revenue of $26.03 million during the quarter, compared to analysts' expectations of $35.21 million. Arcellx had a negative return on equity of 8.28% and a negative net margin of 25.94%. Equities research analysts anticipate that Arcellx will post -1.49 earnings per share for the current 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).