Arcellx (NASDAQ:ACLX) Earns Buy Rating from HC Wainwright

HC Wainwright reiterated their buy rating on shares of Arcellx (NASDAQ:ACLX - Free Report) in a research report sent to investors on Tuesday morning,Benzinga reports. HC Wainwright currently has a $115.00 price objective on the stock.

A number of other brokerages have also issued reports on ACLX. 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. Barclays upgraded shares of Arcellx to a "strong-buy" rating in a research note on Friday, November 29th. Canaccord Genuity Group boosted their target price on shares of Arcellx from $85.00 to $115.00 and gave the stock a "buy" rating in a research report on Thursday, October 17th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Arcellx in a research report on Monday, September 9th. Finally, Needham & Company LLC reissued a "buy" rating and issued a $105.00 price objective on shares of Arcellx in a report on Monday. Thirteen investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $105.93.

Arcellx Stock Down 0.8 %

Shares of ACLX stock traded down $0.68 during mid-day trading on Tuesday, reaching $82.27. The company's stock had a trading volume of 659,575 shares, compared to its average volume of 479,379. The company's 50 day simple moving average is $88.45 and its 200-day simple moving average is $71.80. Arcellx has a 12-month low of $46.42 and a 12-month high of $107.37. The firm has a market capitalization of $4.45 billion, a PE ratio of -117.73 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 (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $26.03 million for the quarter, compared to the consensus estimate of $35.21 million. As a group, research analysts anticipate that Arcellx will post -1.49 EPS for the current fiscal year.

Insider Activity at Arcellx

In related news, CFO Michelle Gilson sold 15,000 shares of the business's 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 of the company's stock, valued at $537,502.95. The trade was a 68.45 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kavita Patel sold 1,500 shares of the stock in a transaction on Tuesday, October 22nd. The shares were 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. Insiders have sold a total of 67,001 shares of company stock worth $6,568,393 over the last ninety days. 6.24% of the stock is currently owned by corporate insiders.

Institutional Trading of Arcellx

Institutional investors have recently modified their holdings of the company. Janus Henderson Group PLC lifted its holdings in Arcellx by 5.7% in the 3rd quarter. Janus Henderson Group PLC now owns 2,011,950 shares of the company's stock valued at $168,026,000 after acquiring an additional 109,332 shares during the last quarter. RA Capital Management L.P. raised its holdings in shares of Arcellx by 15.4% in the 3rd quarter. RA Capital Management L.P. now owns 1,851,479 shares of the company's stock worth $154,617,000 after purchasing an additional 247,465 shares in the last quarter. Geode Capital Management LLC lifted its stake in Arcellx by 4.3% during the third quarter. Geode Capital Management LLC now owns 974,967 shares of the company's stock valued at $81,434,000 after purchasing an additional 39,781 shares during the last quarter. Great Point Partners LLC boosted its holdings in Arcellx by 64.0% during the second 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 in the last quarter. Finally, Affinity Asset Advisors LLC grew its position in Arcellx by 53.3% in the second quarter. Affinity Asset Advisors LLC now owns 460,000 shares of the company's stock worth $25,387,000 after buying an additional 160,000 shares during the last quarter. Institutional investors and hedge funds own 96.03% of the company's stock.

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).