Piper Sandler Forecasts Strong Price Appreciation for Arcellx (NASDAQ:ACLX) Stock

Arcellx (NASDAQ:ACLX - Get Free Report) had its target price raised by analysts at Piper Sandler from $91.00 to $115.00 in a report issued on Friday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Piper Sandler's price target would indicate a potential upside of 10.51% from the stock's current price.

Other equities research analysts have also issued research reports about the stock. Robert W. Baird raised their target price on shares of Arcellx from $77.00 to $106.00 and gave the stock an "outperform" rating in a report on Wednesday. Canaccord Genuity Group boosted their price target on Arcellx from $85.00 to $115.00 and gave the stock a "buy" rating in a research report on Thursday, October 17th. Bank of America raised their price objective on Arcellx from $84.00 to $100.00 and gave the company a "buy" rating in a research report on Wednesday. Redburn Atlantic assumed coverage on shares of Arcellx in a report on Tuesday, October 8th. They issued a "buy" rating and a $109.00 target price for the company. Finally, Cantor Fitzgerald reissued an "overweight" rating on shares of Arcellx in a research report on Monday, September 9th. Thirteen equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $99.31.

Arcellx Trading Up 4.9 %

Arcellx stock traded up $4.90 during mid-day trading on Friday, hitting $104.06. The company had a trading volume of 701,844 shares, compared to its average volume of 478,002. Arcellx has a 12 month low of $43.50 and a 12 month high of $106.24. The stock's 50 day moving average price is $82.32 and its two-hundred day moving average price is $65.58. The company has a market capitalization of $5.59 billion, a PE ratio of -95.35 and a beta of 0.27.

Arcellx (NASDAQ:ACLX - Get Free Report) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.51) earnings per share for the quarter, beating analysts' consensus estimates of ($0.52) by $0.01. The business had revenue of $27.38 million during the quarter, compared to analyst estimates of $22.04 million. Arcellx had a negative net margin of 37.23% and a negative return on equity of 12.42%. The firm's quarterly revenue was up 91.5% on a year-over-year basis. Equities research analysts anticipate that Arcellx will post -1.65 EPS for the current year.

Insider Buying and Selling at Arcellx

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

Institutional Trading of Arcellx

Hedge funds have recently added to or reduced their stakes in the company. Sei Investments Co. increased its holdings in Arcellx by 36.3% in the first quarter. Sei Investments Co. now owns 14,836 shares of the company's stock valued at $1,032,000 after buying an additional 3,951 shares during the last quarter. Russell Investments Group Ltd. lifted its position in shares of Arcellx by 3.1% during the 1st quarter. Russell Investments Group Ltd. now owns 195,437 shares of the company's stock worth $13,593,000 after buying an additional 5,895 shares during the last quarter. ProShare Advisors LLC boosted its holdings in shares of Arcellx by 12.0% in the 1st quarter. ProShare Advisors LLC now owns 10,590 shares of the company's stock valued at $737,000 after buying an additional 1,131 shares in the last quarter. Bleakley Financial Group LLC purchased a new position in shares of Arcellx in the 1st quarter valued at $232,000. Finally, Vanguard Group Inc. raised its stake in Arcellx by 8.1% during the 1st 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 in the last quarter. Institutional investors and hedge funds own 96.03% of the company's stock.

About Arcellx

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).