Arcellx (NASDAQ:ACLX) Receives Buy Rating from Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Arcellx (NASDAQ:ACLX - Free Report) in a research report report published on Wednesday, Benzinga reports. The firm currently has a $96.00 target price on the stock.

A number of other research firms also recently weighed in on ACLX. Canaccord Genuity Group raised their price target on shares of Arcellx from $85.00 to $115.00 and gave the company a "buy" rating in a report on Thursday, October 17th. Cantor Fitzgerald restated an "overweight" rating on shares of Arcellx in a research note on Monday, September 9th. 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 on the stock. Robert W. Baird upped their price target on shares of Arcellx from $77.00 to $106.00 and gave the company an "outperform" rating in a report on Wednesday. Finally, HC Wainwright raised their price target on Arcellx from $80.00 to $95.00 and gave the company a "buy" rating in a research report on Wednesday. Thirteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $95.85.

Arcellx Stock Performance

Shares of NASDAQ:ACLX traded up $5.94 during trading on Wednesday, reaching $93.06. The company had a trading volume of 836,268 shares, compared to its average volume of 474,700. The firm's fifty day moving average is $81.21 and its 200 day moving average is $65.15. The firm has a market capitalization of $5.00 billion, a PE ratio of -83.77 and a beta of 0.27. Arcellx has a twelve month low of $43.50 and a twelve month high of $97.54.

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

Insider Buying and Selling

In other Arcellx news, Director Kavita Patel sold 1,500 shares of the stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $89.69, for a total transaction of $134,535.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Arcellx news, Director Kavita Patel sold 1,500 shares of the company's stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $89.69, for a total value of $134,535.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Christopher Heery sold 21,684 shares of Arcellx stock in a transaction on Monday, August 26th. The stock was sold at an average price of $71.12, for a total transaction of $1,542,166.08. Following the transaction, the insider now directly owns 9,278 shares in the company, valued at approximately $659,851.36. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 70,556 shares of company stock valued at $5,033,845 over the last quarter. Corporate insiders own 6.24% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in ACLX. Quest Partners LLC acquired a new position in shares of Arcellx during the second quarter worth about $27,000. Plato Investment Management Ltd bought a new position in shares of Arcellx during the 1st quarter worth approximately $51,000. Decheng Capital LLC acquired a new stake in shares of Arcellx in the second quarter valued at approximately $65,000. National Bank of Canada FI lifted its position in shares of Arcellx by 50.0% in the second quarter. National Bank of Canada FI now owns 1,500 shares of the company's stock worth $80,000 after purchasing an additional 500 shares in the last quarter. Finally, Covestor Ltd boosted its holdings in Arcellx by 53,766.7% during the third quarter. Covestor Ltd now owns 1,616 shares of the company's stock worth $135,000 after purchasing an additional 1,613 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).