Arcellx (NASDAQ:ACLX) Hits New 52-Week High on Analyst Upgrade

Arcellx, Inc. (NASDAQ:ACLX - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Thursday after HC Wainwright raised their price target on the stock from $80.00 to $95.00. HC Wainwright currently has a buy rating on the stock. Arcellx traded as high as $97.86 and last traded at $97.79, with a volume of 230060 shares traded. The stock had previously closed at $92.98.

Several other equities analysts have also weighed in on ACLX. Canaccord Genuity Group raised their price objective on shares of Arcellx from $85.00 to $115.00 and gave the company a "buy" rating in a research report on Thursday, October 17th. Robert W. Baird raised 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. Stifel Nicolaus increased their target price on shares of Arcellx from $83.00 to $122.00 and gave the stock a "buy" rating in a research report on Friday, October 18th. Bank of America raised their target price on Arcellx from $84.00 to $100.00 and gave the company a "buy" rating in a report on Wednesday. Finally, Cantor Fitzgerald reiterated an "overweight" rating on shares of Arcellx in a research note 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 company. Based on data from MarketBeat, Arcellx has a consensus rating of "Buy" and a consensus price target of $95.85.

Insider Transactions at Arcellx

In related news, Director Kavita Patel sold 1,500 shares of the company's stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $74.41, for a total transaction of $111,615.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Arcellx news, Director Kavita Patel sold 1,500 shares of the company's stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $74.41, for a total value of $111,615.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Christopher Heery sold 27,451 shares of the firm's stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $67.03, for a total value of $1,840,040.53. Following the completion of the sale, the insider now owns 9,278 shares of the company's stock, valued at $621,904.34. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 70,556 shares of company stock worth $5,033,845. Insiders own 6.24% of the company's stock.

Institutional Trading of Arcellx

Institutional investors have recently made changes to their positions in the business. Quest Partners LLC bought a new position in 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 Arcellx in the 2nd quarter valued at $65,000. National Bank of Canada FI grew its position in Arcellx by 50.0% in the second quarter. National Bank of Canada FI now owns 1,500 shares of the company's stock valued at $80,000 after acquiring an additional 500 shares during the period. Finally, Covestor Ltd grew its position 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 acquiring an additional 1,613 shares during the period. 96.03% of the stock is currently owned by institutional investors and hedge funds.

Arcellx Price Performance

The firm has a 50 day simple moving average of $82.32 and a 200-day simple moving average of $65.58. The stock has a market capitalization of $5.33 billion, a price-to-earnings ratio of -95.35 and a beta of 0.27.

Arcellx (NASDAQ:ACLX - Get Free Report) last announced its earnings results on Thursday, August 8th. The company reported ($0.51) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.52) by $0.01. The business had revenue of $27.38 million during the quarter, compared to analysts' expectations of $22.04 million. Arcellx had a negative net margin of 37.23% and a negative return on equity of 12.42%. The company's revenue for the quarter was up 91.5% compared to the same quarter last year. On average, sell-side analysts forecast that Arcellx, Inc. will post -1.65 earnings per share for the current fiscal 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).