Arcellx (NASDAQ:ACLX) Price Target Raised to $100.00

Arcellx (NASDAQ:ACLX - Free Report) had its price target upped by Bank of America from $84.00 to $100.00 in a report released on Wednesday, Marketbeat Ratings reports. The brokerage currently has a buy rating on the stock.

A number of other research firms have also recently commented on ACLX. Redburn Atlantic assumed coverage on Arcellx in a research note on Tuesday, October 8th. They issued a "buy" rating and a $109.00 target price on the stock. Cantor Fitzgerald restated an "overweight" rating on shares of Arcellx in a research report on Monday, September 9th. Needham & Company LLC restated a "buy" rating and issued a $96.00 price target on shares of Arcellx in a report on Thursday, October 31st. Canaccord Genuity Group raised their price target on Arcellx from $85.00 to $115.00 and gave the company a "buy" rating in a research note on Thursday, October 17th. Finally, Stifel Nicolaus upped their target price on Arcellx from $83.00 to $122.00 and gave the stock a "buy" rating in a report on Friday, October 18th. Thirteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Arcellx presently has an average rating of "Buy" and an average price target of $95.85.

Arcellx Stock Performance

Shares of NASDAQ ACLX traded up $5.94 during midday trading on Wednesday, hitting $93.06. 836,268 shares of the stock traded hands, compared to its average volume of 474,700. Arcellx has a one year low of $43.50 and a one year high of $97.54. The company has a market cap of $5.00 billion, a PE ratio of -83.77 and a beta of 0.27. The business has a 50 day moving average price of $81.21 and a two-hundred day moving average price of $65.15.

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

Insiders Place Their Bets

In other news, insider Christopher Heery sold 27,451 shares of the business's stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $67.03, for a total transaction of $1,840,040.53. Following the completion of the transaction, the insider now owns 9,278 shares of the company's stock, valued at approximately $621,904.34. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, Director Kavita Patel sold 1,500 shares of the firm's stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $74.41, for a total value of $111,615.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Christopher Heery sold 27,451 shares of Arcellx stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $67.03, for a total transaction of $1,840,040.53. Following the sale, the insider now owns 9,278 shares in the company, valued at approximately $621,904.34. This trade 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 in the last three months. 6.24% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in ACLX. Great Point Partners LLC raised 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 acquiring an additional 192,000 shares in the last quarter. Bamco Inc. NY raised its stake in Arcellx by 292.1% in the 1st quarter. Bamco Inc. NY now owns 248,993 shares of the company's stock worth $17,317,000 after purchasing an additional 185,493 shares in the last quarter. Vanguard Group Inc. increased 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 during the period. Affinity Asset Advisors LLC increased its holdings in Arcellx by 53.3% in the 2nd quarter. Affinity Asset Advisors LLC now owns 460,000 shares of the company's stock valued at $25,387,000 after buying an additional 160,000 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its holdings in shares of Arcellx by 6.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,344,553 shares of the company's stock valued at $93,514,000 after purchasing an additional 84,373 shares in 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).