Arcellx (NASDAQ:ACLX) Price Target Raised to $106.00 at Morgan Stanley

Arcellx (NASDAQ:ACLX - Get Free Report) had its price target increased by Morgan Stanley from $81.00 to $106.00 in a research report issued on Wednesday, Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Morgan Stanley's target price suggests a potential upside of 13.91% from the company's current price.

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

Arcellx Stock Up 6.8 %

Shares of NASDAQ:ACLX traded up $5.94 on Wednesday, hitting $93.06. 836,268 shares of the company traded hands, compared to its average volume of 474,700. The company has a market cap of $5.00 billion, a PE ratio of -83.77 and a beta of 0.27. Arcellx has a 52 week low of $43.50 and a 52 week high of $97.54. The stock has a 50 day simple moving average of $81.21 and a 200-day simple moving average of $65.15.

Arcellx (NASDAQ:ACLX - Get Free Report) last announced its earnings results on Thursday, August 8th. The company reported ($0.51) EPS for the quarter, beating 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 business had revenue of $27.38 million during the quarter, compared to analysts' expectations of $22.04 million. The firm's quarterly revenue was up 91.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Arcellx will post -1.65 earnings per share for the current year.

Insider Buying and Selling at Arcellx

In other news, Director Kavita Patel sold 1,500 shares of the stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $89.69, for a total transaction of $134,535.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Arcellx news, Director Kavita Patel sold 1,500 shares of the 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Michelle Gilson sold 15,000 shares of the firm's stock in a transaction dated 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 approximately $537,502.95. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 70,556 shares of company stock worth $5,033,845 over the last ninety days. Corporate insiders own 6.24% of the company's stock.

Institutional Investors Weigh In On Arcellx

A number of hedge funds have recently made changes to their positions in ACLX. Quest Partners LLC bought a new stake in Arcellx during the 2nd quarter worth approximately $27,000. Plato Investment Management Ltd acquired a new position in Arcellx in the first quarter valued at $51,000. Decheng Capital LLC bought a new stake in Arcellx in the second quarter valued at $65,000. National Bank of Canada FI raised its holdings 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 valued at $80,000 after purchasing an additional 500 shares during the last quarter. Finally, Covestor Ltd grew its stake in Arcellx by 53,766.7% in the 3rd quarter. Covestor Ltd now owns 1,616 shares of the company's stock valued at $135,000 after purchasing an additional 1,613 shares during the period. 96.03% of the stock is currently owned by institutional investors and hedge funds.

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).