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

Arcellx (NASDAQ:ACLX - Get Free Report)'s stock had its "buy" rating restated by Needham & Company LLC in a report issued on Thursday, Benzinga reports. They currently have a $96.00 price objective on the stock. Needham & Company LLC's price objective would indicate a potential upside of 13.92% from the stock's previous close.

ACLX has been the topic of several other research reports. Canaccord Genuity Group upped their price objective on Arcellx from $85.00 to $115.00 and gave the company a "buy" rating in a research report on Thursday, October 17th. Redburn Atlantic started coverage on Arcellx in a research report on Tuesday, October 8th. They issued a "buy" rating and a $109.00 price objective on the stock. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Arcellx in a research report on Monday, September 9th. Finally, Stifel Nicolaus upped their price objective on Arcellx from $83.00 to $122.00 and gave the company a "buy" rating in a research report on Friday, October 18th. Twelve investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $89.75.

Arcellx Trading Down 2.9 %

NASDAQ:ACLX traded down $2.54 during midday trading on Thursday, hitting $84.27. 360,513 shares of the company traded hands, compared to its average volume of 462,495. The firm's fifty day moving average is $79.92 and its 200-day moving average is $64.19. Arcellx has a 12-month low of $32.90 and a 12-month high of $97.54. The firm has a market capitalization of $4.53 billion, a P/E ratio of -79.33 and a beta of 0.25.

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

Insider Buying and Selling

In related news, Director Kavita Patel sold 1,500 shares of the company's stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $74.41, for a total transaction of $111,615.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Arcellx news, insider Christopher Heery sold 27,451 shares of the stock in a transaction dated 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 directly 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 transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Kavita Patel sold 1,500 shares of the stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $74.41, for a total value of $111,615.00. The disclosure for this sale can be found here. Insiders 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 Investors Weigh In On Arcellx

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Mirae Asset Global Investments Co. Ltd. raised its stake in Arcellx by 21.7% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,944 shares of the company's stock valued at $161,000 after buying an additional 347 shares during the last quarter. Quest Partners LLC purchased a new position in shares of Arcellx in the second quarter worth about $27,000. National Bank of Canada FI raised its stake 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 during the last quarter. High Net Worth Advisory Group LLC raised its stake in shares of Arcellx by 6.3% in the third quarter. High Net Worth Advisory Group LLC now owns 8,500 shares of the company's stock worth $710,000 after purchasing an additional 500 shares during the last quarter. Finally, Principal Financial Group Inc. raised its stake in shares of Arcellx by 1.4% in the second quarter. Principal Financial Group Inc. now owns 37,352 shares of the company's stock worth $2,061,000 after purchasing an additional 517 shares during the last quarter. 96.03% of the stock is currently owned by hedge funds and other institutional investors.

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).