Arcellx (NASDAQ:ACLX - Get Free Report)'s stock had its "buy" rating reissued by Needham & Company LLC in a report released on Monday,Benzinga reports. They presently have a $105.00 price target on the stock. Needham & Company LLC's price target points to a potential upside of 26.58% from the company's previous close.
Several other research firms have also recently weighed in on ACLX. Morgan Stanley lifted their price objective on Arcellx from $81.00 to $106.00 and gave the company an "overweight" rating in a research report on Wednesday, November 6th. Stifel Nicolaus upped their price target on Arcellx from $83.00 to $122.00 and gave the stock a "buy" rating in a research note on Friday, October 18th. Redburn Atlantic began coverage on Arcellx in a research report on Tuesday, October 8th. They set a "buy" rating and a $109.00 price objective for the company. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Arcellx in a research report on Monday, September 9th. Finally, HC Wainwright lifted their price target on shares of Arcellx from $80.00 to $95.00 and gave the company a "buy" rating in a research report on Wednesday, November 6th. Twelve research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Arcellx currently has an average rating of "Buy" and an average price target of $103.77.
Read Our Latest Stock Report on Arcellx
Arcellx Stock Performance
Shares of Arcellx stock traded down $1.60 during midday trading on Monday, reaching $82.95. 865,521 shares of the company's stock traded hands, compared to its average volume of 478,531. The stock has a 50 day moving average of $88.46 and a 200-day moving average of $71.57. Arcellx has a 12 month low of $46.42 and a 12 month high of $107.37. The company has a market cap of $4.49 billion, a PE ratio of -119.08 and a beta of 0.25.
Arcellx (NASDAQ:ACLX - Get Free Report) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.48) EPS for the quarter, topping the consensus estimate of ($0.54) by $0.06. The business had revenue of $26.03 million during the quarter, compared to analyst estimates of $35.21 million. Arcellx had a negative net margin of 25.94% and a negative return on equity of 8.28%. On average, equities analysts anticipate that Arcellx will post -1.49 earnings per share for the current fiscal year.
Insiders Place Their Bets
In related news, Director Kavita Patel sold 1,500 shares of the firm's stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $91.88, for a total value of $137,820.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Michelle Gilson sold 15,000 shares of the business's stock in a transaction on Tuesday, September 17th. The shares were 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 68.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 68,501 shares of company stock valued at $6,680,008. Corporate insiders own 6.24% of the company's stock.
Institutional Trading of Arcellx
Hedge funds have recently bought and sold shares of the stock. Quest Partners LLC purchased a new position in shares of Arcellx during the 2nd quarter valued at $27,000. Decheng Capital LLC bought a new position in Arcellx in the 2nd quarter worth approximately $65,000. National Bank of Canada FI grew its stake in Arcellx by 50.0% during 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 in the last quarter. Quarry LP purchased a new stake in Arcellx in the 3rd quarter worth $125,000. Finally, Covestor Ltd boosted its stake in Arcellx by 53,766.7% during the third quarter. Covestor Ltd now owns 1,616 shares of the company's stock valued at $135,000 after buying an additional 1,613 shares during the last quarter. Institutional investors own 96.03% of the company's stock.
About Arcellx
(
Get Free Report)
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).
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