Brokerages Set Arcellx, Inc. (NASDAQ:ACLX) Price Target at $113.08

Arcellx, Inc. (NASDAQ:ACLX) has been given a consensus recommendation of “Moderate Buy” by the fourteen brokerages that are presently covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating on the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $113.0833.

A number of research firms recently weighed in on ACLX. Scotiabank lifted their price objective on shares of Arcellx from $93.00 to $133.00 and gave the company a “sector outperform” rating in a research report on Thursday, July 31st. Stifel Nicolaus set a $129.00 target price on shares of Arcellx and gave the stock a “buy” rating in a research note on Thursday, October 16th. Cantor Fitzgerald reiterated a “neutral” rating and set a $88.00 price target on shares of Arcellx in a research note on Thursday, October 9th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Arcellx in a report on Wednesday, October 8th.

Arcellx Trading Up 3.1%

ACLX stock opened at $90.25 on Friday. The company has a market capitalization of $5.01 billion, a P/E ratio of -26.39 and a beta of 0.31. Arcellx has a twelve month low of $47.86 and a twelve month high of $107.37. The business has a 50 day simple moving average of $80.03 and a 200-day simple moving average of $70.89.

Arcellx (NASDAQ:ACLX) last announced its earnings results on Thursday, August 7th. The company reported ($0.94) EPS for the quarter, beating analysts’ consensus estimates of ($1.03) by $0.09. The business had revenue of $7.55 million for the quarter, compared to analysts’ expectations of $16.76 million. Arcellx had a negative net margin of 329.93% and a negative return on equity of 43.04%. Research analysts predict that Arcellx will post -1.58 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Christopher Heery sold 21,034 shares of the company’s stock in a transaction that occurred on Tuesday, September 30th. The stock was sold at an average price of $81.28, for a total value of $1,709,643.52. Following the sale, the insider owned 624 shares in the company, valued at $50,718.72. This represents a 97.12% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders have sold 37,146 shares of company stock worth $3,000,136 in the last quarter. Corporate insiders own 8.35% of the company’s stock.

Institutional Trading of Arcellx

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Teacher Retirement System of Texas raised its position in shares of Arcellx by 1.7% in the second quarter. Teacher Retirement System of Texas now owns 8,883 shares of the company’s stock valued at $585,000 after buying an additional 151 shares during the last quarter. Amalgamated Bank lifted its stake in shares of Arcellx by 12.0% during the 1st quarter. Amalgamated Bank now owns 1,508 shares of the company’s stock worth $99,000 after purchasing an additional 161 shares during the period. Xponance Inc. lifted its stake in shares of Arcellx by 6.2% during the 1st quarter. Xponance Inc. now owns 3,278 shares of the company’s stock worth $215,000 after purchasing an additional 190 shares during the period. Vanguard Personalized Indexing Management LLC boosted its holdings in shares of Arcellx by 7.1% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 3,428 shares of the company’s stock worth $226,000 after purchasing an additional 228 shares during the last quarter. Finally, GF Fund Management CO. LTD. grew its position in shares of Arcellx by 21.9% in the first quarter. GF Fund Management CO. LTD. now owns 1,384 shares of the company’s stock valued at $91,000 after purchasing an additional 249 shares during the period. Hedge funds and other institutional investors 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).