Arcellx, Inc. (NASDAQ:ACLX) Receives Consensus Recommendation of “Buy” from Analysts

Arcellx, Inc. (NASDAQ:ACLX) has been assigned an average rating of “Buy” from the fifteen research firms that are currently covering the firm, Marketbeat Ratings reports. Thirteen equities research analysts have rated the stock with a buy recommendation and two have given a strong buy recommendation to the company. The average 12-month price target among brokers that have covered the stock in the last year is $105.93.

A number of analysts have commented on ACLX shares. Stifel Nicolaus increased their price objective on shares of Arcellx from $83.00 to $122.00 and gave the company a “buy” rating in a report on Friday, October 18th. UBS Group increased their price target on Arcellx from $106.00 to $114.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Piper Sandler boosted their price objective on Arcellx from $91.00 to $115.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Morgan Stanley raised their target price on Arcellx from $81.00 to $106.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 6th. Finally, Bank of America boosted their price target on shares of Arcellx from $84.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th.

Insider Transactions at Arcellx

In other 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold a total of 52,001 shares of company stock worth $5,402,443 over the last ninety days. Company insiders own 6.24% of the company’s stock.

Institutional Investors Weigh In On Arcellx

A number of hedge funds have recently added to or reduced their stakes in ACLX. Quest Partners LLC purchased a new position in Arcellx in the second quarter valued at $27,000. Decheng Capital LLC purchased a new position in shares of Arcellx in the 2nd quarter valued at about $65,000. National Bank of Canada FI grew its position in shares of Arcellx by 50.0% during the second quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock worth $80,000 after buying an additional 500 shares in the last quarter. Quarry LP purchased a new stake in shares of Arcellx during the third quarter worth approximately $125,000. Finally, Covestor Ltd raised its holdings in Arcellx by 53,766.7% in the third quarter. Covestor Ltd now owns 1,616 shares of the company’s stock valued at $135,000 after acquiring an additional 1,613 shares in the last quarter. 96.03% of the stock is currently owned by institutional investors and hedge funds.

Arcellx Stock Performance

Shares of ACLX opened at $82.03 on Wednesday. The stock has a 50 day moving average price of $89.08 and a 200 day moving average price of $72.94. Arcellx has a one year low of $47.88 and a one year high of $107.37. The stock has a market capitalization of $4.44 billion, a price-to-earnings ratio of -115.53 and a beta of 0.25.

Arcellx (NASDAQ:ACLX) last released its earnings results on Thursday, November 7th. The company reported ($0.48) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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, analysts predict that Arcellx will post -1.49 earnings per share for the current year.

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).