Evercore ISI Begins Coverage on Arcellx (NASDAQ:ACLX)

Evercore ISI assumed coverage on shares of Arcellx (NASDAQ:ACLX) in a report released on Tuesday, Benzinga reports. The brokerage issued an outperform rating and a $85.00 price objective on the stock.

A number of other brokerages have also weighed in on ACLX. Stifel Nicolaus restated a buy rating and set a $82.00 price objective on shares of Arcellx in a research report on Thursday, March 14th. Barclays upped their price objective on Arcellx from $62.00 to $73.00 and gave the company an overweight rating in a research note on Thursday, February 29th. Needham & Company LLC reiterated a buy rating and set a $81.00 target price on shares of Arcellx in a research report on Tuesday, May 7th. Canaccord Genuity Group boosted their target price on shares of Arcellx from $66.00 to $85.00 and gave the stock a buy rating in a report on Thursday, February 29th. Finally, Morgan Stanley started coverage on shares of Arcellx in a research note on Thursday, March 7th. They set an overweight rating and a $81.00 price target for the company. Twelve equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of Buy and an average price target of $78.73.

Arcellx Trading Up 1.6 %

ACLX stock opened at $53.62 on Tuesday. The firm has a 50-day moving average price of $59.68 and a 200-day moving average price of $57.46. Arcellx has a 12 month low of $30.74 and a 12 month high of $75.10. The stock has a market capitalization of $2.87 billion, a P/E ratio of -52.06 and a beta of 0.24.

Arcellx (NASDAQ:ACLX) last released its quarterly earnings data on Thursday, May 9th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.51) by $0.37. Arcellx had a negative net margin of 38.39% and a negative return on equity of 13.11%. The business had revenue of $39.26 million during the quarter, compared to analysts’ expectations of $20.67 million. During the same period in the prior year, the company earned ($0.58) EPS. The firm’s quarterly revenue was up 119.2% compared to the same quarter last year. As a group, equities analysts predict that Arcellx will post -1.77 EPS for the current fiscal year.

Insider Buying and Selling

In other Arcellx news, insider Christopher Heery sold 5,450 shares of the firm’s stock in a transaction on Tuesday, March 26th. The stock was sold at an average price of $69.11, for a total transaction of $376,649.50. Following the transaction, the insider now directly owns 8,938 shares in the company, valued at approximately $617,705.18. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Arcellx news, insider Christopher Heery sold 5,450 shares of Arcellx stock in a transaction that occurred on Tuesday, March 26th. The shares were sold at an average price of $69.11, for a total transaction of $376,649.50. Following the transaction, the insider now owns 8,938 shares of the company’s stock, valued at approximately $617,705.18. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Olivia C. Ware sold 9,000 shares of the company’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $70.40, for a total value of $633,600.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 617,559 shares of company stock worth $42,965,930. 6.24% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Arcellx

A number of hedge funds have recently made changes to their positions in the business. Strs Ohio grew its position in Arcellx by 375.5% during the third quarter. Strs Ohio now owns 29,481 shares of the company’s stock valued at $1,057,000 after buying an additional 23,281 shares during the period. TD Asset Management Inc increased its stake in shares of Arcellx by 183.3% during the 3rd quarter. TD Asset Management Inc now owns 81,600 shares of the company’s stock worth $2,928,000 after purchasing an additional 52,800 shares during the last quarter. China Universal Asset Management Co. Ltd. raised its holdings in shares of Arcellx by 98.4% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 1,248 shares of the company’s stock worth $45,000 after purchasing an additional 619 shares during the period. Teacher Retirement System of Texas lifted its stake in Arcellx by 26.1% in the third quarter. Teacher Retirement System of Texas now owns 8,186 shares of the company’s stock valued at $294,000 after purchasing an additional 1,696 shares during the last quarter. Finally, Arizona State Retirement System grew its holdings in Arcellx by 22.0% during the third quarter. Arizona State Retirement System now owns 8,199 shares of the company’s stock valued at $294,000 after purchasing an additional 1,480 shares during the period. 96.03% of the stock is currently owned by 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).