Analysts Set Arcellx, Inc. (NASDAQ:ACLX) PT at $78.00

Arcellx, Inc. (NASDAQ:ACLX) has been assigned a consensus rating of “Buy” from the fourteen ratings firms that are covering the company, Marketbeat reports. Thirteen analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price target among brokerages that have covered the stock in the last year is $78.00.

Several brokerages have recently issued reports on ACLX. Scotiabank reissued an “outperform” rating and set a $82.00 price objective on shares of Arcellx in a research report on Thursday, April 4th. Piper Sandler began coverage on shares of Arcellx in a research report on Friday, May 31st. They issued an “overweight” rating and a $70.00 target price for the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $81.00 target price on shares of Arcellx in a research report on Tuesday, May 7th. Truist Financial reaffirmed a “buy” rating and issued a $87.00 target price on shares of Arcellx in a research report on Tuesday, June 18th. Finally, Evercore ISI began coverage on shares of Arcellx in a research report on Tuesday, May 14th. They issued an “outperform” rating and a $85.00 target price for the company.

Insider Buying and Selling at Arcellx

In other Arcellx news, insider Christopher Heery sold 18,168 shares of the stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $51.33, for a total value of $932,563.44. Following the completion of the sale, the insider now owns 8,938 shares in the company, valued at $458,787.54. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, Director Kavita Patel sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, July 9th. The shares were sold at an average price of $56.63, for a total transaction of $84,945.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Christopher Heery sold 18,168 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $51.33, for a total transaction of $932,563.44. Following the sale, the insider now owns 8,938 shares of the company’s stock, valued at approximately $458,787.54. The disclosure for this sale can be found here. Insiders sold a total of 109,238 shares of company stock worth $6,008,891 over the last quarter. 6.24% of the stock is currently owned by insiders.

Institutional Trading of Arcellx

A number of hedge funds have recently modified their holdings of the stock. High Net Worth Advisory Group LLC raised its stake in Arcellx by 7.7% in the 4th quarter. High Net Worth Advisory Group LLC now owns 7,000 shares of the company’s stock worth $388,000 after purchasing an additional 500 shares in the last quarter. Plato Investment Management Ltd acquired a new stake in Arcellx in the 1st quarter worth about $51,000. Exchange Traded Concepts LLC raised its stake in Arcellx by 34.0% in the 4th quarter. Exchange Traded Concepts LLC now owns 4,241 shares of the company’s stock worth $235,000 after purchasing an additional 1,076 shares in the last quarter. ProShare Advisors LLC raised its stake in Arcellx by 12.0% in the 1st quarter. ProShare Advisors LLC now owns 10,590 shares of the company’s stock worth $737,000 after purchasing an additional 1,131 shares in the last quarter. Finally, Wellington Management Group LLP raised its stake in Arcellx by 2.5% in the 3rd quarter. Wellington Management Group LLP now owns 57,634 shares of the company’s stock worth $2,068,000 after purchasing an additional 1,432 shares in the last quarter. Institutional investors and hedge funds own 96.03% of the company’s stock.

Arcellx Stock Up 0.5 %

Shares of ACLX stock opened at $62.56 on Friday. The firm has a fifty day moving average of $54.82 and a 200-day moving average of $58.82. Arcellx has a 12-month low of $30.88 and a 12-month high of $75.10. The company has a market capitalization of $3.35 billion, a price-to-earnings ratio of -60.74 and a beta of 0.23.

Arcellx (NASDAQ:ACLX) last issued its quarterly earnings data on Thursday, May 9th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $39.26 million during the quarter, compared to the consensus estimate of $20.67 million. During the same quarter in the prior year, the firm earned ($0.58) earnings per share. The firm’s revenue was up 119.2% compared to the same quarter last year. On average, equities analysts expect that Arcellx will post -1.7 EPS for the current year.

About Arcellx

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).