Arcellx (NASDAQ:ACLX) PT Raised to $115.00 at Canaccord Genuity Group

Arcellx (NASDAQ:ACLX) had its target price boosted by equities researchers at Canaccord Genuity Group from $85.00 to $115.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target would indicate a potential upside of 25.68% from the company’s current price.

ACLX has been the topic of several other research reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $81.00 target price on shares of Arcellx in a report on Friday, August 9th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Arcellx in a research note on Monday, September 9th. Finally, Redburn Atlantic assumed coverage on shares of Arcellx in a research note on Tuesday, October 8th. They issued a “buy” rating and a $109.00 price objective for the company. Fourteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $82.69.

Arcellx Stock Down 1.6 %

Shares of NASDAQ:ACLX opened at $91.50 on Thursday. The company has a market cap of $4.90 billion, a price-to-earnings ratio of -88.83 and a beta of 0.25. The firm’s 50-day simple moving average is $74.51 and its 200-day simple moving average is $62.28. Arcellx has a fifty-two week low of $30.88 and a fifty-two week high of $93.48.

Arcellx (NASDAQ:ACLX) last issued its earnings results on Thursday, August 8th. The company reported ($0.51) earnings per share for the quarter, beating the consensus estimate of ($0.52) by $0.01. The business had revenue of $27.38 million for the quarter, compared to the consensus estimate of $22.04 million. Arcellx had a negative net margin of 37.23% and a negative return on equity of 12.42%. The company’s revenue was up 91.5% on a year-over-year basis. On average, research analysts forecast that Arcellx will post -1.65 EPS for the current year.

Insiders Place Their Bets

In other Arcellx news, Director Kavita Patel sold 1,500 shares of the stock in a transaction on Tuesday, July 30th. The shares were sold at an average price of $61.97, for a total transaction of $92,955.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Arcellx news, Director Kavita Patel sold 1,500 shares of the stock in a transaction on Tuesday, July 30th. The shares were sold at an average price of $61.97, for a total transaction of $92,955.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Christopher Heery sold 27,451 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $67.03, for a total transaction of $1,840,040.53. Following the transaction, the insider now owns 9,278 shares of the company’s stock, valued at $621,904.34. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 70,556 shares of company stock valued at $4,992,265. Company insiders own 6.24% of the company’s stock.

Hedge Funds Weigh In On Arcellx

Several institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its position in shares of Arcellx by 8.1% during the first quarter. Vanguard Group Inc. now owns 2,228,856 shares of the company’s stock worth $155,017,000 after acquiring an additional 167,037 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Arcellx by 6.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,344,553 shares of the company’s stock worth $93,514,000 after acquiring an additional 84,373 shares during the last quarter. Great Point Partners LLC grew its position in Arcellx by 64.0% in the 2nd quarter. Great Point Partners LLC now owns 492,000 shares of the company’s stock valued at $27,153,000 after buying an additional 192,000 shares in the last quarter. Affinity Asset Advisors LLC grew its position in Arcellx by 53.3% in the 2nd quarter. Affinity Asset Advisors LLC now owns 460,000 shares of the company’s stock valued at $25,387,000 after buying an additional 160,000 shares in the last quarter. Finally, Victory Capital Management Inc. grew its position in Arcellx by 20.4% in the 2nd quarter. Victory Capital Management Inc. now owns 283,872 shares of the company’s stock valued at $15,667,000 after buying an additional 48,006 shares in the last quarter. Institutional investors own 96.03% of the company’s stock.

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).