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

Arcellx, Inc. (NASDAQ:ACLX) has earned a consensus recommendation of “Buy” from the fifteen research firms that are currently covering the stock, MarketBeat.com reports. Thirteen investment analysts have rated the stock with a buy recommendation and two have given a strong buy recommendation to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $105.93.

A number of brokerages recently commented on ACLX. Canaccord Genuity Group lifted their price objective on Arcellx from $85.00 to $115.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. HC Wainwright reissued a “buy” rating and set a $115.00 price target on shares of Arcellx in a research report on Tuesday, December 10th. Piper Sandler raised their price objective on shares of Arcellx from $91.00 to $115.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Redburn Atlantic assumed coverage on shares of Arcellx in a research note on Tuesday, October 8th. They set a “buy” rating and a $109.00 target price on the stock. Finally, Needham & Company LLC reissued a “buy” rating and issued a $105.00 price target on shares of Arcellx in a research note on Monday, December 9th.

Arcellx Stock Up 0.5 %

Arcellx stock opened at $64.58 on Thursday. The company has a fifty day simple moving average of $77.48 and a 200-day simple moving average of $76.72. The firm has a market capitalization of $3.49 billion, a price-to-earnings ratio of -90.96 and a beta of 0.33. Arcellx has a 52-week low of $47.88 and a 52-week high of $107.37.

Arcellx (NASDAQ:ACLX) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.48) EPS for the quarter, beating analysts’ consensus estimates of ($0.54) by $0.06. Arcellx had a negative net margin of 25.94% and a negative return on equity of 8.28%. The company had revenue of $26.03 million during the quarter, compared to the consensus estimate of $35.21 million. On average, research analysts anticipate that Arcellx will post -1.58 EPS for the current fiscal year.

Insider Buying and Selling at Arcellx

In related news, insider Christopher Heery sold 3,061 shares of the business’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $77.17, for a total transaction of $236,217.37. Following the completion of the transaction, the insider now directly owns 32,456 shares of the company’s stock, valued at $2,504,629.52. The trade was a 8.62 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Kavita Patel sold 15,238 shares of the stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $105.92, for a total value of $1,614,008.96. The disclosure for this sale can be found here. Insiders sold a total of 63,416 shares of company stock valued at $6,242,800 in the last three months. 6.24% of the stock is owned by corporate insiders.

Institutional Trading of Arcellx

Hedge funds have recently added to or reduced their stakes in the company. KBC Group NV lifted its position in shares of Arcellx by 37.3% during the 4th quarter. KBC Group NV now owns 1,388 shares of the company’s stock worth $106,000 after purchasing an additional 377 shares during the last quarter. Quarry LP purchased a new stake in Arcellx during the 3rd quarter worth about $125,000. Quest Partners LLC boosted its position in shares of Arcellx by 210.1% during the 3rd quarter. Quest Partners LLC now owns 1,532 shares of the company’s stock worth $128,000 after acquiring an additional 1,038 shares in the last quarter. Covestor Ltd increased its holdings in shares of Arcellx by 53,766.7% in the 3rd quarter. Covestor Ltd now owns 1,616 shares of the company’s stock valued at $135,000 after acquiring an additional 1,613 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in shares of Arcellx by 21.7% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,944 shares of the company’s stock worth $161,000 after acquiring an additional 347 shares in the last quarter. Institutional investors and hedge funds 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).