Arcellx, Inc. (NASDAQ:ACLX) Given Average Recommendation of “Moderate Buy” by Brokerages

Arcellx, Inc. (NASDAQ:ACLX) has received an average rating of “Moderate Buy” from the fifteen brokerages that are presently covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, one has given a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. The average 1 year price objective among brokers that have covered the stock in the last year is $114.3846.

Several brokerages recently issued reports on ACLX. Canaccord Genuity Group increased their price objective on Arcellx from $121.00 to $130.00 and gave the stock a “buy” rating in a research note on Monday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Arcellx in a report on Wednesday, October 8th. Cantor Fitzgerald reissued a “neutral” rating and issued a $88.00 price target on shares of Arcellx in a research report on Thursday, October 9th. Scotiabank raised their price target on shares of Arcellx from $93.00 to $133.00 and gave the stock a “sector outperform” rating in a report on Thursday, July 31st. Finally, Stifel Nicolaus set a $129.00 price objective on shares of Arcellx and gave the company a “buy” rating in a research report on Thursday, October 16th.

Insider Activity at Arcellx

In other news, insider Christopher Heery sold 21,034 shares of the company’s stock in a transaction on Tuesday, September 30th. The shares were sold at an average price of $81.28, for a total value of $1,709,643.52. Following the transaction, the insider directly owned 624 shares of the company’s stock, valued at approximately $50,718.72. This represents a 97.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last 90 days, insiders have sold 37,146 shares of company stock worth $3,000,136. Insiders own 8.35% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. GAMMA Investing LLC increased its holdings in Arcellx by 104.1% in the first quarter. GAMMA Investing LLC now owns 494 shares of the company’s stock worth $32,000 after buying an additional 252 shares during the last quarter. Allspring Global Investments Holdings LLC increased its stake in shares of Arcellx by 54.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 7,702 shares of the company’s stock worth $468,000 after purchasing an additional 2,702 shares during the period. Amalgamated Bank increased its position in Arcellx by 12.0% in the 1st quarter. Amalgamated Bank now owns 1,508 shares of the company’s stock worth $99,000 after buying an additional 161 shares during the period. GF Fund Management CO. LTD. boosted its position in shares of Arcellx by 21.9% in the first quarter. GF Fund Management CO. LTD. now owns 1,384 shares of the company’s stock valued at $91,000 after acquiring an additional 249 shares during the period. Finally, Xponance Inc. grew its stake in shares of Arcellx by 6.2% in the first quarter. Xponance Inc. now owns 3,278 shares of the company’s stock worth $215,000 after acquiring an additional 190 shares during the last quarter. Hedge funds and other institutional investors own 96.03% of the company’s stock.

Arcellx Stock Performance

NASDAQ ACLX opened at $88.18 on Friday. The firm’s 50 day moving average price is $80.75 and its two-hundred day moving average price is $71.24. Arcellx has a twelve month low of $47.86 and a twelve month high of $107.37. The stock has a market cap of $4.89 billion, a price-to-earnings ratio of -25.78 and a beta of 0.31.

Arcellx (NASDAQ:ACLX) last released its earnings results on Thursday, August 7th. The company reported ($0.94) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.03) by $0.09. Arcellx had a negative return on equity of 43.04% and a negative net margin of 329.93%.The company had revenue of $7.55 million during the quarter, compared to analyst estimates of $16.76 million. On average, research analysts forecast that Arcellx will post -1.58 EPS for the current fiscal 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).