Arcellx’s (ACLX) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Arcellx (NASDAQ:ACLX) in a research report report published on Monday morning,Benzinga reports. Needham & Company LLC currently has a $105.00 target price on the stock.

ACLX has been the subject of several other reports. Citigroup reaffirmed a “buy” rating on shares of Arcellx in a research report on Monday, November 24th. Canaccord Genuity Group upped their price target on Arcellx from $121.00 to $130.00 and gave the stock a “buy” rating in a research report on Monday, November 3rd. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $88.00 price target on shares of Arcellx in a research note on Thursday, October 9th. Wolfe Research started coverage on shares of Arcellx in a research report on Tuesday, November 18th. They issued a “peer perform” rating on the stock. Finally, Stifel Nicolaus set a $129.00 target price on shares of Arcellx and gave the stock a “buy” rating in a report on Thursday, October 16th. Seven investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Arcellx presently has a consensus rating of “Moderate Buy” and a consensus target price of $115.71.

Arcellx Stock Up 1.6%

Shares of ACLX stock opened at $71.98 on Monday. Arcellx has a 12-month low of $47.86 and a 12-month high of $94.07. The firm has a fifty day moving average of $83.37 and a 200-day moving average of $74.63. The company has a market capitalization of $4.16 billion, a price-to-earnings ratio of -18.32 and a beta of 0.34.

Arcellx (NASDAQ:ACLX) last posted its quarterly earnings data on Wednesday, November 5th. The company reported ($0.99) EPS for the quarter, missing the consensus estimate of ($0.96) by ($0.03). The company had revenue of $4.95 million during the quarter, compared to the consensus estimate of $11.24 million. Arcellx had a negative net margin of 607.01% and a negative return on equity of 51.13%. On average, equities analysts expect that Arcellx will post -1.58 EPS for the current year.

Insider Transactions at Arcellx

In other Arcellx news, insider Christopher Heery sold 340 shares of the company’s stock in a transaction on Monday, November 17th. The shares were sold at an average price of $90.00, for a total transaction of $30,600.00. Following the sale, the insider directly owned 284 shares of the company’s stock, valued at approximately $25,560. This represents a 54.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders have sold 37,486 shares of company stock worth $3,030,736 over the last 90 days. Corporate insiders own 8.35% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. MAI Capital Management acquired a new stake in Arcellx in the 3rd quarter valued at about $26,000. CWM LLC increased its position in Arcellx by 267.0% during the third quarter. CWM LLC now owns 345 shares of the company’s stock worth $28,000 after buying an additional 251 shares during the last quarter. State of Wyoming bought a new stake in Arcellx in the second quarter valued at approximately $28,000. Ramirez Asset Management Inc. acquired a new stake in shares of Arcellx in the third quarter valued at approximately $41,000. Finally, PNC Financial Services Group Inc. lifted its position in shares of Arcellx by 183.4% in the second quarter. PNC Financial Services Group Inc. now owns 751 shares of the company’s stock valued at $49,000 after buying an additional 486 shares during the last quarter. 96.03% of the stock is currently owned by institutional investors and hedge funds.

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).