Arcellx (NASDAQ:ACLX) Earns Buy Rating from Analysts at Redburn Atlantic

Redburn Atlantic initiated coverage on shares of Arcellx (NASDAQ:ACLX) in a report issued on Tuesday, Marketbeat.com reports. The brokerage issued a buy rating and a $109.00 price objective on the stock.

A number of other equities research analysts also recently issued reports on ACLX. Canaccord Genuity Group reiterated a buy rating and set a $85.00 price objective on shares of Arcellx in a research note on Monday, July 22nd. Truist Financial reiterated a buy rating and set a $87.00 price objective on shares of Arcellx in a research note on Tuesday, June 18th. Needham & Company LLC reiterated a buy rating and set a $81.00 price objective on shares of Arcellx in a research note on Friday, August 9th. Finally, Cantor Fitzgerald reiterated an overweight rating on shares of Arcellx in a research note on Monday, September 9th. Fifteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of Buy and a consensus price target of $80.38.

Arcellx Stock Performance

NASDAQ:ACLX opened at $86.20 on Tuesday. Arcellx has a 52 week low of $30.88 and a 52 week high of $88.66. The firm has a market cap of $4.63 billion, a price-to-earnings ratio of -82.88 and a beta of 0.25. The firm’s 50-day simple moving average is $72.19 and its 200 day simple moving average is $61.92.

Arcellx (NASDAQ:ACLX) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.51) EPS for the quarter, topping analysts’ consensus estimates of ($0.52) by $0.01. Arcellx had a negative net margin of 37.23% and a negative return on equity of 12.42%. The business had revenue of $27.38 million for the quarter, compared to analyst estimates of $22.04 million. Arcellx’s quarterly revenue was up 91.5% on a year-over-year basis. Sell-side analysts anticipate that Arcellx will post -1.65 EPS for the current year.

Insider Activity

In other news, CFO Michelle Gilson sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $77.73, for a total value of $1,165,950.00. Following the sale, the chief financial officer now directly owns 6,915 shares in the company, valued at approximately $537,502.95. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, insider Christopher Heery sold 27,451 shares of Arcellx stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $67.03, for a total transaction of $1,840,040.53. Following the sale, the insider now directly owns 9,278 shares in the company, valued at $621,904.34. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Michelle Gilson sold 15,000 shares of Arcellx stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $77.73, for a total transaction of $1,165,950.00. Following the sale, the chief financial officer now owns 6,915 shares in the company, valued at approximately $537,502.95. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 81,457 shares of company stock worth $5,704,100. Corporate insiders own 6.24% of the company’s stock.

Institutional Investors Weigh In On Arcellx

Several hedge funds have recently added to or reduced their stakes in ACLX. Perceptive Advisors LLC raised its holdings in Arcellx by 14.6% during the 4th quarter. Perceptive Advisors LLC now owns 4,544,809 shares of the company’s stock worth $252,237,000 after purchasing an additional 578,831 shares during the last quarter. Great Point Partners LLC raised its holdings in Arcellx by 64.0% during the 2nd quarter. Great Point Partners LLC now owns 492,000 shares of the company’s stock worth $27,153,000 after purchasing an additional 192,000 shares during the last quarter. Bamco Inc. NY increased its stake in shares of Arcellx by 292.1% in the 1st quarter. Bamco Inc. NY now owns 248,993 shares of the company’s stock valued at $17,317,000 after acquiring an additional 185,493 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Arcellx by 8.1% in the 1st quarter. Vanguard Group Inc. now owns 2,228,856 shares of the company’s stock valued at $155,017,000 after acquiring an additional 167,037 shares in the last quarter. Finally, Affinity Asset Advisors LLC increased its stake in shares of 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 acquiring an additional 160,000 shares in the last quarter. 96.03% of the stock is currently owned by institutional investors and hedge funds.

Arcellx Company Profile

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).