Arcellx (NASDAQ:ACLX) Raised to “Strong-Buy” at Truist Financial

Arcellx (NASDAQ:ACLX) was upgraded by Truist Financial from a “hold” rating to a “strong-buy” rating in a research note issued on Friday,Zacks.com reports.

A number of other analysts have also issued reports on ACLX. HC Wainwright lowered shares of Arcellx from a “buy” rating to a “neutral” rating and set a $115.00 price objective on the stock. in a research note on Monday, February 23rd. Leerink Partners restated a “market perform” rating and issued a $115.00 target price on shares of Arcellx in a research note on Tuesday, February 24th. UBS Group lowered shares of Arcellx from a “buy” rating to a “neutral” rating and raised their price target for the company from $100.00 to $115.00 in a report on Tuesday, February 24th. Stifel Nicolaus reaffirmed a “hold” rating and set a $115.00 price target (down from $127.00) on shares of Arcellx in a research note on Monday, February 23rd. Finally, TD Cowen lowered shares of Arcellx from a “strong-buy” rating to a “hold” rating in a report on Monday, March 2nd. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, sixteen have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $111.87.

Arcellx Price Performance

Shares of NASDAQ ACLX opened at $114.77 on Friday. Arcellx has a 1-year low of $47.86 and a 1-year high of $114.91. The company has a market capitalization of $6.71 billion, a price-to-earnings ratio of -28.20 and a beta of 0.23. The business has a 50-day moving average of $86.72 and a 200-day moving average of $80.74.

Arcellx (NASDAQ:ACLX) last announced its earnings results on Thursday, February 26th. The company reported ($1.01) EPS for the quarter, meeting the consensus estimate of ($1.01). The business had revenue of $1.65 million for the quarter, compared to the consensus estimate of $13.40 million. Arcellx had a negative return on equity of 55.42% and a negative net margin of 1,027.26%. Research analysts expect that Arcellx will post -1.58 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Christopher Heery sold 7,437 shares of the company’s stock in a transaction dated Tuesday, January 13th. The shares were sold at an average price of $65.51, for a total value of $487,197.87. Following the sale, the insider owned 29,631 shares in the company, valued at approximately $1,941,126.81. This represents a 20.06% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Rami Elghandour sold 89,916 shares of the company’s stock in a transaction dated Friday, February 27th. The shares were sold at an average price of $113.92, for a total transaction of $10,243,230.72. Following the completion of the sale, the insider owned 276,051 shares in the company, valued at approximately $31,447,729.92. This trade represents a 24.57% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 109,366 shares of company stock worth $11,526,708 over the last quarter. 8.35% of the stock is currently owned by insiders.

Institutional Trading of Arcellx

Several hedge funds and other institutional investors have recently bought and sold shares of the company. MAI Capital Management acquired a new stake in shares of Arcellx during the 3rd quarter worth approximately $26,000. CWM LLC boosted its position in Arcellx by 267.0% during the 3rd quarter. CWM LLC now owns 345 shares of the company’s stock valued at $28,000 after purchasing an additional 251 shares during the period. State of Wyoming acquired a new position in Arcellx during the 2nd quarter valued at approximately $28,000. Ramirez Asset Management Inc. bought a new position in Arcellx during the 3rd quarter worth $41,000. Finally, PNC Financial Services Group Inc. grew its stake in Arcellx by 183.4% during the 2nd quarter. PNC Financial Services Group Inc. now owns 751 shares of the company’s stock worth $49,000 after buying an additional 486 shares during the last quarter. 96.03% of the stock is owned by institutional investors.

About Arcellx

Arcellx, Inc (NASDAQ: ACLX) is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of next-generation cell therapies for oncology and autoimmune diseases. The company’s proprietary ARC-SparX™ platform is designed to enable precise control over cell-surface receptor activation and to improve the safety, efficacy and durability of adoptive cell therapies. Leveraging this technology, Arcellx engineers immune cells with modular antigen-binding domains that can be exchanged to target a variety of disease-associated markers.

The company’s pipeline comprises multiple wholly owned programs in hematologic malignancies and solid tumors at various stages of preclinical and clinical development.