Arcellx (NASDAQ:ACLX) Hits New 12-Month High at $54.56

Shares of Arcellx, Inc. (NASDAQ:ACLX) reached a new 52-week high on Wednesday . The company traded as high as $54.56 and last traded at $52.07, with a volume of 296729 shares changing hands. The stock had previously closed at $47.47.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on ACLX shares. HC Wainwright boosted their target price on shares of Arcellx from $49.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, August 15th. Stifel Nicolaus decreased their price objective on Arcellx from $54.00 to $52.00 and set a “buy” rating on the stock in a research report on Tuesday, August 15th. Robert W. Baird lifted their target price on Arcellx from $40.00 to $52.00 and gave the stock an “outperform” rating in a report on Tuesday, August 15th. Needham & Company LLC restated a “buy” rating and set a $51.00 price target on shares of Arcellx in a report on Tuesday, August 15th. Finally, TD Cowen began coverage on shares of Arcellx in a research note on Monday, October 30th. They set an “outperform” rating for the company. Twelve analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $53.31.

Arcellx Stock Up 6.3 %

The stock has a market capitalization of $2.44 billion, a PE ratio of -19.60 and a beta of -0.57. The company has a current ratio of 3.57, a quick ratio of 3.57 and a debt-to-equity ratio of 0.03. The company’s 50-day moving average is $36.38 and its 200 day moving average is $36.85.

Arcellx (NASDAQ:ACLX) last posted its quarterly earnings results on Monday, August 14th. The company reported ($0.50) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.68) by $0.18. The company had revenue of $14.30 million during the quarter, compared to analysts’ expectations of $82.38 million. As a group, analysts anticipate that Arcellx, Inc. will post -2.37 EPS for the current year.

Institutional Trading of Arcellx

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. purchased a new position in shares of Arcellx in the first quarter worth about $60,000. Bank of New York Mellon Corp acquired a new stake in Arcellx during the 1st quarter valued at approximately $332,000. Citigroup Inc. purchased a new stake in shares of Arcellx in the 1st quarter valued at $26,000. BlackRock Inc. acquired a new stake in shares of Arcellx in the first quarter worth $7,012,000. Finally, Vanguard Group Inc. purchased a new position in shares of Arcellx during the first quarter worth $6,151,000.

Arcellx Company Profile

Arcellx, Inc, a clinical-stage biotechnology company, engages in the development of various immunotherapies for patients with cancer and other incurable diseases. The company's lead ddCAR product candidate is CART-ddBCMA, which is in phase 2 clinical trial for the treatment of patients with relapsed or refractory (r/r) multiple myeloma (MM).