Arcellx, Inc. (NASDAQ:ACLX) Given Consensus Recommendation of “Buy” by Analysts

Arcellx, Inc. (NASDAQ:ACLX) has been assigned a consensus recommendation of “Buy” from the twelve brokerages that are currently covering the firm, Marketbeat reports. Twelve equities research analysts have rated the stock with a buy recommendation. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $75.64.

ACLX has been the topic of a number of analyst reports. Needham & Company LLC reiterated a “buy” rating and set a $81.00 price objective on shares of Arcellx in a research note on Thursday, April 11th. HC Wainwright increased their price target on shares of Arcellx from $60.00 to $82.00 and gave the company a “buy” rating in a research note on Thursday, February 29th. Scotiabank restated an “outperform” rating and set a $82.00 price objective on shares of Arcellx in a research note on Thursday, April 4th. Morgan Stanley began coverage on shares of Arcellx in a research note on Thursday, March 7th. They issued an “overweight” rating and a $81.00 target price for the company. Finally, Barclays lifted their price target on Arcellx from $62.00 to $73.00 and gave the stock an “overweight” rating in a report on Thursday, February 29th.

Arcellx Trading Down 1.6 %

Arcellx stock opened at $51.11 on Tuesday. Arcellx has a 1-year low of $30.74 and a 1-year high of $75.10. The company has a fifty day simple moving average of $63.70 and a 200 day simple moving average of $55.96. The company has a market cap of $2.72 billion, a P/E ratio of -34.77 and a beta of 0.02.

Arcellx (NASDAQ:ACLX) last released its earnings results on Wednesday, February 28th. The company reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.53) by $0.95. Arcellx had a negative return on equity of 20.96% and a negative net margin of 64.08%. The business had revenue of $63.15 million for the quarter, compared to the consensus estimate of $20.07 million. During the same quarter in the previous year, the business earned ($0.76) earnings per share. On average, equities research analysts forecast that Arcellx will post -1.69 EPS for the current year.

Insider Activity at Arcellx

In other Arcellx news, insider Rami Elghandour sold 23,086 shares of the stock in a transaction on Monday, April 1st. The stock was sold at an average price of $67.09, for a total transaction of $1,548,839.74. Following the transaction, the insider now owns 69,253 shares in the company, valued at approximately $4,646,183.77. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Arcellx news, insider Christopher Heery sold 3,456 shares of the business’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $62.29, for a total value of $215,274.24. Following the completion of the sale, the insider now owns 36,958 shares of the company’s stock, valued at approximately $2,302,113.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Rami Elghandour sold 23,086 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $67.09, for a total transaction of $1,548,839.74. Following the transaction, the insider now directly owns 69,253 shares in the company, valued at $4,646,183.77. The disclosure for this sale can be found here. Insiders sold 605,814 shares of company stock worth $42,439,893 in the last ninety days. 6.24% of the stock is owned by company insiders.

Institutional Investors Weigh In On Arcellx

Large investors have recently added to or reduced their stakes in the stock. Rafferty Asset Management LLC raised its holdings in Arcellx by 10.2% in the 3rd quarter. Rafferty Asset Management LLC now owns 158,778 shares of the company’s stock valued at $5,697,000 after acquiring an additional 14,682 shares in the last quarter. China Universal Asset Management Co. Ltd. raised its position in shares of Arcellx by 98.4% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 1,248 shares of the company’s stock valued at $45,000 after buying an additional 619 shares in the last quarter. Vivo Capital LLC raised its position in shares of Arcellx by 16.1% in the 3rd quarter. Vivo Capital LLC now owns 503,565 shares of the company’s stock valued at $18,068,000 after buying an additional 69,780 shares in the last quarter. Swiss National Bank lifted its holdings in shares of Arcellx by 21.5% during the 3rd quarter. Swiss National Bank now owns 63,300 shares of the company’s stock worth $2,271,000 after acquiring an additional 11,200 shares during the period. Finally, DekaBank Deutsche Girozentrale boosted its position in shares of Arcellx by 87.5% during the 4th quarter. DekaBank Deutsche Girozentrale now owns 30,000 shares of the company’s stock worth $1,706,000 after acquiring an additional 14,000 shares in the last quarter. Institutional investors and hedge funds own 96.03% of the company’s stock.

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).