Needham & Company LLC Reiterates “Buy” Rating for Arcellx (NASDAQ:ACLX)

Arcellx (NASDAQ:ACLX)‘s stock had its “buy” rating reiterated by equities research analysts at Needham & Company LLC in a research report issued to clients and investors on Tuesday, MarketBeat Ratings reports. They currently have a $81.00 price target on the stock. Needham & Company LLC’s target price would suggest a potential upside of 55.02% from the stock’s current price.

A number of other brokerages also recently commented on ACLX. Stifel Nicolaus restated a “buy” rating and issued a $82.00 target price on shares of Arcellx in a research note on Thursday, March 14th. Barclays lifted their target price on Arcellx from $62.00 to $73.00 and gave the company an “overweight” rating in a research report on Thursday, February 29th. Scotiabank reissued an “outperform” rating and set a $82.00 price target on shares of Arcellx in a research report on Thursday, April 4th. Morgan Stanley initiated coverage on Arcellx in a report on Thursday, March 7th. They issued an “overweight” rating and a $81.00 price objective for the company. Finally, HC Wainwright increased their target price on shares of Arcellx from $60.00 to $82.00 and gave the stock a “buy” rating in a report on Thursday, February 29th. Twelve research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $75.64.

Arcellx Stock Performance

Shares of NASDAQ ACLX opened at $52.25 on Tuesday. The business’s 50 day moving average price is $62.18 and its 200-day moving average price is $56.72. Arcellx has a fifty-two week low of $30.74 and a fifty-two week high of $75.10. The company has a market cap of $2.78 billion, a price-to-earnings ratio of -35.54 and a beta of 0.24.

Arcellx (NASDAQ:ACLX) last released its earnings results on Wednesday, February 28th. The company reported $0.42 earnings per share for the quarter, topping the consensus estimate of ($0.53) by $0.95. The business had revenue of $63.15 million during the quarter, compared to the consensus estimate of $20.07 million. Arcellx had a negative return on equity of 20.96% and a negative net margin of 64.08%. During the same period last year, the company earned ($0.76) earnings per share. Sell-side analysts predict that Arcellx will post -1.69 earnings per share for the current year.

Insider Buying and Selling at Arcellx

In related news, insider Christopher Heery sold 2,967 shares of the company’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $64.46, for a total transaction of $191,252.82. Following the transaction, the insider now directly owns 30,303 shares of the company’s stock, valued at approximately $1,953,331.38. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, CFO Michelle Gilson sold 6,825 shares of Arcellx stock in a transaction on Monday, March 18th. The shares were sold at an average price of $69.34, for a total transaction of $473,245.50. Following the completion of the sale, the chief financial officer now directly owns 9,485 shares in the company, valued at $657,689.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Christopher Heery sold 2,967 shares of the business’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $64.46, for a total transaction of $191,252.82. Following the sale, the insider now directly owns 30,303 shares in the company, valued at $1,953,331.38. The disclosure for this sale can be found here. Insiders sold a total of 620,526 shares of company stock worth $43,157,182 over the last three months. Corporate insiders own 6.24% of the company’s stock.

Institutional Trading of Arcellx

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Perceptive Advisors LLC boosted its holdings in shares of Arcellx by 14.6% in the 4th quarter. Perceptive Advisors LLC now owns 4,544,809 shares of the company’s stock valued at $252,237,000 after acquiring an additional 578,831 shares during the last quarter. Affinity Asset Advisors LLC boosted its holdings in Arcellx by 76.8% in the third quarter. Affinity Asset Advisors LLC now owns 400,000 shares of the company’s stock valued at $14,352,000 after purchasing an additional 173,725 shares during the last quarter. Federated Hermes Inc. grew its position in Arcellx by 200.6% during the 4th quarter. Federated Hermes Inc. now owns 214,599 shares of the company’s stock worth $11,910,000 after purchasing an additional 143,212 shares during the period. Victory Capital Management Inc. raised its stake in shares of Arcellx by 425.0% during the 4th quarter. Victory Capital Management Inc. now owns 155,652 shares of the company’s stock valued at $8,639,000 after buying an additional 126,002 shares during the last quarter. Finally, PFM Health Sciences LP lifted its holdings in shares of Arcellx by 39.5% in the 4th quarter. PFM Health Sciences LP now owns 335,198 shares of the company’s stock valued at $18,603,000 after buying an additional 94,860 shares during the period. Institutional investors and hedge funds own 96.03% of the company’s stock.

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).