Arcellx, Inc. (NASDAQ:ACLX) Receives $78.00 Average PT from Analysts

Shares of Arcellx, Inc. (NASDAQ:ACLX) have received an average recommendation of “Buy” from the fifteen research firms that are currently covering the company, MarketBeat reports. Fourteen research analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year target price among analysts that have covered the stock in the last year is $78.00.

ACLX has been the topic of a number of recent research reports. Evercore ISI began coverage on Arcellx in a research note on Tuesday, May 14th. They set an “outperform” rating and a $85.00 price objective on the stock. HC Wainwright decreased their target price on shares of Arcellx from $82.00 to $80.00 and set a “buy” rating for the company in a research note on Monday, May 13th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $85.00 price target on shares of Arcellx in a research note on Monday, July 22nd. Stifel Nicolaus upped their price objective on shares of Arcellx from $82.00 to $83.00 and gave the company a “buy” rating in a research report on Wednesday, May 15th. Finally, Cantor Fitzgerald initiated coverage on Arcellx in a research report on Tuesday. They set an “overweight” rating on the stock.

Insiders Place Their Bets

In other news, insider Christopher Heery sold 21,684 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $71.12, for a total value of $1,542,166.08. Following the completion of the sale, the insider now directly owns 9,278 shares in the company, valued at approximately $659,851.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Arcellx news, Director Kavita Patel sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, July 30th. The shares were sold at an average price of $61.97, for a total value of $92,955.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Christopher Heery sold 21,684 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $71.12, for a total value of $1,542,166.08. Following the transaction, the insider now directly owns 9,278 shares of the company’s stock, valued at $659,851.36. The disclosure for this sale can be found here. Insiders have sold a total of 129,584 shares of company stock valued at $7,936,834 in the last quarter. Insiders own 6.24% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ACLX. Algert Global LLC lifted its stake in Arcellx by 24.4% in the second quarter. Algert Global LLC now owns 35,211 shares of the company’s stock valued at $1,943,000 after buying an additional 6,901 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of Arcellx by 55.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 73,332 shares of the company’s stock worth $4,047,000 after acquiring an additional 26,134 shares during the period. Decheng Capital LLC bought a new stake in Arcellx in the 2nd quarter valued at about $65,000. AQR Capital Management LLC boosted its stake in Arcellx by 38.9% during the 2nd quarter. AQR Capital Management LLC now owns 16,852 shares of the company’s stock valued at $930,000 after purchasing an additional 4,718 shares during the period. Finally, Affinity Asset Advisors LLC grew its position in Arcellx by 53.3% in the 2nd quarter. Affinity Asset Advisors LLC now owns 460,000 shares of the company’s stock worth $25,387,000 after purchasing an additional 160,000 shares during the last quarter. Institutional investors and hedge funds own 96.03% of the company’s stock.

Arcellx Stock Down 1.0 %

Shares of ACLX stock opened at $65.46 on Monday. Arcellx has a fifty-two week low of $30.88 and a fifty-two week high of $75.10. The firm’s 50 day moving average price is $61.31 and its two-hundred day moving average price is $59.65. The stock has a market cap of $3.50 billion, a price-to-earnings ratio of -63.55 and a beta of 0.23.

Arcellx (NASDAQ:ACLX) last issued its earnings results on Thursday, August 8th. The company reported ($0.51) EPS for the quarter, beating 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 the consensus estimate of $22.04 million. The business’s quarterly revenue was up 91.5% on a year-over-year basis. On average, equities analysts forecast that Arcellx will post -1.64 EPS for the current fiscal year.

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).