Arcellx (NASDAQ:ACLX) Stock Price Expected to Rise, UBS Group Analyst Says

Arcellx (NASDAQ:ACLX) had its target price increased by stock analysts at UBS Group from $106.00 to $114.00 in a report released on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. UBS Group’s target price would suggest a potential upside of 31.06% from the stock’s current price.

Several other analysts have also issued reports on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $105.00 target price on shares of Arcellx in a research note on Monday. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Arcellx in a report on Monday, September 9th. Barclays raised shares of Arcellx to a “strong-buy” rating in a report on Friday, November 29th. Morgan Stanley lifted their target price on shares of Arcellx from $81.00 to $106.00 and gave the company an “overweight” rating in a research report on Wednesday, November 6th. Finally, Redburn Atlantic started coverage on Arcellx in a research note on Tuesday, October 8th. They issued a “buy” rating and a $109.00 target price for the company. Thirteen equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $105.93.

Arcellx Price Performance

ACLX stock opened at $86.98 on Tuesday. Arcellx has a 1 year low of $46.42 and a 1 year high of $107.37. The company has a 50 day simple moving average of $88.68 and a 200 day simple moving average of $72.12. The stock has a market cap of $4.70 billion, a price-to-earnings ratio of -122.51 and a beta of 0.25.

Arcellx (NASDAQ:ACLX) last released its earnings results on Thursday, November 7th. The company reported ($0.48) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.54) by $0.06. The business had revenue of $26.03 million for the quarter, compared to analyst estimates of $35.21 million. Arcellx had a negative net margin of 25.94% and a negative return on equity of 8.28%. On average, equities research analysts anticipate that Arcellx will post -1.49 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Kavita Patel sold 1,500 shares of Arcellx stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $89.69, for a total value of $134,535.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Michelle Gilson sold 15,000 shares of the business’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $77.73, for a total transaction of $1,165,950.00. Following the sale, the chief financial officer now directly owns 6,915 shares of the company’s stock, valued at $537,502.95. This represents a 68.45 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 67,001 shares of company stock worth $6,568,393. 6.24% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Arcellx

A number of institutional investors have recently bought and sold shares of the company. RA Capital Management L.P. increased its position in shares of Arcellx by 15.4% during the 3rd quarter. RA Capital Management L.P. now owns 1,851,479 shares of the company’s stock worth $154,617,000 after purchasing an additional 247,465 shares during the last quarter. First Turn Management LLC purchased a new position in Arcellx in the third quarter valued at $17,896,000. Great Point Partners LLC raised its holdings in Arcellx by 64.0% during the second quarter. Great Point Partners LLC now owns 492,000 shares of the company’s stock worth $27,153,000 after purchasing an additional 192,000 shares in the last quarter. Affinity Asset Advisors LLC lifted its holdings in shares of Arcellx by 53.3% in the 2nd quarter. Affinity Asset Advisors LLC now owns 460,000 shares of the company’s stock valued at $25,387,000 after purchasing an additional 160,000 shares during the last quarter. Finally, Janus Henderson Group PLC raised its position in Arcellx by 5.7% in the 3rd quarter. Janus Henderson Group PLC now owns 2,011,950 shares of the company’s stock valued at $168,026,000 after purchasing an additional 109,332 shares during the last quarter. 96.03% of the stock is owned by hedge funds and other institutional investors.

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).