HC Wainwright Reiterates Buy Rating for Arcellx (NASDAQ:ACLX)

Arcellx (NASDAQ:ACLX)‘s stock had its “buy” rating reiterated by HC Wainwright in a note issued to investors on Tuesday,Benzinga reports. They presently have a $115.00 price objective on the stock. HC Wainwright’s target price would suggest a potential upside of 32.21% from the company’s previous close.

Other equities research analysts have also issued research reports about the company. Truist Financial raised their target price on Arcellx from $87.00 to $136.00 and gave the stock a “buy” rating in a research report on Tuesday, November 12th. Morgan Stanley raised their price objective on shares of Arcellx from $81.00 to $106.00 and gave the stock an “overweight” rating in a report on Wednesday, November 6th. Cantor Fitzgerald restated an “overweight” rating on shares of Arcellx in a report on Monday, September 9th. Canaccord Genuity Group lifted their price target on shares of Arcellx from $85.00 to $115.00 and gave the stock a “buy” rating in a research note on Thursday, October 17th. Finally, Barclays raised shares of Arcellx to a “strong-buy” rating in a research report on Friday, November 29th. Thirteen research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Arcellx currently has a consensus rating of “Buy” and an average price target of $105.93.

Arcellx Trading Up 5.7 %

Arcellx stock opened at $86.98 on Tuesday. The firm has a market capitalization of $4.70 billion, a P/E ratio of -122.51 and a beta of 0.25. Arcellx has a twelve month low of $46.42 and a twelve month high of $107.37. The stock’s fifty day simple moving average is $88.68 and its 200-day simple moving average is $72.12.

Arcellx (NASDAQ:ACLX) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.48) earnings per share for the quarter, topping the consensus estimate of ($0.54) by $0.06. The company had revenue of $26.03 million for the quarter, compared to the consensus estimate of $35.21 million. Arcellx had a negative return on equity of 8.28% and a negative net margin of 25.94%. Sell-side analysts predict that Arcellx will post -1.49 earnings per share for the current year.

Insider Activity

In other Arcellx news, CFO Michelle Gilson sold 15,000 shares of Arcellx stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $77.73, for a total value of $1,165,950.00. Following the sale, the chief financial officer now owns 6,915 shares of the company’s stock, valued at approximately $537,502.95. The trade was a 68.45 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kavita Patel sold 15,238 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $105.92, for a total value of $1,614,008.96. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 67,001 shares of company stock valued at $6,568,393. Company insiders own 6.24% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of ACLX. Geode Capital Management LLC lifted its holdings in Arcellx by 4.3% in the third quarter. Geode Capital Management LLC now owns 974,967 shares of the company’s stock valued at $81,434,000 after acquiring an additional 39,781 shares during the period. Wellington Management Group LLP increased its holdings in shares of Arcellx by 15.2% in the 3rd quarter. Wellington Management Group LLP now owns 20,968 shares of the company’s stock valued at $1,751,000 after purchasing an additional 2,768 shares in the last quarter. Quarry LP acquired a new stake in shares of Arcellx in the third quarter valued at about $125,000. RA Capital Management L.P. boosted its holdings in Arcellx by 15.4% during the third quarter. RA Capital Management L.P. now owns 1,851,479 shares of the company’s stock worth $154,617,000 after buying an additional 247,465 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its position in Arcellx by 67.2% during the third quarter. Jacobs Levy Equity Management Inc. now owns 79,936 shares of the company’s stock worth $6,675,000 after buying an additional 32,119 shares during the period. 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).