Brokerages Set Arcellx, Inc. (NASDAQ:ACLX) PT at $105.93

Shares of Arcellx, Inc. (NASDAQ:ACLX) have been assigned a consensus recommendation of “Buy” from the fifteen analysts that are covering the stock, Marketbeat reports. Thirteen equities research analysts have rated the stock with a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $105.93.

Several research analysts have weighed in on the stock. Stifel Nicolaus upped their price objective on shares of Arcellx from $83.00 to $122.00 and gave the company a “buy” rating in a research note on Friday, October 18th. Robert W. Baird upped their price target on shares of Arcellx from $77.00 to $106.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 6th. Bank of America lifted their price objective on Arcellx from $84.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Barclays raised Arcellx to a “strong-buy” rating in a research report on Friday, November 29th. Finally, Canaccord Genuity Group lifted their price target on Arcellx from $85.00 to $115.00 and gave the company a “buy” rating in a report on Thursday, October 17th.

Insider Buying and Selling

In other news, insider Christopher Heery sold 3,061 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $77.17, for a total transaction of $236,217.37. Following the completion of the transaction, the insider now directly owns 32,456 shares in the company, valued at $2,504,629.52. The trade was a 8.62 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kavita Patel sold 33,763 shares of the stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $104.14, for a total value of $3,516,078.82. The disclosure for this sale can be found here. In the last three months, insiders sold 63,416 shares of company stock valued at $6,278,530. Company insiders own 6.24% of the company’s stock.

Hedge Funds Weigh In On Arcellx

Several large investors have recently bought and sold shares of the stock. Quest Partners LLC acquired a new stake in Arcellx in the 2nd quarter worth $27,000. Decheng Capital LLC acquired a new stake in Arcellx during the second quarter worth about $65,000. National Bank of Canada FI increased its stake in Arcellx by 50.0% during the second quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock valued at $80,000 after acquiring an additional 500 shares during the period. Quarry LP bought a new position in Arcellx during the third quarter valued at about $125,000. Finally, Covestor Ltd raised its holdings in Arcellx by 53,766.7% in the 3rd quarter. Covestor Ltd now owns 1,616 shares of the company’s stock valued at $135,000 after acquiring an additional 1,613 shares in the last quarter. 96.03% of the stock is currently owned by institutional investors and hedge funds.

Arcellx Stock Down 4.4 %

Shares of Arcellx stock opened at $69.08 on Friday. Arcellx has a 12 month low of $47.88 and a 12 month high of $107.37. The stock has a market cap of $3.74 billion, a PE ratio of -97.29 and a beta of 0.33. The business has a fifty day simple moving average of $84.87 and a 200-day simple moving average of $75.68.

Arcellx (NASDAQ:ACLX) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.48) EPS for the quarter, topping analysts’ consensus estimates of ($0.54) by $0.06. The firm had revenue of $26.03 million during the quarter, compared to analyst estimates of $35.21 million. Arcellx had a negative return on equity of 8.28% and a negative net margin of 25.94%. Analysts expect that Arcellx will post -1.49 EPS for the current fiscal year.

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).