Arcellx (NASDAQ:ACLX) Receives Buy Rating from Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Arcellx (NASDAQ:ACLX) in a research report report published on Friday, Benzinga reports. They currently have a $81.00 price objective on the stock.

A number of other research firms also recently issued reports on ACLX. Piper Sandler assumed coverage on Arcellx in a research note on Friday, May 31st. They issued an overweight rating and a $70.00 price objective on the stock. Truist Financial reiterated a buy rating and set a $87.00 price objective on shares of Arcellx in a research report on Tuesday, June 18th. Canaccord Genuity Group restated a buy rating and set a $85.00 target price on shares of Arcellx in a research report on Monday, July 22nd. Evercore ISI started coverage on Arcellx in a research report on Tuesday, May 14th. They issued an outperform rating and a $85.00 price target for the company. Finally, Stifel Nicolaus lifted their target price on Arcellx from $82.00 to $83.00 and gave the stock a buy rating in a report on Wednesday, May 15th. Thirteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of Buy and a consensus price target of $78.00.

Arcellx Stock Performance

Shares of NASDAQ ACLX traded up $6.47 during midday trading on Friday, hitting $59.05. 965,353 shares of the company’s stock traded hands, compared to its average volume of 462,170. Arcellx has a 1 year low of $30.88 and a 1 year high of $75.10. The firm has a fifty day moving average of $56.81 and a 200 day moving average of $59.23. The stock has a market capitalization of $3.16 billion, a price-to-earnings ratio of -57.33 and a beta of 0.23.

Arcellx (NASDAQ:ACLX) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.51) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.52) by $0.01. The business had revenue of $27.38 million during the quarter, compared to analyst estimates of $22.04 million. Arcellx had a negative net margin of 38.39% and a negative return on equity of 13.11%. Arcellx’s revenue was up 91.5% on a year-over-year basis. On average, equities analysts anticipate that Arcellx will post -1.7 earnings per share for the current year.

Insider Buying and Selling

In other Arcellx news, Director Kavita Patel sold 1,500 shares of the stock in a transaction dated Tuesday, July 9th. The shares were sold at an average price of $56.63, for a total transaction of $84,945.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Kavita Patel sold 1,500 shares of the stock in a transaction on Tuesday, July 9th. The stock was sold at an average price of $56.63, for a total transaction of $84,945.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Christopher Heery sold 20,000 shares of the firm’s stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $55.13, for a total value of $1,102,600.00. Following the completion of the sale, the insider now directly owns 9,278 shares of the company’s stock, valued at approximately $511,496.14. The disclosure for this sale can be found here. Insiders sold 92,570 shares of company stock worth $5,169,283 in the last three months. 6.24% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in ACLX. Quest Partners LLC purchased a new position in shares of Arcellx in the second quarter worth about $27,000. Plato Investment Management Ltd purchased a new position in Arcellx during the 1st quarter worth approximately $51,000. National Bank of Canada FI lifted its stake in Arcellx by 50.0% during the 2nd 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. Advisory Alpha LLC purchased a new stake in shares of Arcellx in the 1st quarter valued at $209,000. Finally, Simplicity Wealth LLC acquired a new stake in shares of Arcellx in the first quarter worth $232,000. Hedge funds and other institutional investors 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).