Arcellx (NASDAQ:ACLX) Research Coverage Started at Cantor Fitzgerald

Cantor Fitzgerald initiated coverage on shares of Arcellx (NASDAQ:ACLX) in a report released on Tuesday morning, Marketbeat reports. The firm issued an overweight rating on the stock. Cantor Fitzgerald also issued estimates for Arcellx’s FY2024 earnings at ($1.74) EPS.

A number of other brokerages have also recently commented on ACLX. Piper Sandler assumed coverage on shares of Arcellx in a research report on Friday, May 31st. They issued an overweight rating and a $70.00 target price for the company. Stifel Nicolaus increased their target price on shares of Arcellx from $82.00 to $83.00 and gave the stock a buy rating in a research note on Wednesday, May 15th. Needham & Company LLC restated a buy rating and set a $81.00 price target on shares of Arcellx in a research note on Friday, August 9th. Canaccord Genuity Group reissued a buy rating and issued a $85.00 price objective on shares of Arcellx in a research note on Monday, July 22nd. Finally, HC Wainwright decreased their target price on Arcellx from $82.00 to $80.00 and set a buy rating for the company in a report on Monday, May 13th. Fourteen equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of Buy and an average price target of $78.00.

Arcellx Price Performance

ACLX stock opened at $71.25 on Tuesday. The firm’s fifty day simple moving average is $61.95 and its 200-day simple moving average is $59.79. Arcellx has a 12 month low of $30.88 and a 12 month high of $75.10. The company has a market capitalization of $3.81 billion, a P/E ratio of -69.17 and a beta of 0.23.

Arcellx (NASDAQ:ACLX) last posted its earnings results on Thursday, August 8th. The company reported ($0.51) earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $27.38 million during the quarter, compared to analyst estimates of $22.04 million. Arcellx’s revenue for the quarter was up 91.5% on a year-over-year basis. As a group, sell-side analysts forecast that Arcellx will post -1.64 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Michelle Gilson sold 12,877 shares of the firm’s stock in a transaction on Wednesday, June 26th. The stock was sold at an average price of $53.70, for a total transaction of $691,494.90. Following the transaction, the chief financial officer now directly owns 6,915 shares in the company, valued at $371,335.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Christopher Heery sold 21,684 shares of the firm’s stock in a transaction 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 owns 9,278 shares of the company’s stock, valued at $659,851.36. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Michelle Gilson sold 12,877 shares of the business’s stock in a transaction that occurred on Wednesday, June 26th. The shares were sold at an average price of $53.70, for a total transaction of $691,494.90. Following the transaction, the chief financial officer now directly owns 6,915 shares in the company, valued at $371,335.50. The disclosure for this sale can be found here. Insiders have sold 133,005 shares of company stock worth $8,176,372 in the last quarter. 6.24% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Arcellx

Hedge funds have recently added to or reduced their stakes in the company. Quest Partners LLC acquired a new position in shares of Arcellx during the 2nd quarter valued at about $27,000. Plato Investment Management Ltd acquired a new stake in shares of Arcellx in the first quarter worth $51,000. Decheng Capital LLC bought a new stake in shares of Arcellx during the 2nd quarter worth $65,000. National Bank of Canada FI grew its stake in Arcellx by 50.0% in the 2nd quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock valued at $80,000 after buying an additional 500 shares during the last quarter. Finally, Advisory Alpha LLC bought a new position in Arcellx in the 1st quarter worth $209,000. Institutional investors and hedge funds own 96.03% of the company’s stock.

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).