Cantor Fitzgerald Reiterates Overweight Rating for Arcellx (NASDAQ:ACLX)

Cantor Fitzgerald reissued their overweight rating on shares of Arcellx (NASDAQ:ACLX) in a report published on Monday, Benzinga reports.

ACLX has been the subject of several other research reports. Evercore ISI initiated coverage on Arcellx in a research note on Tuesday, May 14th. They issued an outperform rating and a $85.00 price target for the company. HC Wainwright cut their price objective on Arcellx from $82.00 to $80.00 and set a buy rating for the company in a research report on Monday, May 13th. Piper Sandler assumed coverage on Arcellx in a research note on Friday, May 31st. They set an overweight rating and a $70.00 target price for the company. Canaccord Genuity Group reissued a buy rating and issued a $85.00 price target on shares of Arcellx in a research note on Monday, July 22nd. Finally, Needham & Company LLC reaffirmed a buy rating and set a $81.00 price objective on shares of Arcellx in a report on Friday, August 9th. Fourteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of Buy and a consensus price target of $78.00.

Arcellx Trading Up 0.5 %

Arcellx stock opened at $74.77 on Monday. The firm has a market cap of $4.00 billion, a PE ratio of -72.59 and a beta of 0.23. The stock’s 50 day simple moving average is $63.18 and its two-hundred day simple moving average is $60.07. Arcellx has a 12 month low of $30.88 and a 12 month high of $76.72.

Arcellx (NASDAQ:ACLX) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.51) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $22.04 million. Arcellx’s revenue for the quarter was up 91.5% compared to the same quarter last year. On average, equities research analysts forecast that Arcellx will post -1.65 EPS for the current year.

Insider Activity

In other news, CFO Michelle Gilson sold 12,877 shares of the stock in a transaction that occurred on Wednesday, June 26th. The shares were sold at an average price of $53.70, for a total value of $691,494.90. Following the completion of the sale, the chief financial officer now owns 6,915 shares of the company’s stock, valued at approximately $371,335.50. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, CFO Michelle Gilson sold 12,877 shares of the business’s stock in a transaction dated Wednesday, June 26th. The shares were sold at an average price of $53.70, for a total value of $691,494.90. Following the sale, the chief financial officer now directly owns 6,915 shares in the company, valued at approximately $371,335.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Kavita Patel sold 1,500 shares of the company’s 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 disclosure for this sale can be found here. In the last quarter, insiders have sold 114,505 shares of company stock valued at $7,185,387. 6.24% of the stock is currently owned by insiders.

Institutional Trading of Arcellx

Several institutional investors have recently added to or reduced their stakes in the stock. Perceptive Advisors LLC increased its holdings in Arcellx by 14.6% during the 4th quarter. Perceptive Advisors LLC now owns 4,544,809 shares of the company’s stock worth $252,237,000 after purchasing an additional 578,831 shares during the period. Vanguard Group Inc. grew its position in shares of Arcellx by 8.1% during the first quarter. Vanguard Group Inc. now owns 2,228,856 shares of the company’s stock worth $155,017,000 after buying an additional 167,037 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Arcellx by 6.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,344,553 shares of the company’s stock worth $93,514,000 after buying an additional 84,373 shares during the period. Great Point Partners LLC lifted its stake in Arcellx by 64.0% in the second quarter. Great Point Partners LLC now owns 492,000 shares of the company’s stock worth $27,153,000 after acquiring an additional 192,000 shares during the last quarter. Finally, Affinity Asset Advisors LLC lifted its stake in Arcellx by 53.3% in the second quarter. Affinity Asset Advisors LLC now owns 460,000 shares of the company’s stock worth $25,387,000 after acquiring an additional 160,000 shares during the last quarter. 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).