Arcellx, Inc. (NASDAQ:ACLX) Receives Average Recommendation of “Buy” from Analysts

Arcellx, Inc. (NASDAQ:ACLX) has earned a consensus recommendation of “Buy” from the fourteen ratings firms that are covering the company, MarketBeat reports. Thirteen analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $103.08.

Several research firms have commented on ACLX. Redburn Atlantic began coverage on shares of Arcellx in a report on Tuesday, October 8th. They issued a “buy” rating and a $109.00 price objective on the stock. Cantor Fitzgerald reiterated an “overweight” rating on shares of Arcellx in a report on Monday, September 9th. Needham & Company LLC reiterated a “buy” rating and issued a $96.00 price objective on shares of Arcellx in a report on Wednesday, November 6th. Truist Financial upped their price objective on shares of Arcellx from $87.00 to $136.00 and gave the company a “buy” rating in a report on Tuesday, November 12th. Finally, Piper Sandler upped their price objective on shares of Arcellx from $91.00 to $115.00 and gave the company an “overweight” rating in a report on Friday, November 8th.

Arcellx Trading Up 3.7 %

Shares of ACLX opened at $90.44 on Friday. The company has a market cap of $4.89 billion, a price-to-earnings ratio of -122.84 and a beta of 0.27. Arcellx has a 1-year low of $46.42 and a 1-year high of $107.37. The company’s fifty day simple moving average is $87.02 and its 200 day simple moving average is $68.51.

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

Insider Buying and Selling

In related news, CFO Michelle Gilson sold 15,000 shares of the company’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $77.73, for a total transaction of $1,165,950.00. Following the completion of the sale, the chief financial officer now owns 6,915 shares of the company’s stock, valued at $537,502.95. This represents a 68.45 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Kavita Patel sold 33,763 shares of the company’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $104.14, for a total transaction of $3,516,078.82. The disclosure for this sale can be found here. Insiders sold 119,557 shares of company stock valued at $10,163,933 over the last quarter. 6.24% of the stock is owned by company insiders.

Institutional Investors Weigh In On Arcellx

Several institutional investors and hedge funds have recently bought and sold shares of the company. Quest Partners LLC acquired a new position in Arcellx during the second quarter worth about $27,000. Plato Investment Management Ltd acquired a new position in Arcellx during the first quarter worth about $51,000. Decheng Capital LLC acquired a new position in Arcellx during the second quarter worth about $65,000. National Bank of Canada FI raised 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 worth $80,000 after acquiring an additional 500 shares in the last quarter. Finally, Quarry LP acquired a new position in Arcellx during the third quarter worth about $125,000. Institutional investors 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).