Arcellx (NASDAQ:ACLX) Given New $100.00 Price Target at Bank of America

Arcellx (NASDAQ:ACLX) had its target price boosted by Bank of America from $84.00 to $100.00 in a report released on Wednesday morning, MarketBeat.com reports. Bank of America currently has a buy rating on the stock.

A number of other research firms also recently weighed in on ACLX. Morgan Stanley boosted their target price on Arcellx from $81.00 to $106.00 and gave the stock an “overweight” rating in a research report on Wednesday. Canaccord Genuity Group upped their price objective on shares of Arcellx from $85.00 to $115.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. Redburn Atlantic began coverage on shares of Arcellx in a report on Tuesday, October 8th. They set a “buy” rating and a $109.00 target price on the stock. Stifel Nicolaus boosted their price target on shares of Arcellx from $83.00 to $122.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. Finally, Needham & Company LLC reissued a “buy” rating and set a $96.00 price objective on shares of Arcellx in a research note on Thursday, October 31st. Thirteen research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $95.85.

Arcellx Stock Performance

Shares of NASDAQ:ACLX opened at $92.98 on Wednesday. The firm has a market capitalization of $5.00 billion, a PE ratio of -89.40 and a beta of 0.27. Arcellx has a 52-week low of $43.50 and a 52-week high of $97.54. The firm has a fifty day moving average of $81.69 and a 200 day moving average of $65.35.

Arcellx (NASDAQ:ACLX) last posted its quarterly earnings data 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. The firm had revenue of $27.38 million during the quarter, compared to analysts’ expectations of $22.04 million. Arcellx had a negative return on equity of 12.42% and a negative net margin of 37.23%. Arcellx’s revenue was up 91.5% compared to the same quarter last year. On average, sell-side analysts forecast that Arcellx will post -1.65 EPS for the current fiscal year.

Insider Buying and Selling at Arcellx

In other news, CFO Michelle Gilson sold 15,000 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $77.73, for a total value of $1,165,950.00. Following the completion of the sale, the chief financial officer now directly owns 6,915 shares of the company’s stock, valued at approximately $537,502.95. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Arcellx news, Director Kavita Patel sold 1,500 shares of the stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $89.69, for a total value of $134,535.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Michelle Gilson sold 15,000 shares of the business’s stock in a transaction on 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 sale, the chief financial officer now owns 6,915 shares in the company, valued at approximately $537,502.95. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 70,556 shares of company stock valued at $5,033,845. 6.24% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Great Point Partners LLC boosted its stake in Arcellx by 64.0% during 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 in the last quarter. Bamco Inc. NY lifted its holdings in shares of Arcellx by 292.1% during the first quarter. Bamco Inc. NY now owns 248,993 shares of the company’s stock valued at $17,317,000 after purchasing an additional 185,493 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Arcellx by 8.1% in the 1st quarter. Vanguard Group Inc. now owns 2,228,856 shares of the company’s stock worth $155,017,000 after purchasing an additional 167,037 shares in the last quarter. Affinity Asset Advisors LLC grew its stake in shares of Arcellx by 53.3% in the 2nd quarter. Affinity Asset Advisors LLC now owns 460,000 shares of the company’s stock worth $25,387,000 after buying an additional 160,000 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its position in Arcellx by 6.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,344,553 shares of the company’s stock valued at $93,514,000 after buying an additional 84,373 shares in the last quarter. 96.03% of the stock is currently owned by institutional investors.

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).