Morgan Stanley Issues Positive Forecast for Arcellx (NASDAQ:ACLX) Stock Price

Arcellx (NASDAQ:ACLX) had its price target hoisted by equities researchers at Morgan Stanley from $81.00 to $106.00 in a report released on Wednesday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Morgan Stanley’s price objective indicates a potential upside of 21.67% from the company’s previous close.

Several other research analysts also recently weighed in on ACLX. Needham & Company LLC restated a “buy” rating and issued a $96.00 target price on shares of Arcellx in a research note on Thursday, October 31st. Redburn Atlantic started coverage on Arcellx in a research note on Tuesday, October 8th. They set a “buy” rating and a $109.00 price objective for the company. Canaccord Genuity Group raised their price target on shares of Arcellx from $85.00 to $115.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. Stifel Nicolaus upped their price target on shares of Arcellx from $83.00 to $122.00 and gave the company a “buy” rating in a report on Friday, October 18th. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Arcellx in a report on Monday, September 9th. Thirteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Arcellx has an average rating of “Buy” and a consensus price target of $95.85.

Arcellx Stock Up 0.8 %

NASDAQ:ACLX opened at $87.12 on Wednesday. The firm’s 50 day moving average is $81.21 and its two-hundred day moving average is $65.15. Arcellx has a fifty-two week low of $43.50 and a fifty-two week high of $97.54. The company has a market cap of $4.68 billion, a P/E ratio of -83.77 and a beta of 0.27.

Arcellx (NASDAQ:ACLX) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.51) earnings per share for the quarter, beating 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 analysts’ expectations of $22.04 million. The firm’s revenue for the quarter was up 91.5% on a year-over-year basis. Research analysts forecast that Arcellx will post -1.65 earnings per share for the current fiscal year.

Insider Transactions at Arcellx

In related news, CFO Michelle Gilson sold 15,000 shares of Arcellx 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 sale, the chief financial officer now directly owns 6,915 shares in the company, valued at $537,502.95. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Michelle Gilson sold 15,000 shares of the company’s stock in a transaction on Tuesday, September 17th. The stock was 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 owns 6,915 shares in the company, valued at $537,502.95. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Christopher Heery sold 27,451 shares of Arcellx stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $67.03, for a total value of $1,840,040.53. Following the transaction, the insider now directly owns 9,278 shares in the company, valued at approximately $621,904.34. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 70,556 shares of company stock worth $5,033,845. Company insiders own 6.24% of the company’s stock.

Institutional Investors Weigh In On Arcellx

Several large investors have recently modified their holdings of the stock. Quest Partners LLC purchased a new stake in shares of Arcellx in the 2nd quarter valued at approximately $27,000. Plato Investment Management Ltd purchased a new stake in Arcellx in the 1st quarter worth about $51,000. Decheng Capital LLC acquired a new position in shares of Arcellx in the 2nd quarter valued at about $65,000. National Bank of Canada FI grew its position in Arcellx by 50.0% during the second quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock valued at $80,000 after purchasing an additional 500 shares in the last quarter. Finally, Covestor Ltd lifted its position in Arcellx by 53,766.7% in the 3rd quarter. Covestor Ltd now owns 1,616 shares of the company’s stock worth $135,000 after buying an additional 1,613 shares in the last quarter. 96.03% of the stock is owned by institutional investors.

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).