Arcellx, Inc. (NASDAQ:ACLX) Given Average Recommendation of “Buy” by Brokerages

Arcellx, Inc. (NASDAQ:ACLX) has been assigned an average recommendation of “Buy” from the fifteen brokerages that are covering the firm, MarketBeat.com reports. Thirteen analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $105.93.

ACLX has been the topic of a number of analyst reports. Needham & Company LLC reiterated a “buy” rating and issued a $105.00 price target on shares of Arcellx in a research report on Monday, December 9th. Morgan Stanley upped their target price on shares of Arcellx from $81.00 to $106.00 and gave the stock an “overweight” rating in a report on Wednesday, November 6th. Canaccord Genuity Group lifted their price target on shares of Arcellx from $85.00 to $115.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Redburn Atlantic began coverage on shares of Arcellx in a research note on Tuesday, October 8th. They set a “buy” rating and a $109.00 price objective on the stock. Finally, HC Wainwright reiterated a “buy” rating and issued a $115.00 target price on shares of Arcellx in a research note on Tuesday, December 10th.

Insider Transactions at Arcellx

In related news, insider Christopher Heery sold 3,553 shares of the business’s stock in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $73.69, for a total transaction of $261,820.57. Following the completion of the sale, the insider now directly owns 25,085 shares of the company’s stock, valued at $1,848,513.65. The trade was a 12.41 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Kavita Patel sold 33,763 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The shares were 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 a total of 63,416 shares of company stock worth $6,278,530 over the last 90 days. 6.24% of the stock is owned by insiders.

Institutional Investors Weigh In On Arcellx

Institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp grew its position in shares of Arcellx by 21.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 147,198 shares of the company’s stock worth $8,124,000 after buying an additional 26,134 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Arcellx by 34.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,811 shares of the company’s stock valued at $376,000 after purchasing an additional 1,740 shares in the last quarter. Principal Financial Group Inc. raised its holdings in Arcellx by 1.4% in the second quarter. Principal Financial Group Inc. now owns 37,352 shares of the company’s stock worth $2,061,000 after purchasing an additional 517 shares during the period. Rhumbline Advisers boosted its position in shares of Arcellx by 14.3% during the second quarter. Rhumbline Advisers now owns 60,570 shares of the company’s stock worth $3,343,000 after purchasing an additional 7,568 shares in the last quarter. Finally, TD Asset Management Inc grew its holdings in shares of Arcellx by 36.9% in the 2nd quarter. TD Asset Management Inc now owns 123,118 shares of the company’s stock valued at $6,795,000 after buying an additional 33,200 shares during the period. 96.03% of the stock is owned by institutional investors and hedge funds.

Arcellx Stock Performance

NASDAQ:ACLX opened at $69.08 on Friday. The company has a 50-day moving average of $84.87 and a 200-day moving average of $75.68. Arcellx has a 52 week low of $47.88 and a 52 week high of $107.37. The company has a market capitalization of $3.74 billion, a price-to-earnings ratio of -97.29 and a beta of 0.33.

Arcellx (NASDAQ:ACLX) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.48) EPS for the quarter, topping analysts’ consensus estimates of ($0.54) by $0.06. Arcellx had a negative net margin of 25.94% and a negative return on equity of 8.28%. The firm had revenue of $26.03 million during the quarter, compared to analysts’ expectations of $35.21 million. Sell-side analysts forecast that Arcellx will post -1.49 EPS for the current year.

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).