Canaccord Genuity Group Increases Arcellx (NASDAQ:ACLX) Price Target to $115.00

Arcellx (NASDAQ:ACLX) had its price target upped by Canaccord Genuity Group from $85.00 to $115.00 in a research report sent to investors on Thursday, Benzinga reports. They currently have a buy rating on the stock.

ACLX has been the topic of several other reports. Redburn Atlantic initiated coverage on shares of Arcellx in a report on Tuesday, October 8th. They issued a “buy” rating and a $109.00 price target on the stock. Needham & Company LLC restated a “buy” rating and set a $81.00 target price on shares of Arcellx in a research report on Friday, August 9th. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Arcellx in a research report on Monday, September 9th. Thirteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Arcellx presently has an average rating of “Buy” and a consensus price target of $88.50.

Arcellx Trading Up 1.7 %

ACLX stock opened at $96.86 on Thursday. The stock’s 50 day simple moving average is $76.12 and its 200 day simple moving average is $62.70. The stock has a market capitalization of $5.18 billion, a PE ratio of -94.04 and a beta of 0.25. Arcellx has a 12-month low of $30.88 and a 12-month high of $97.54.

Arcellx (NASDAQ:ACLX) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.51) EPS for the quarter, beating analysts’ consensus estimates of ($0.52) by $0.01. The firm had revenue of $27.38 million during the quarter, compared to the consensus estimate of $22.04 million. Arcellx had a negative net margin of 37.23% and a negative return on equity of 12.42%. The company’s revenue was up 91.5% on a year-over-year basis. On average, research analysts predict that Arcellx will post -1.65 earnings per share for the current year.

Insider Activity at Arcellx

In other Arcellx news, Director Kavita Patel sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, July 30th. The shares were sold at an average price of $61.97, for a total transaction of $92,955.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Arcellx news, Director Kavita Patel sold 1,500 shares of Arcellx stock in a transaction that occurred on Tuesday, July 30th. The shares were sold at an average price of $61.97, for a total transaction of $92,955.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Christopher Heery sold 21,684 shares of the business’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $71.12, for a total transaction of $1,542,166.08. Following the transaction, the insider now directly owns 9,278 shares in the company, valued at approximately $659,851.36. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 70,556 shares of company stock worth $4,992,265 over the last 90 days. Company insiders own 6.24% of the company’s stock.

Institutional Trading of Arcellx

A number of institutional investors and hedge funds have recently modified their holdings of the business. High Net Worth Advisory Group LLC increased its holdings in shares of Arcellx by 6.3% in the 3rd quarter. High Net Worth Advisory Group LLC now owns 8,500 shares of the company’s stock worth $710,000 after acquiring an additional 500 shares during the period. Handelsbanken Fonder AB increased its stake in Arcellx by 22.3% during the 3rd quarter. Handelsbanken Fonder AB now owns 12,600 shares of the company’s stock valued at $1,052,000 after buying an additional 2,300 shares during the period. SG Americas Securities LLC acquired a new position in Arcellx during the 3rd quarter valued at about $1,005,000. Algert Global LLC increased its stake in Arcellx by 24.4% during the 2nd quarter. Algert Global LLC now owns 35,211 shares of the company’s stock valued at $1,943,000 after buying an additional 6,901 shares during the period. Finally, The Manufacturers Life Insurance Company increased its stake in Arcellx by 55.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 73,332 shares of the company’s stock valued at $4,047,000 after buying an additional 26,134 shares during the period. 96.03% of the stock is owned by institutional investors and hedge funds.

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).