Arcellx’s (ACLX) Buy Rating Reiterated at Needham & Company LLC

Arcellx (NASDAQ:ACLX)‘s stock had its “buy” rating reaffirmed by Needham & Company LLC in a research note issued on Thursday, Benzinga reports. They presently have a $96.00 price objective on the stock. Needham & Company LLC’s price objective would indicate a potential upside of 10.59% from the company’s previous close.

Several other brokerages have also issued reports on ACLX. Redburn Atlantic initiated coverage on Arcellx in a research note on Tuesday, October 8th. They issued a “buy” rating and a $109.00 target price for the company. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Arcellx in a research note on Monday, September 9th. Canaccord Genuity Group lifted their target price 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. Finally, 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. Twelve investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $89.75.

Arcellx Price Performance

Shares of NASDAQ:ACLX opened at $86.81 on Thursday. The company’s fifty day moving average price is $79.51 and its 200-day moving average price is $64.04. The firm has a market capitalization of $4.67 billion, a price-to-earnings ratio of -83.47 and a beta of 0.25. Arcellx has a one year low of $32.90 and a one year high of $97.54.

Arcellx (NASDAQ:ACLX) last released its 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. Arcellx had a negative return on equity of 12.42% and a negative net margin of 37.23%. The business had revenue of $27.38 million for the quarter, compared to analysts’ expectations of $22.04 million. The business’s quarterly revenue was up 91.5% on a year-over-year basis. As a group, equities research analysts expect that Arcellx will post -1.65 EPS for the current year.

Insider Buying and Selling at Arcellx

In other news, Director Kavita Patel sold 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $89.69, for a total transaction of $134,535.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 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. Also, Director Kavita Patel sold 1,500 shares of the business’s stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $89.69, for a total transaction of $134,535.00. The disclosure for this sale can be found here. Insiders sold 70,556 shares of company stock valued at $5,033,845 in the last 90 days. Insiders own 6.24% of the company’s stock.

Institutional Trading of Arcellx

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. raised 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 acquiring an additional 167,037 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Arcellx by 6.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,344,553 shares of the company’s stock worth $93,514,000 after purchasing an additional 84,373 shares in the last quarter. Great Point Partners LLC lifted its position in Arcellx by 64.0% during the second quarter. Great Point Partners LLC now owns 492,000 shares of the company’s stock valued at $27,153,000 after buying an additional 192,000 shares during the period. Affinity Asset Advisors LLC boosted its holdings in shares of Arcellx by 53.3% during the 2nd quarter. Affinity Asset Advisors LLC now owns 460,000 shares of the company’s stock valued at $25,387,000 after buying an additional 160,000 shares in the last quarter. Finally, Victory Capital Management Inc. grew its position in shares of Arcellx by 20.4% in the 2nd quarter. Victory Capital Management Inc. now owns 283,872 shares of the company’s stock worth $15,667,000 after buying an additional 48,006 shares during the period. 96.03% of the stock is currently owned by hedge funds and other 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).