Arcellx (NASDAQ:ACLX) Price Target Raised to $95.00 at HC Wainwright

Arcellx (NASDAQ:ACLX) had its price objective upped by analysts at HC Wainwright from $80.00 to $95.00 in a report issued on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the stock. HC Wainwright’s price target points to a potential upside of 9.04% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the company. Bank of America raised their price target on Arcellx from $84.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday. Robert W. Baird upped their price target on Arcellx from $77.00 to $106.00 and gave the stock an “outperform” rating in a research note on Wednesday. Canaccord Genuity Group upped 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. 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. Finally, Needham & Company LLC reissued a “buy” rating and set a $96.00 price objective on shares of Arcellx in a report on Thursday, October 31st. Thirteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $95.85.

Arcellx Stock Performance

NASDAQ ACLX opened at $87.12 on Wednesday. The business’s fifty day moving average is $81.21 and its 200 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 capitalization of $4.68 billion, a PE ratio of -83.77 and a beta of 0.27.

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

Insider Buying and Selling

In other news, Director Kavita Patel sold 1,500 shares of the stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $89.69, for a total value of $134,535.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, Director Kavita Patel sold 1,500 shares of Arcellx stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $89.69, for a total transaction of $134,535.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Michelle Gilson sold 15,000 shares of the stock in a transaction that occurred 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 transaction, the chief financial officer now directly 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 sold 70,556 shares of company stock valued at $5,033,845. Company insiders own 6.24% of the company’s stock.

Institutional Trading of Arcellx

A number of institutional investors have recently made changes to their positions in ACLX. Entropy Technologies LP purchased a new position in shares of Arcellx in the 3rd quarter valued at approximately $293,000. Covestor Ltd raised its stake in shares of Arcellx by 53,766.7% in the third quarter. Covestor Ltd now owns 1,616 shares of the company’s stock worth $135,000 after purchasing an additional 1,613 shares during the last quarter. Harbor Capital Advisors Inc. lifted its holdings in shares of Arcellx by 37.0% during the third quarter. Harbor Capital Advisors Inc. now owns 27,896 shares of the company’s stock worth $2,330,000 after purchasing an additional 7,534 shares during the period. US Bancorp DE boosted its position in Arcellx by 60.0% in the third quarter. US Bancorp DE now owns 7,603 shares of the company’s stock valued at $635,000 after buying an additional 2,851 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. raised its position in Arcellx by 64.5% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 10,339 shares of the company’s stock worth $863,000 after buying an additional 4,052 shares during the last quarter. Institutional investors and hedge funds own 96.03% of the company’s stock.

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).