Morgan Stanley Increases Arcellx (NASDAQ:ACLX) Price Target to $106.00

Arcellx (NASDAQ:ACLX) had its target price lifted by Morgan Stanley from $81.00 to $106.00 in a research report sent to investors on Wednesday morning, Benzinga reports. Morgan Stanley currently has an overweight rating on the stock.

Other analysts also recently issued reports about the company. Stifel Nicolaus increased their price objective on Arcellx from $83.00 to $122.00 and gave the company a “buy” rating in a report on Friday, October 18th. Canaccord Genuity Group increased their price target on Arcellx from $85.00 to $115.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. Needham & Company LLC reiterated a “buy” rating and issued a $96.00 target price on shares of Arcellx in a report on Thursday, October 31st. Cantor Fitzgerald restated an “overweight” rating on shares of Arcellx in a report on Monday, September 9th. Finally, Redburn Atlantic started coverage on shares of Arcellx in a research note on Tuesday, October 8th. They issued a “buy” rating and a $109.00 price objective on the stock. Thirteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $95.85.

Arcellx Trading Up 6.7 %

Arcellx stock opened at $92.98 on Wednesday. The stock has a 50-day moving average price of $81.69 and a two-hundred day moving average price of $65.35. Arcellx has a 12 month low of $43.50 and a 12 month high of $97.54. The company has a market capitalization of $5.00 billion, a PE ratio of -89.40 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 (EPS) for the quarter, beating the consensus estimate of ($0.52) by $0.01. The firm had revenue of $27.38 million during the quarter, compared to analysts’ expectations of $22.04 million. Arcellx had a negative net margin of 37.23% and a negative return on equity of 12.42%. The firm’s revenue for the quarter was up 91.5% on a year-over-year basis. As a group, analysts predict that Arcellx will post -1.65 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Michelle Gilson sold 15,000 shares of the firm’s stock in a transaction dated 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 directly owns 6,915 shares in the company, valued at $537,502.95. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, CFO Michelle Gilson sold 15,000 shares of the 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 transaction, the chief financial officer now directly owns 6,915 shares in the company, valued at $537,502.95. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Kavita Patel sold 1,500 shares of Arcellx stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $74.41, for a total transaction of $111,615.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have 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

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. boosted its stake in Arcellx by 21.7% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,944 shares of the company’s stock valued at $161,000 after purchasing an additional 347 shares during the last quarter. Quest Partners LLC purchased a new position in shares of Arcellx during the second quarter valued at approximately $27,000. National Bank of Canada FI boosted its position in shares of 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 buying an additional 500 shares during the last quarter. High Net Worth Advisory Group LLC grew its holdings in Arcellx by 6.3% during the third quarter. High Net Worth Advisory Group LLC now owns 8,500 shares of the company’s stock worth $710,000 after buying an additional 500 shares in the last quarter. Finally, Principal Financial Group Inc. raised its position in Arcellx by 1.4% in the 2nd quarter. Principal Financial Group Inc. now owns 37,352 shares of the company’s stock valued at $2,061,000 after buying an additional 517 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).