Arcellx’s (ACLX) Buy Rating Reaffirmed at HC Wainwright

HC Wainwright restated their buy rating on shares of Arcellx (NASDAQ:ACLX) in a research report released on Tuesday morning,Benzinga reports. HC Wainwright currently has a $115.00 price objective on the stock.

Several other brokerages have also recently issued reports on ACLX. Robert W. Baird boosted their price objective on shares of Arcellx from $77.00 to $106.00 and gave the company an “outperform” rating in a research note on Wednesday, November 6th. Redburn Atlantic assumed coverage on Arcellx in a research note on Tuesday, October 8th. They issued a “buy” rating and a $109.00 price objective on the stock. 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 research report on Thursday, October 17th. Truist Financial lifted their target price on shares of Arcellx from $87.00 to $136.00 and gave the company a “buy” rating in a report on Tuesday, November 12th. Finally, Piper Sandler increased their price target on Arcellx from $91.00 to $115.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Thirteen investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $105.93.

Arcellx Trading Down 4.1 %

NASDAQ ACLX opened at $83.42 on Tuesday. The business’s 50-day moving average price is $88.82 and its 200 day moving average price is $72.20. Arcellx has a twelve month low of $47.88 and a twelve month high of $107.37. The company has a market capitalization of $4.51 billion, a PE ratio of -117.49 and a beta of 0.25.

Arcellx (NASDAQ:ACLX) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.48) earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $26.03 million for the quarter, compared to analyst estimates of $35.21 million. Equities analysts predict that Arcellx will post -1.49 EPS for the current year.

Insider Transactions at Arcellx

In other Arcellx news, CFO Michelle Gilson sold 15,000 shares of Arcellx stock in a transaction on 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 transaction, the chief financial officer now owns 6,915 shares of the company’s stock, valued at $537,502.95. The trade was a 68.45 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Kavita Patel sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $91.88, for a total transaction of $137,820.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 67,001 shares of company stock valued at $6,568,393. Insiders own 6.24% of the company’s stock.

Institutional Investors Weigh In On Arcellx

Institutional investors and hedge funds have recently bought and sold shares of the business. Bank of New York Mellon Corp grew its holdings in shares of Arcellx by 21.6% during the second quarter. Bank of New York Mellon Corp now owns 147,198 shares of the company’s stock valued at $8,124,000 after purchasing an additional 26,134 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in Arcellx by 37.8% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 15,928 shares of the company’s stock worth $879,000 after buying an additional 4,372 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Arcellx by 34.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,811 shares of the company’s stock worth $376,000 after buying an additional 1,740 shares during the period. Principal Financial Group Inc. lifted its stake in Arcellx by 1.4% in the second 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. Finally, Rhumbline Advisers boosted its holdings in shares of Arcellx by 14.3% during the second quarter. Rhumbline Advisers now owns 60,570 shares of the company’s stock valued at $3,343,000 after acquiring an additional 7,568 shares during the period. 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).