Arcellx FY2029 EPS Forecast Increased by Leerink Partnrs

Arcellx, Inc. (NASDAQ:ACLX - Free Report) - Research analysts at Leerink Partnrs upped their FY2029 earnings per share (EPS) estimates for Arcellx in a research report issued on Friday, May 9th. Leerink Partnrs analyst D. Graybosch now forecasts that the company will post earnings per share of $5.00 for the year, up from their previous forecast of $4.65. The consensus estimate for Arcellx's current full-year earnings is ($1.58) per share.

Separately, Scotiabank cut their target price on shares of Arcellx from $133.00 to $93.00 and set a "sector outperform" rating on the stock in a research note on Friday. Thirteen investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $109.31.

Arcellx Stock Up 2.7%

Shares of Arcellx stock opened at $57.77 on Monday. The business has a 50 day moving average of $64.30 and a 200 day moving average of $72.59. Arcellx has a 52 week low of $47.86 and a 52 week high of $107.37. The company has a market cap of $3.18 billion, a PE ratio of -81.37 and a beta of 0.34.

Arcellx (NASDAQ:ACLX - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported ($1.13) earnings per share for the quarter, missing the consensus estimate of ($0.84) by ($0.29). The business had revenue of $8.13 million during the quarter, compared to analysts' expectations of $19.51 million. Arcellx had a negative return on equity of 8.28% and a negative net margin of 25.94%.

Hedge Funds Weigh In On Arcellx

Several institutional investors and hedge funds have recently modified their holdings of ACLX. GAMMA Investing LLC boosted its stake in Arcellx by 104.1% in the 1st quarter. GAMMA Investing LLC now owns 494 shares of the company's stock worth $32,000 after purchasing an additional 252 shares in the last quarter. Headlands Technologies LLC bought a new position in shares of Arcellx in the fourth quarter worth approximately $41,000. GF Fund Management CO. LTD. bought a new position in shares of Arcellx in the fourth quarter worth approximately $87,000. KBC Group NV grew its holdings in shares of Arcellx by 37.3% during the fourth quarter. KBC Group NV now owns 1,388 shares of the company's stock valued at $106,000 after buying an additional 377 shares during the last quarter. Finally, Amalgamated Bank increased its position in shares of Arcellx by 12.0% during the first quarter. Amalgamated Bank now owns 1,508 shares of the company's stock valued at $99,000 after acquiring an additional 161 shares in the last quarter. 96.03% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Arcellx news, Director Kavita Patel sold 1,500 shares of Arcellx stock in a transaction on Tuesday, April 8th. The stock was sold at an average price of $57.50, for a total transaction of $86,250.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Rami Elghandour sold 38,300 shares of the business's stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $62.02, for a total value of $2,375,366.00. Following the completion of the sale, the insider now directly owns 149,186 shares in the company, valued at $9,252,515.72. This trade represents a 20.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 54,455 shares of company stock valued at $3,407,903 over the last quarter. Corporate insiders own 6.24% of the company's stock.

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).

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