Brokerages Set Arcellx, Inc. (NASDAQ:ACLX) PT at $111.23

Shares of Arcellx, Inc. (NASDAQ:ACLX - Get Free Report) have received a consensus recommendation of "Buy" from the fifteen brokerages that are covering the company, MarketBeat Ratings reports. Fourteen equities research analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $111.23.

A number of brokerages recently issued reports on ACLX. Scotiabank decreased their price objective on shares of Arcellx from $133.00 to $93.00 and set a "sector outperform" rating for the company in a report on Friday, May 9th. HC Wainwright reaffirmed a "buy" rating and set a $115.00 price target on shares of Arcellx in a research report on Monday, June 16th. Finally, Citigroup started coverage on shares of Arcellx in a research note on Tuesday, June 17th. They issued a "buy" rating and a $110.00 price target on the stock.

Arcellx Trading Up 0.6%

ACLX stock traded up $0.42 during midday trading on Wednesday, reaching $70.69. The company had a trading volume of 137,887 shares, compared to its average volume of 672,326. Arcellx has a 1 year low of $47.86 and a 1 year high of $107.37. The company has a market capitalization of $3.90 billion, a P/E ratio of -23.67 and a beta of 0.28. The company has a 50 day moving average of $65.60 and a two-hundred day moving average of $65.03.

Arcellx (NASDAQ:ACLX - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported ($1.13) EPS for the quarter, missing analysts' consensus estimates of ($0.84) by ($0.29). The business had revenue of $8.13 million for the quarter, compared to the consensus estimate of $19.51 million. Arcellx had a negative return on equity of 35.27% and a negative net margin of 211.46%. On average, sell-side analysts anticipate that Arcellx will post -1.58 earnings per share for the current year.

Insider Activity at Arcellx

In other news, Director Kavita Patel sold 1,500 shares of the firm's stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $67.36, for a total transaction of $101,040.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders have sold 4,500 shares of company stock worth $284,985 over the last 90 days. Company insiders own 8.35% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Gilead Sciences Inc. purchased a new stake in shares of Arcellx in the fourth quarter worth about $515,418,000. Vestal Point Capital LP lifted its position in shares of Arcellx by 402.7% in the first quarter. Vestal Point Capital LP now owns 2,387,720 shares of the company's stock valued at $156,634,000 after acquiring an additional 1,912,720 shares in the last quarter. FMR LLC increased its holdings in shares of Arcellx by 22.8% in the fourth quarter. FMR LLC now owns 7,956,633 shares of the company's stock valued at $610,194,000 after purchasing an additional 1,477,360 shares during the last quarter. T. Rowe Price Investment Management Inc. grew its stake in shares of Arcellx by 135.9% in the first quarter. T. Rowe Price Investment Management Inc. now owns 1,665,138 shares of the company's stock valued at $109,234,000 after buying an additional 959,216 shares in the last quarter. Finally, RA Capital Management L.P. grew its stake in shares of Arcellx by 50.5% in the fourth quarter. RA Capital Management L.P. now owns 2,787,327 shares of the company's stock valued at $213,760,000 after buying an additional 935,848 shares in the last quarter. 96.03% of the stock is owned by 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).