Arcellx, Inc. (NASDAQ:ACLX) Receives Average Recommendation of "Buy" from Brokerages

Arcellx, Inc. (NASDAQ:ACLX - Get Free Report) has earned an average recommendation of "Buy" from the fifteen ratings firms that are covering the company, MarketBeat reports. Fourteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $111.23.

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

Insider Transactions at Arcellx

In other news, Director Kavita Patel sold 1,500 shares of the firm's stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $67.36, for a total transaction of $101,040.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders have sold 4,500 shares of company stock worth $284,985 in the last three months. Insiders own 8.35% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Amalgamated Bank increased its position in shares of Arcellx by 12.0% during the 1st quarter. Amalgamated Bank now owns 1,508 shares of the company's stock valued at $99,000 after purchasing an additional 161 shares during the last quarter. Xponance Inc. grew its position in Arcellx by 6.2% during the first quarter. Xponance Inc. now owns 3,278 shares of the company's stock valued at $215,000 after acquiring an additional 190 shares during the last quarter. Vanguard Personalized Indexing Management LLC raised its stake in shares of Arcellx by 7.1% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 3,428 shares of the company's stock worth $226,000 after acquiring an additional 228 shares in the last quarter. GF Fund Management CO. LTD. lifted its holdings in shares of Arcellx by 21.9% in the 1st quarter. GF Fund Management CO. LTD. now owns 1,384 shares of the company's stock worth $91,000 after acquiring an additional 249 shares during the last quarter. Finally, GAMMA Investing LLC boosted its stake in shares of Arcellx by 104.1% in the 1st quarter. GAMMA Investing LLC now owns 494 shares of the company's stock valued at $32,000 after purchasing an additional 252 shares in the last quarter. 96.03% of the stock is currently owned by hedge funds and other institutional investors.

Arcellx Stock Up 1.5%

ACLX traded up $1.04 during trading hours on Wednesday, hitting $71.31. The stock had a trading volume of 340,053 shares, compared to its average volume of 465,871. Arcellx has a 1 year low of $47.86 and a 1 year high of $107.37. The company's fifty day simple moving average is $65.85 and its 200 day simple moving average is $64.94. The stock has a market cap of $3.93 billion, a PE ratio of -23.85 and a beta of 0.28.

Arcellx (NASDAQ:ACLX - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($1.13) earnings per share (EPS) 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 the consensus estimate of $19.51 million. Arcellx had a negative net margin of 211.46% and a negative return on equity of 35.27%. As a group, equities analysts expect that Arcellx will post -1.58 EPS for the current year.

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).