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

Arcellx, Inc. (NASDAQ:ACLX - Get Free Report) has been assigned an average rating of "Buy" from the fifteen research firms that are covering the company, MarketBeat Ratings reports. Fourteen research analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $111.23.

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

Arcellx Price Performance

NASDAQ:ACLX traded down $1.16 during mid-day trading on Friday, reaching $64.69. The stock had a trading volume of 478,234 shares, compared to its average volume of 610,374. The company has a market capitalization of $3.57 billion, a price-to-earnings ratio of -21.64 and a beta of 0.28. Arcellx has a 1-year low of $47.86 and a 1-year high of $107.37. The stock's 50 day simple moving average is $63.03 and its two-hundred day simple moving average is $66.05.

Arcellx (NASDAQ:ACLX - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported ($1.13) EPS for the quarter, missing analysts' consensus estimates of ($0.84) by ($0.29). The firm 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%. Sell-side analysts anticipate that Arcellx will post -1.58 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Kavita Patel sold 1,500 shares of Arcellx stock in a transaction that occurred on Tuesday, June 10th. The stock was 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 accessible through the SEC website. In the last ninety days, insiders have sold 6,000 shares of company stock valued at $371,235. 8.35% of the stock is currently owned by corporate insiders.

Institutional Trading of Arcellx

Large investors have recently added to or reduced their stakes in the business. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Arcellx by 9.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,836 shares of the company's stock worth $754,000 after purchasing an additional 858 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Arcellx by 156.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 305,088 shares of the company's stock valued at $23,400,000 after purchasing an additional 186,013 shares in the last quarter. Millennium Management LLC lifted its holdings in Arcellx by 123.7% in the fourth quarter. Millennium Management LLC now owns 22,370 shares of the company's stock worth $1,716,000 after purchasing an additional 12,370 shares during the period. Gilead Sciences Inc. bought a new position in Arcellx in the 4th quarter valued at about $515,418,000. Finally, Invesco Ltd. grew its position in Arcellx by 15.7% in the 4th quarter. Invesco Ltd. now owns 26,550 shares of the company's stock valued at $2,036,000 after buying an additional 3,610 shares in the last quarter. 96.03% of the stock is currently owned by institutional investors and hedge funds.

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).