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

Key Points

• Arcellx, Inc. (NASDAQ:ACLX) has received an average consensus rating of "Buy" from 15 analysts, with 13 recommending a buy and 2 a strong buy, indicating strong market confidence in the stock.
• The average 12-month price target for Arcellx as estimated by analysts is $114.31, with Scotiabank recently raising its target to $133.00.
• In its latest quarterly report, Arcellx exceeded earnings estimates with a loss of ($0.94) per share against expectations of ($1.03), although its revenue of $7.55 million fell short of the projected $16.76 million.

Arcellx, Inc. (NASDAQ:ACLX - Get Free Report) has been assigned a consensus rating of "Buy" from the fifteen ratings firms that are currently covering the company, MarketBeat reports. Thirteen research analysts have rated the stock with a buy recommendation and two have given a strong buy recommendation to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $114.3077.

Several equities research analysts have weighed in on ACLX shares. Scotiabank upped their price target on Arcellx from $93.00 to $133.00 and gave the stock a "sector outperform" rating in a report on Thursday, July 31st. Cantor Fitzgerald raised Arcellx to a "strong-buy" rating in a research report on Monday, August 4th. Citigroup initiated coverage on shares of Arcellx in a research note on Tuesday, June 17th. They set a "buy" rating and a $110.00 target price on the stock. Finally, HC Wainwright reiterated a "buy" rating and issued a $115.00 price target on shares of Arcellx in a research note on Monday, June 16th.

Arcellx Stock Performance

Shares of ACLX opened at $72.71 on Thursday. Arcellx has a 1 year low of $47.86 and a 1 year high of $107.37. The stock has a market capitalization of $4.03 billion, a PE ratio of -21.26 and a beta of 0.28. The company's 50-day simple moving average is $70.34 and its 200-day simple moving average is $66.13.

Arcellx (NASDAQ:ACLX - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported ($0.94) earnings per share for the quarter, topping analysts' consensus estimates of ($1.03) by $0.09. The business had revenue of $7.55 million for the quarter, compared to analyst estimates of $16.76 million. Arcellx had a negative return on equity of 43.04% and a negative net margin of 329.93%. On average, sell-side analysts predict that Arcellx will post -1.58 earnings per share for the current year.

Institutional Investors Weigh In On Arcellx

Several institutional investors have recently modified their holdings of the company. Squarepoint Ops LLC increased its holdings in Arcellx by 371.9% in the second quarter. Squarepoint Ops LLC now owns 16,044 shares of the company's stock valued at $1,056,000 after buying an additional 12,644 shares during the last quarter. State of Wyoming purchased a new position in shares of Arcellx in the 2nd quarter valued at about $28,000. Tower Research Capital LLC TRC raised its position in shares of Arcellx by 105.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 6,143 shares of the company's stock worth $405,000 after acquiring an additional 3,147 shares in the last quarter. E Fund Management Co. Ltd. lifted its stake in Arcellx by 15.1% during the second quarter. E Fund Management Co. Ltd. now owns 6,293 shares of the company's stock worth $414,000 after purchasing an additional 825 shares during the last quarter. Finally, Vestal Point Capital LP boosted its holdings in Arcellx by 15.2% in the second quarter. Vestal Point Capital LP now owns 2,750,000 shares of the company's stock valued at $181,088,000 after purchasing an additional 362,280 shares in the last quarter. 96.03% of the stock is owned by hedge funds and other 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).

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