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

Key Points

• Arcellx, Inc. (NASDAQ:ACLX) has received an average recommendation of "Buy" from 15 research firms, with 13 analysts rating the stock as a buy and two as a strong buy.
• The current average 12-month price target for Arcellx shares is $114.31, indicating a potential upside from the current stock price of $74.08.
• Arcellx reported a quarterly earnings per share of ($0.94), exceeding analysts' expectations of ($1.03), but fell short on revenue, generating $7.55 million against an estimate of $16.76 million.

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

ACLX has been the subject of several recent research reports. Cantor Fitzgerald upgraded Arcellx to a "strong-buy" rating in a report on Monday, August 4th. HC Wainwright reaffirmed a "buy" rating and set a $115.00 target price on shares of Arcellx in a research report on Monday, June 16th. Citigroup started coverage on Arcellx in a research report on Tuesday, June 17th. They set a "buy" rating and a $110.00 target price on the stock. Finally, Scotiabank lifted their target price on Arcellx from $93.00 to $133.00 and gave the company a "sector outperform" rating in a research report on Thursday, July 31st.

Arcellx Stock Performance

Shares of ACLX stock opened at $74.08 on Friday. The company has a market cap of $4.11 billion, a P/E ratio of -21.66 and a beta of 0.28. The stock has a 50 day simple moving average of $68.15 and a two-hundred day simple moving average of $65.47. Arcellx has a fifty-two week low of $47.86 and a fifty-two week high of $107.37.

Arcellx (NASDAQ:ACLX - Get Free Report) last issued its earnings results 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 during the quarter, compared to the consensus estimate of $16.76 million. Arcellx had a negative return on equity of 43.04% and a negative net margin of 329.93%. On average, research analysts predict that Arcellx will post -1.58 earnings per share for the current year.

Insider Buying and Selling at Arcellx

In other news, Director Kavita Patel sold 1,500 shares of the business's stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $67.36, for a total value of $101,040.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 8.35% of the stock is owned by insiders.

Institutional Trading of Arcellx

Large investors have recently modified their holdings of the company. GAMMA Investing LLC grew its holdings in Arcellx by 104.1% during the first quarter. GAMMA Investing LLC now owns 494 shares of the company's stock valued at $32,000 after purchasing an additional 252 shares during the period. PNC Financial Services Group Inc. grew its holdings in Arcellx by 183.4% during the second quarter. PNC Financial Services Group Inc. now owns 751 shares of the company's stock valued at $49,000 after purchasing an additional 486 shares during the period. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Arcellx in the first quarter worth about $50,000. GF Fund Management CO. LTD. bought a new position in shares of Arcellx in the fourth quarter worth about $87,000. Finally, Amalgamated Bank boosted its stake in shares of Arcellx by 12.0% in the first quarter. Amalgamated Bank now owns 1,508 shares of the company's stock worth $99,000 after acquiring an additional 161 shares during the period. Institutional investors own 96.03% of the company's stock.

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).

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