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

Key Points

• Arcellx, Inc. has received an average broker recommendation of "Buy" from sixteen brokerages, with thirteen issuing buy ratings and two strong buy ratings.
• The company's shares have a target price averaging $114.31, with Scotiabank setting a new target of $133.00 while maintaining a "sector outperform" rating.
• Arcellx recently reported a quarterly loss of ($0.94) EPS, exceeding analysts' estimates and showcasing a revenue that fell short of expectations at $7.55 million.

Arcellx, Inc. (NASDAQ:ACLX - Get Free Report) has been assigned an average rating of "Buy" from the sixteen brokerages that are covering the company, MarketBeat reports. One analyst has rated the stock with a sell rating, thirteen have given a buy rating and two have assigned a strong buy rating to the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $114.3077.

A number of brokerages recently issued reports on ACLX. HC Wainwright reissued a "buy" rating and set a $115.00 price target on shares of Arcellx in a research note on Monday, June 16th. Cantor Fitzgerald raised Arcellx to a "strong-buy" rating in a research report on Monday, August 4th. Citigroup began coverage on Arcellx in a research report on Tuesday, June 17th. They set a "buy" rating and a $110.00 target price for the company. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Arcellx in a research report on Saturday, September 27th. 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 $85.07 on Monday. Arcellx has a 52-week low of $47.86 and a 52-week high of $107.37. The firm has a market capitalization of $4.72 billion, a P/E ratio of -24.87 and a beta of 0.31. The stock has a 50 day moving average price of $73.85 and a 200 day moving average price of $67.44.

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

Insiders Place Their Bets

In other Arcellx news, insider Christopher Heery sold 21,034 shares of Arcellx stock in a transaction on Tuesday, September 30th. The stock was sold at an average price of $81.28, for a total transaction of $1,709,643.52. Following the completion of the sale, the insider directly owned 624 shares of the company's stock, valued at $50,718.72. The trade was a 97.12% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Over the last three months, insiders sold 37,146 shares of company stock worth $3,000,136. Insiders own 8.35% of the company's stock.

Institutional Investors Weigh In On Arcellx

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Paradigm Biocapital Advisors LP raised its position in shares of Arcellx by 2.8% in the 1st quarter. Paradigm Biocapital Advisors LP now owns 4,492,032 shares of the company's stock worth $294,677,000 after acquiring an additional 120,431 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Arcellx by 19.7% in the 1st quarter. Vanguard Group Inc. now owns 3,985,156 shares of the company's stock worth $261,426,000 after acquiring an additional 655,064 shares in the last quarter. RA Capital Management L.P. raised its position in shares of Arcellx by 8.9% in the 1st quarter. RA Capital Management L.P. now owns 3,036,527 shares of the company's stock worth $199,196,000 after acquiring an additional 249,200 shares in the last quarter. Vestal Point Capital LP raised its position in shares of Arcellx by 15.2% in the 2nd quarter. Vestal Point Capital LP now owns 2,750,000 shares of the company's stock worth $181,088,000 after acquiring an additional 362,280 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. raised its position in shares of Arcellx by 135.9% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 1,665,138 shares of the company's stock worth $109,234,000 after acquiring an additional 959,216 shares in the last quarter. 96.03% of the stock is owned by institutional investors.

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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