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

Shares of Arcellx, Inc. (NASDAQ:ACLX - Get Free Report) have been assigned a consensus recommendation of "Buy" from the fourteen analysts that are currently covering the firm, Marketbeat Ratings reports. Thirteen research analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $111.33.

Separately, Scotiabank dropped their price target on shares of Arcellx from $133.00 to $93.00 and set a "sector outperform" rating on the stock in a research report on Friday, May 9th.

Arcellx Stock Performance

Shares of ACLX stock traded up $1.85 during midday trading on Tuesday, reaching $68.10. 595,314 shares of the company were exchanged, compared to its average volume of 605,757. Arcellx has a 12 month low of $47.86 and a 12 month high of $107.37. The company has a market cap of $3.75 billion, a P/E ratio of -95.91 and a beta of 0.28. The company's 50 day moving average price is $61.34 and its two-hundred day moving average price is $68.84.

Arcellx (NASDAQ:ACLX - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported ($1.13) EPS for the quarter, missing the consensus estimate of ($0.84) by ($0.29). Arcellx had a negative return on equity of 8.28% and a negative net margin of 25.94%. The firm had revenue of $8.13 million for the quarter, compared to the consensus estimate of $19.51 million. As a group, sell-side analysts predict that Arcellx will post -1.58 earnings per share for the current year.

Insiders Place Their Bets

In other Arcellx news, Director Kavita Patel sold 1,500 shares of the business's stock in a transaction on Tuesday, April 8th. The shares were sold at an average price of $57.50, for a total transaction of $86,250.00. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In the last quarter, insiders have sold 6,000 shares of company stock worth $377,655. Company insiders own 8.35% of the company's stock.

Institutional Trading of Arcellx

Several large investors have recently added to or reduced their stakes in the company. Rhumbline Advisers raised its position in Arcellx by 6.4% during the first quarter. Rhumbline Advisers now owns 63,751 shares of the company's stock valued at $4,182,000 after buying an additional 3,848 shares during the period. Strs Ohio acquired a new position in shares of Arcellx in the 1st quarter valued at about $938,000. Intech Investment Management LLC increased its holdings in shares of Arcellx by 27.7% in the 1st quarter. Intech Investment Management LLC now owns 21,967 shares of the company's stock valued at $1,441,000 after purchasing an additional 4,760 shares during the period. Woodline Partners LP increased its holdings in shares of Arcellx by 31.6% in the 1st quarter. Woodline Partners LP now owns 165,305 shares of the company's stock valued at $10,844,000 after purchasing an additional 39,656 shares during the period. Finally, Empowered Funds LLC acquired a new position in shares of Arcellx in the 1st quarter valued at about $1,768,000. 96.03% of the stock is owned by institutional investors and hedge funds.

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).