Arcellx (NASDAQ:ACLX) Rating Lowered to Hold at Cantor Fitzgerald

Key Points

• Arcellx (NASDAQ:ACLX) has been downgraded from a "strong-buy" to a "hold" rating by Cantor Fitzgerald, reflecting a more cautious outlook from analysts.
• Despite the downgrade, the stock has an average rating of "Moderate Buy" with a consensus target price of $112.69, indicating some analysts remain optimistic about its potential.
• In recent quarterly earnings, Arcellx reported revenue of $7.55 million, significantly underperforming against the estimated $16.76 million, while also posting a negative EPS of ($0.94).

Arcellx (NASDAQ:ACLX - Get Free Report) was downgraded by equities researchers at Cantor Fitzgerald from a "strong-buy" rating to a "hold" rating in a report issued on Thursday,Zacks.com reports.

ACLX has been the topic of a number of other research reports. Citigroup initiated coverage on Arcellx in a research note on Tuesday, June 17th. They issued a "buy" rating and a $110.00 price objective on the stock. Scotiabank lifted their target price on Arcellx from $93.00 to $133.00 and gave the stock a "sector outperform" rating in a report on Thursday, July 31st. HC Wainwright restated a "buy" rating and issued a $115.00 target price on shares of Arcellx in a report on Monday, June 16th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Arcellx in a report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $112.69.

Arcellx Stock Performance

ACLX opened at $88.39 on Thursday. Arcellx has a one year low of $47.86 and a one year high of $107.37. The stock's fifty day moving average is $75.10 and its 200-day moving average is $67.92. The company has a market capitalization of $4.90 billion, a PE ratio of -25.84 and a beta of 0.31.

Arcellx (NASDAQ:ACLX - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported ($0.94) 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 company had revenue of $7.55 million for the quarter, compared to the consensus estimate of $16.76 million. On average, equities research analysts forecast that Arcellx will post -1.58 EPS for the current fiscal year.

Insider Buying and Selling at Arcellx

In other 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 transaction, the insider owned 624 shares in the company, valued at approximately $50,718.72. The trade was a 97.12% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders sold a total of 37,146 shares of company stock worth $3,000,136 in the last quarter. Insiders own 8.35% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Amalgamated Bank grew its holdings in shares of Arcellx by 12.0% during the first quarter. Amalgamated Bank now owns 1,508 shares of the company's stock valued at $99,000 after buying an additional 161 shares in the last quarter. GAMMA Investing LLC boosted its position 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 last quarter. Rhumbline Advisers boosted 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 purchasing an additional 3,848 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its position in Arcellx by 54.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 7,702 shares of the company's stock valued at $468,000 after purchasing an additional 2,702 shares during the last quarter. Finally, Strs Ohio acquired a new stake in Arcellx during the first quarter valued at $938,000. Hedge funds and other 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).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.