Arcellx (NASDAQ:ACLX) Earns Buy Rating from HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Arcellx (NASDAQ:ACLX - Free Report) in a research note released on Monday morning,Benzinga reports. HC Wainwright currently has a $115.00 target price on the stock.

Separately, Scotiabank decreased 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 note on Friday, May 9th. Thirteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $111.33.

Arcellx Stock Performance

Shares of NASDAQ:ACLX traded down $1.91 during midday trading on Monday, hitting $64.09. The company's stock had a trading volume of 584,501 shares, compared to its average volume of 606,406. The business's 50 day simple moving average is $62.01 and its 200 day simple moving average is $67.76. The company has a market cap of $3.53 billion, a P/E ratio of -90.27 and a beta of 0.28. Arcellx has a 12-month low of $47.86 and a 12-month high of $107.37.

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

Insiders Place Their Bets

In other Arcellx news, Director Kavita Patel sold 1,500 shares of the stock in a transaction dated 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold a total of 7,500 shares of company stock valued at $478,695 over the last 90 days. 8.35% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. GAMMA Investing LLC boosted its stake in Arcellx by 104.1% during the first quarter. GAMMA Investing LLC now owns 494 shares of the company's stock worth $32,000 after buying an additional 252 shares during the period. Headlands Technologies LLC purchased a new position in shares of Arcellx in the fourth quarter valued at approximately $41,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of Arcellx in the first quarter valued at approximately $50,000. GF Fund Management CO. LTD. purchased a new position in shares of Arcellx in the fourth quarter valued at approximately $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 valued at $99,000 after purchasing an additional 161 shares during the period. Hedge funds and other institutional investors own 96.03% of the company's stock.

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).