Citigroup Begins Coverage on Arcellx (NASDAQ:ACLX)

Investment analysts at Citigroup initiated coverage on shares of Arcellx (NASDAQ:ACLX - Get Free Report) in a research note issued on Tuesday, Marketbeat.com reports. The firm set a "buy" rating and a $110.00 price target on the stock. Citigroup's price objective suggests a potential upside of 74.94% from the company's current price.

Other analysts have also recently issued reports about the company. HC Wainwright restated a "buy" rating and set a $115.00 price objective on shares of Arcellx in a research report on Monday. Scotiabank lowered their price objective on Arcellx from $133.00 to $93.00 and set a "sector outperform" rating on the stock in a research report on Friday, May 9th. Fourteen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Arcellx presently has an average rating of "Buy" and a consensus target price of $111.23.

Arcellx Price Performance

Shares of ACLX stock traded down $1.21 during trading on Tuesday, reaching $62.88. The company had a trading volume of 489,936 shares, compared to its average volume of 605,942. The firm's 50 day simple moving average is $62.22 and its two-hundred day simple moving average is $67.60. Arcellx has a one year low of $47.86 and a one year high of $107.37. The company has a market capitalization of $3.47 billion, a PE ratio of -88.56 and a beta of 0.28.

Arcellx (NASDAQ:ACLX - Get Free Report) last issued its quarterly 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). The business had revenue of $8.13 million during the quarter, compared to the consensus estimate of $19.51 million. Arcellx had a negative return on equity of 8.28% and a negative net margin of 25.94%. Analysts forecast that Arcellx will post -1.58 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Kavita Patel sold 1,500 shares of the stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $64.20, for a total transaction of $96,300.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold 6,000 shares of company stock worth $371,235 over the last ninety days. 8.35% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. 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. Strs Ohio acquired a new position in Arcellx during the first quarter valued at approximately $938,000. Intech Investment Management LLC boosted its position in Arcellx by 27.7% during the first 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 last quarter. Woodline Partners LP boosted its position in Arcellx by 31.6% during the first 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 last quarter. Finally, Empowered Funds LLC acquired a new position in Arcellx during the first quarter valued at approximately $1,768,000. 96.03% of the stock is currently owned by institutional investors.

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).