HC Wainwright Issues Negative Estimate for Arcellx Earnings

Key Points

• HC Wainwright lowered their FY2029 EPS estimate for Arcellx to $2.55 per share from $2.66, while maintaining a "Buy" rating and a target price of $115.00.
• Despite a negative net margin of 329.93%, Arcellx reported quarterly earnings of ($0.94) per share, exceeding analysts' expectations of ($1.03) per share.
• Thirteen analysts rated Arcellx as a "Buy," with an average target price of $114.31, which reflects overall positive sentiment toward the company's potential.

Arcellx, Inc. (NASDAQ:ACLX - Free Report) - Equities researchers at HC Wainwright decreased their FY2029 EPS estimates for Arcellx in a report released on Friday, August 8th. HC Wainwright analyst E. Bodnar now anticipates that the company will post earnings of $2.55 per share for the year, down from their prior estimate of $2.66. HC Wainwright currently has a "Buy" rating and a $115.00 target price on the stock. The consensus estimate for Arcellx's current full-year earnings is ($1.58) per share.

A number of other analysts have also issued reports on ACLX. Scotiabank boosted their target price on shares of Arcellx from $93.00 to $133.00 and gave the company a "sector outperform" rating in a research note on Thursday, July 31st. Citigroup began coverage on shares of Arcellx in a research note on Tuesday, June 17th. They issued a "buy" rating and a $110.00 price objective for the company. Finally, Cantor Fitzgerald raised shares of Arcellx to a "strong-buy" rating in a research note on Monday, August 4th. Thirteen equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $114.31.

Arcellx Trading Down 0.9%

Shares of ACLX opened at $70.50 on Monday. The firm has a market capitalization of $3.89 billion, a P/E ratio of -20.61 and a beta of 0.28. Arcellx has a 12-month low of $47.86 and a 12-month high of $107.37. The firm has a fifty day moving average price of $67.52 and a 200-day moving average price of $65.20.

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

Insider Activity at Arcellx

In other Arcellx news, Director Kavita Patel sold 1,500 shares of the stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $67.36, for a total transaction of $101,040.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 8.35% of the company's stock.

Institutional Trading of Arcellx

Several hedge funds have recently modified their holdings of the company. SG Americas Securities LLC acquired a new position in shares of Arcellx during the second quarter valued at about $350,000. PNC Financial Services Group Inc. increased its holdings in shares of Arcellx by 183.4% during the second quarter. PNC Financial Services Group Inc. now owns 751 shares of the company's stock valued at $49,000 after acquiring an additional 486 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Arcellx during the second quarter valued at about $563,000. Teacher Retirement System of Texas increased its holdings in shares of Arcellx by 1.7% during the second quarter. Teacher Retirement System of Texas now owns 8,883 shares of the company's stock valued at $585,000 after acquiring an additional 151 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC increased its holdings in shares of Arcellx by 7.1% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 3,428 shares of the company's stock valued at $226,000 after acquiring an additional 228 shares in the last quarter. 96.03% of the stock is owned by hedge funds and other 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).

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