Arcellx (NASDAQ:ACLX - Get Rating) had its price objective dropped by research analysts at SVB Leerink to $35.00 in a research report issued on Thursday, Stock Target Advisor reports. SVB Leerink's price target points to a potential upside of 67.54% from the stock's current price.
A number of other brokerages have also recently weighed in on ACLX. Needham & Company LLC began coverage on Arcellx in a report on Thursday, October 27th. They set a "buy" rating and a $31.00 price objective on the stock. Guggenheim initiated coverage on Arcellx in a report on Monday, October 31st. They issued a "buy" rating and a $36.00 target price on the stock. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Arcellx currently has a consensus rating of "Buy" and an average price target of $31.67.
Arcellx Stock Down 3.6 %
NASDAQ ACLX traded down $0.79 on Thursday, reaching $20.89. The company had a trading volume of 292,807 shares, compared to its average volume of 497,736. Arcellx has a 52-week low of $6.03 and a 52-week high of $26.91. The stock has a market capitalization of $915.40 million and a P/E ratio of -0.47. The company's fifty day moving average is $20.11 and its 200 day moving average is $18.01. The company has a quick ratio of 6.48, a current ratio of 6.48 and a debt-to-equity ratio of 0.11.
Institutional Inflows and Outflows
Large investors have recently made changes to their positions in the stock. Citigroup Inc. purchased a new stake in Arcellx during the 1st quarter valued at about $26,000. Amalgamated Bank purchased a new stake in Arcellx during the 1st quarter valued at about $31,000. Metropolitan Life Insurance Co NY purchased a new stake in Arcellx during the 3rd quarter valued at about $36,000. High Net Worth Advisory Group LLC boosted its stake in shares of Arcellx by 66.7% in the third quarter. High Net Worth Advisory Group LLC now owns 2,500 shares of the company's stock worth $47,000 after buying an additional 1,000 shares during the last quarter. Finally, California State Teachers Retirement System purchased a new stake in shares of Arcellx in the first quarter worth about $54,000. 92.30% of the stock is owned by institutional investors.
Arcellx, Inc, a clinical-stage biotechnology company, engages in the development of various immunotherapies for patients with cancer and other incurable diseases. The company's lead ddCAR product candidate is CART-ddBCMA, which is in phase 1 clinical trial for the treatment of patients with relapsed or refractory (r/r) multiple myeloma (MM).
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