Arcellx (NASDAQ:ACLX) PT Raised to $83.00

Arcellx (NASDAQ:ACLX - Get Free Report) had its target price increased by equities research analysts at Stifel Nicolaus from $82.00 to $83.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a "buy" rating on the stock. Stifel Nicolaus' target price indicates a potential upside of 60.48% from the stock's previous close.

Other analysts also recently issued reports about the company. Needham & Company LLC restated a "buy" rating and set a $81.00 price objective on shares of Arcellx in a report on Tuesday, May 7th. Canaccord Genuity Group increased their price target on Arcellx from $66.00 to $85.00 and gave the company a "buy" rating in a report on Thursday, February 29th. Scotiabank reiterated an "outperform" rating and issued a $82.00 price target on shares of Arcellx in a report on Thursday, April 4th. Robert W. Baird increased their price target on Arcellx from $63.00 to $77.00 and gave the company an "outperform" rating in a report on Thursday, February 29th. Finally, HC Wainwright lowered their price target on Arcellx from $82.00 to $80.00 and set a "buy" rating for the company in a report on Monday. Thirteen investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of "Buy" and an average price target of $78.73.

Arcellx Trading Up 2.2 %

Shares of Arcellx stock traded up $1.10 during trading hours on Wednesday, reaching $51.72. 642,600 shares of the company's stock were exchanged, compared to its average volume of 454,950. Arcellx has a 52-week low of $30.74 and a 52-week high of $75.10. The firm has a market capitalization of $2.77 billion, a price-to-earnings ratio of -49.15 and a beta of 0.24. The company has a fifty day moving average of $60.83 and a 200-day moving average of $57.40.

Arcellx (NASDAQ:ACLX - Get Free Report) last released its quarterly earnings data on Thursday, May 9th. The company reported ($0.14) EPS for the quarter, topping analysts' consensus estimates of ($0.51) by $0.37. The business had revenue of $39.26 million during the quarter, compared to the consensus estimate of $20.67 million. Arcellx had a negative return on equity of 13.11% and a negative net margin of 38.39%. The business's revenue for the quarter was up 119.2% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.58) EPS. On average, equities research analysts anticipate that Arcellx will post -1.68 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Olivia C. Ware sold 9,000 shares of the stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $70.40, for a total transaction of $633,600.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Arcellx news, Director Olivia C. Ware sold 9,000 shares of the firm's stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $70.40, for a total value of $633,600.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Christopher Heery sold 5,450 shares of the firm's stock in a transaction dated Tuesday, March 26th. The stock was sold at an average price of $69.11, for a total transaction of $376,649.50. Following the completion of the transaction, the insider now directly owns 8,938 shares in the company, valued at approximately $617,705.18. The disclosure for this sale can be found here. Insiders sold 617,559 shares of company stock worth $42,965,930 over the last ninety days. Corporate insiders own 6.24% of the company's stock.

Institutional Investors Weigh In On Arcellx

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ACLX. Perceptive Advisors LLC increased its holdings in shares of Arcellx by 14.6% in the fourth quarter. Perceptive Advisors LLC now owns 4,544,809 shares of the company's stock valued at $252,237,000 after buying an additional 578,831 shares in the last quarter. Bamco Inc. NY raised its position in shares of Arcellx by 292.1% during the first quarter. Bamco Inc. NY now owns 248,993 shares of the company's stock valued at $17,317,000 after buying an additional 185,493 shares during the last quarter. Affinity Asset Advisors LLC raised its position in shares of Arcellx by 76.8% during the third quarter. Affinity Asset Advisors LLC now owns 400,000 shares of the company's stock valued at $14,352,000 after buying an additional 173,725 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Arcellx by 8.1% during the first quarter. Vanguard Group Inc. now owns 2,228,856 shares of the company's stock valued at $155,017,000 after buying an additional 167,037 shares during the last quarter. Finally, Federated Hermes Inc. raised its position in shares of Arcellx by 200.6% during the fourth quarter. Federated Hermes Inc. now owns 214,599 shares of the company's stock valued at $11,910,000 after buying an additional 143,212 shares during the last quarter. 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).