HC Wainwright Cuts Arcellx (NASDAQ:ACLX) Price Target to $80.00

Arcellx (NASDAQ:ACLX - Get Free Report) had its target price decreased by equities researchers at HC Wainwright from $82.00 to $80.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage presently has a "buy" rating on the stock. HC Wainwright's price objective suggests a potential upside of 60.74% from the company's current price.

Several other research analysts have also commented on the company. Truist Financial boosted their price objective on Arcellx from $57.00 to $87.00 and gave the stock a "buy" rating in a report on Tuesday, March 5th. Stifel Nicolaus reissued a "buy" rating and set a $82.00 price objective on shares of Arcellx in a research report on Thursday, March 14th. Robert W. Baird raised their price objective on Arcellx from $63.00 to $77.00 and gave the company an "outperform" rating in a research report on Thursday, February 29th. Morgan Stanley initiated coverage on Arcellx in a report on Thursday, March 7th. They set an "overweight" rating and a $81.00 price target for the company. Finally, Canaccord Genuity Group lifted their price objective on Arcellx from $66.00 to $85.00 and gave the stock a "buy" rating in a report on Thursday, February 29th. Twelve equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Arcellx has an average rating of "Buy" and a consensus target price of $78.00.

Arcellx Trading Up 0.1 %

NASDAQ ACLX traded up $0.03 during mid-day trading on Monday, hitting $49.77. The company's stock had a trading volume of 587,171 shares, compared to its average volume of 453,715. The company's 50 day simple moving average is $61.21 and its 200 day simple moving average is $57.27. Arcellx has a twelve month low of $30.74 and a twelve month high of $75.10. The firm has a market capitalization of $2.66 billion, a price-to-earnings ratio of -48.32 and a beta of 0.24.

Arcellx (NASDAQ:ACLX - Get Free Report) last posted its quarterly earnings data on Thursday, May 9th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.51) by $0.37. The firm had revenue of $39.26 million for the quarter, compared to the consensus estimate of $20.67 million. Arcellx had a negative net margin of 38.39% and a negative return on equity of 13.11%. The business's revenue for the quarter was up 119.2% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.58) EPS. As a group, research analysts forecast that Arcellx will post -1.69 EPS for the current year.

Insider Buying and Selling

In other Arcellx news, insider Christopher Heery sold 5,450 shares of the company's stock in a transaction dated Tuesday, March 26th. The shares were sold at an average price of $69.11, for a total value of $376,649.50. Following the transaction, the insider now owns 8,938 shares of the company's stock, valued at $617,705.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, insider Christopher Heery sold 5,450 shares of the company's stock in a transaction on Tuesday, March 26th. The shares were sold at an average price of $69.11, for a total value of $376,649.50. Following the completion of the transaction, the insider now owns 8,938 shares in the company, valued at approximately $617,705.18. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Olivia C. Ware sold 9,402 shares of the stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $55.55, for a total value of $522,281.10. The disclosure for this sale can be found here. In the last quarter, insiders sold 617,559 shares of company stock valued at $42,965,930. 6.24% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Arcellx

Several institutional investors have recently modified their holdings of the company. Strs Ohio grew its stake in Arcellx by 375.5% during the third quarter. Strs Ohio now owns 29,481 shares of the company's stock worth $1,057,000 after buying an additional 23,281 shares during the period. TD Asset Management Inc grew its holdings in Arcellx by 183.3% during the 3rd quarter. TD Asset Management Inc now owns 81,600 shares of the company's stock worth $2,928,000 after acquiring an additional 52,800 shares in the last quarter. China Universal Asset Management Co. Ltd. lifted its position in shares of Arcellx by 98.4% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 1,248 shares of the company's stock worth $45,000 after buying an additional 619 shares during the last quarter. Teacher Retirement System of Texas lifted its position in shares of Arcellx by 26.1% in the 3rd quarter. Teacher Retirement System of Texas now owns 8,186 shares of the company's stock worth $294,000 after buying an additional 1,696 shares during the last quarter. Finally, Arizona State Retirement System lifted its position in Arcellx by 22.0% in the 3rd quarter. Arizona State Retirement System now owns 8,199 shares of the company's stock valued at $294,000 after purchasing an additional 1,480 shares during the last quarter. 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).