Needham & Company LLC Reiterates Buy Rating for Arcellx (NASDAQ:ACLX)

Needham & Company LLC reissued their buy rating on shares of Arcellx (NASDAQ:ACLX - Free Report) in a research report sent to investors on Thursday morning, Benzinga reports. They currently have a $81.00 price objective on the stock.

A number of other brokerages have also recently commented on ACLX. Truist Financial increased their target price on shares of Arcellx from $57.00 to $87.00 and gave the stock a buy rating in a research note on Tuesday, March 5th. HC Wainwright lifted their target price on Arcellx from $60.00 to $82.00 and gave the company a buy rating in a research note on Thursday, February 29th. Morgan Stanley assumed coverage on Arcellx in a research note on Thursday, March 7th. They set an overweight rating and a $81.00 price target for the company. Barclays lifted their price objective on shares of Arcellx from $62.00 to $73.00 and gave the company an overweight rating in a research report on Thursday, February 29th. Finally, Scotiabank restated an outperform rating and set a $82.00 price objective on shares of Arcellx in a research report on Thursday, April 4th. Twelve research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of Buy and a consensus price target of $74.17.

Arcellx Stock Up 1.8 %

NASDAQ:ACLX traded up $1.09 during mid-day trading on Thursday, reaching $60.17. 326,594 shares of the stock were exchanged, compared to its average volume of 442,390. The stock has a market capitalization of $3.18 billion, a P/E ratio of -40.93 and a beta of 0.02. Arcellx has a 1 year low of $28.03 and a 1 year high of $75.10. The company has a 50 day simple moving average of $66.09 and a 200-day simple moving average of $54.13.

Arcellx (NASDAQ:ACLX - Get Free Report) last announced its earnings results on Wednesday, February 28th. The company reported $0.42 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.53) by $0.95. Arcellx had a negative net margin of 64.08% and a negative return on equity of 20.96%. The business had revenue of $63.15 million for the quarter, compared to analyst estimates of $20.07 million. During the same period last year, the firm posted ($0.76) earnings per share. As a group, research analysts predict that Arcellx will post -1.69 EPS for the current year.

Insider Activity

In other news, insider Christopher Heery sold 3,456 shares of Arcellx stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $62.29, for a total transaction of $215,274.24. Following the completion of the sale, the insider now directly owns 36,958 shares in the company, valued at approximately $2,302,113.82. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Arcellx news, insider Rami Elghandour sold 23,086 shares of the business's stock in a transaction on Monday, April 1st. The stock was sold at an average price of $67.09, for a total transaction of $1,548,839.74. Following the sale, the insider now directly owns 69,253 shares in the company, valued at $4,646,183.77. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Christopher Heery sold 3,456 shares of the company's stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $62.29, for a total value of $215,274.24. Following the completion of the sale, the insider now directly owns 36,958 shares in the company, valued at approximately $2,302,113.82. The disclosure for this sale can be found here. Insiders sold 596,412 shares of company stock worth $41,917,612 in the last 90 days. 5.86% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in ACLX. Rafferty Asset Management LLC increased its holdings in Arcellx by 10.2% during the 3rd quarter. Rafferty Asset Management LLC now owns 158,778 shares of the company's stock valued at $5,697,000 after acquiring an additional 14,682 shares in the last quarter. China Universal Asset Management Co. Ltd. raised its position in shares of Arcellx by 98.4% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 1,248 shares of the company's stock worth $45,000 after purchasing an additional 619 shares during the last quarter. Vivo Capital LLC lifted its stake in Arcellx by 16.1% in the 3rd quarter. Vivo Capital LLC now owns 503,565 shares of the company's stock valued at $18,068,000 after buying an additional 69,780 shares in the last quarter. Swiss National Bank lifted its stake in Arcellx by 21.5% in the 3rd quarter. Swiss National Bank now owns 63,300 shares of the company's stock valued at $2,271,000 after buying an additional 11,200 shares in the last quarter. Finally, Citigroup Inc. grew its holdings in Arcellx by 8.9% during the 3rd quarter. Citigroup Inc. now owns 69,016 shares of the company's stock valued at $2,476,000 after buying an additional 5,618 shares during the last quarter. Institutional investors and hedge funds 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).