Scotiabank Forecasts Strong Price Appreciation for Arcellx (NASDAQ:ACLX) Stock

Key Points

• Scotiabank increased its target price for Arcellx (NASDAQ:ACLX) from $93.00 to $133.00, indicating a potential upside of 87.31% from the stock's previous close.
• The company has received strong support from analysts, with fourteen issuing buy ratings and a consensus price target of $114.31.
• Despite positive analyst ratings, Arcellx's latest earnings report showed a miss in expected earnings per share, reporting ($1.13) compared to a consensus estimate of ($0.84).

Arcellx (NASDAQ:ACLX - Get Free Report) had its target price lifted by stock analysts at Scotiabank from $93.00 to $133.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a "sector outperform" rating on the stock. Scotiabank's target price would suggest a potential upside of 87.31% from the stock's previous close.

A number of other equities research analysts also recently issued reports on ACLX. Citigroup began coverage on Arcellx in a research note on Tuesday, June 17th. They set a "buy" rating and a $110.00 price target for the company. HC Wainwright restated a "buy" rating and set a $115.00 target price on shares of Arcellx in a research report on Monday, June 16th. Fourteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $114.31.

Arcellx Trading Down 0.7%

Arcellx stock traded down $0.54 during mid-day trading on Thursday, hitting $71.01. The company had a trading volume of 187,108 shares, compared to its average volume of 666,967. Arcellx has a 12 month low of $47.86 and a 12 month high of $107.37. The company has a market capitalization of $3.91 billion, a PE ratio of -23.82 and a beta of 0.28. The stock's 50 day moving average price is $66.40 and its two-hundred day moving average price is $64.98.

Arcellx (NASDAQ:ACLX - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($1.13) earnings per share for the quarter, missing the consensus estimate of ($0.84) by ($0.29). Arcellx had a negative net margin of 211.46% and a negative return on equity of 35.27%. The firm had revenue of $8.13 million for the quarter, compared to the consensus estimate of $19.51 million. Equities research analysts anticipate that Arcellx will post -1.58 EPS for the current year.

Insider Buying and Selling at Arcellx

In other Arcellx news, Director Kavita Patel sold 1,500 shares of Arcellx stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $67.36, for a total value of $101,040.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 8.35% of the company's stock.

Institutional Trading of Arcellx

A number of institutional investors have recently bought and sold shares of ACLX. Amalgamated Bank raised its stake in shares of Arcellx by 12.0% in the first quarter. Amalgamated Bank now owns 1,508 shares of the company's stock worth $99,000 after purchasing an additional 161 shares during the last quarter. GAMMA Investing LLC increased its holdings in Arcellx by 104.1% in the 1st quarter. GAMMA Investing LLC now owns 494 shares of the company's stock worth $32,000 after buying an additional 252 shares during the period. Dimensional Fund Advisors LP raised its position in Arcellx by 156.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 305,088 shares of the company's stock worth $23,400,000 after buying an additional 186,013 shares during the last quarter. Allspring Global Investments Holdings LLC raised its position in Arcellx by 54.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 7,702 shares of the company's stock worth $468,000 after buying an additional 2,702 shares during the last quarter. Finally, Millennium Management LLC lifted its stake in Arcellx by 123.7% during the 4th quarter. Millennium Management LLC now owns 22,370 shares of the company's stock valued at $1,716,000 after acquiring an additional 12,370 shares during the period. 96.03% of the stock is currently owned by institutional investors and hedge funds.

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).

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