Arcellx (NASDAQ:ACLX) Reaches New 12-Month High After Analyst Upgrade

by · The Markets Daily

Arcellx, Inc. (NASDAQ:ACLX – Get Free Report) shares reached a new 52-week high during trading on Monday after Stifel Nicolaus raised their price target on the stock from $83.00 to $122.00. Stifel Nicolaus currently has a buy rating on the stock. Arcellx traded as high as $98.30 and last traded at $98.30, with a volume of 1116 shares changing hands. The stock had previously closed at $96.86.

ACLX has been the topic of a number of other research reports. Needham & Company LLC restated a “buy” rating and set a $81.00 target price on shares of Arcellx in a research report on Friday, August 9th. Redburn Atlantic began coverage on Arcellx in a report on Tuesday, October 8th. They set a “buy” rating and a $109.00 price objective on the stock. Canaccord Genuity Group upped their target price on Arcellx from $85.00 to $115.00 and gave the company a “buy” rating in a research note on Thursday. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Arcellx in a research note on Monday, September 9th. Thirteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Arcellx has a consensus rating of “Buy” and a consensus target price of $88.50.

Get Our Latest Research Report on Arcellx

Insider Buying and Selling at Arcellx

In other news, Director Kavita Patel sold 1,500 shares of the stock in a transaction on Tuesday, July 30th. The shares were sold at an average price of $61.97, for a total value of $92,955.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Kavita Patel sold 1,500 shares of the stock in a transaction dated Tuesday, July 30th. The stock was sold at an average price of $61.97, for a total value of $92,955.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Christopher Heery sold 27,451 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $67.03, for a total value of $1,840,040.53. Following the sale, the insider now owns 9,278 shares in the company, valued at approximately $621,904.34. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 70,556 shares of company stock valued at $4,992,265 over the last ninety days. Corporate insiders own 6.24% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Quest Partners LLC bought a new position in Arcellx in the second quarter worth about $27,000. Plato Investment Management Ltd bought a new stake in shares of Arcellx in the 1st quarter worth approximately $51,000. Decheng Capital LLC acquired a new position in Arcellx during the 2nd quarter valued at approximately $65,000. National Bank of Canada FI boosted its position in Arcellx by 50.0% during the 2nd quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock valued at $80,000 after purchasing an additional 500 shares during the period. Finally, Public Employees Retirement Association of Colorado bought a new position in Arcellx during the 2nd quarter worth $178,000. Institutional investors and hedge funds own 96.03% of the company’s stock.

Arcellx Price Performance

The stock has a market capitalization of $5.26 billion, a price-to-earnings ratio of -94.04 and a beta of 0.25. The company has a 50-day simple moving average of $76.12 and a two-hundred day simple moving average of $62.70.

Arcellx (NASDAQ:ACLX – Get Free Report) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.51) earnings per share for the quarter, beating the consensus estimate of ($0.52) by $0.01. The firm had revenue of $27.38 million for the quarter, compared to the consensus estimate of $22.04 million. Arcellx had a negative net margin of 37.23% and a negative return on equity of 12.42%. The firm’s quarterly revenue was up 91.5% on a year-over-year basis. Research analysts anticipate that Arcellx, Inc. will post -1.65 EPS for the current year.

Arcellx Company Profile

(Get Free Report)

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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