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

Arcellx (NASDAQ:ACLX)‘s stock had its “buy” rating reissued by investment analysts at Needham & Company LLC in a report released on Tuesday, Benzinga reports. They presently have a $81.00 price objective on the stock. Needham & Company LLC’s price objective would indicate a potential upside of 53.79% from the company’s current price.

Other equities research analysts also recently issued reports about the stock. Scotiabank reiterated an “outperform” rating and set a $82.00 target price on shares of Arcellx in a research report on Thursday, April 4th. Truist Financial lifted their target price on shares of Arcellx from $57.00 to $87.00 and gave the stock a “buy” rating in a research report on Tuesday, March 5th. HC Wainwright boosted their price target on shares of Arcellx from $60.00 to $82.00 and gave the stock a “buy” rating in a research report on Thursday, February 29th. Barclays boosted their price target on shares of Arcellx from $62.00 to $73.00 and gave the stock an “overweight” rating in a research report on Thursday, February 29th. Finally, Morgan Stanley started coverage on shares of Arcellx in a research report on Thursday, March 7th. They issued an “overweight” rating and a $81.00 price target on the stock. Twelve research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Arcellx has a consensus rating of “Buy” and an average target price of $75.64.

Arcellx Stock Down 0.0 %

ACLX stock opened at $52.67 on Tuesday. Arcellx has a 12 month low of $30.74 and a 12 month high of $75.10. The firm has a market cap of $2.81 billion, a P/E ratio of -35.83 and a beta of 0.24. The company’s 50-day moving average price is $62.79 and its two-hundred day moving average price is $56.61.

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

Insider Transactions at Arcellx

In other news, insider Christopher Heery sold 18,168 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $51.33, for a total value of $932,563.44. Following the transaction, the insider now owns 8,938 shares in the company, valued at $458,787.54. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Jill Carroll sold 504,263 shares of Arcellx stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $70.55, for a total value of $35,575,754.65. Following the sale, the director now owns 1,479,148 shares in the company, valued at $104,353,891.40. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Christopher Heery sold 18,168 shares of the business’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $51.33, for a total transaction of $932,563.44. Following the sale, the insider now owns 8,938 shares in the company, valued at approximately $458,787.54. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 623,982 shares of company stock worth $43,372,457. Insiders own 6.24% of the company’s stock.

Hedge Funds Weigh In On Arcellx

A number of hedge funds have recently bought and sold shares of the business. Advisory Alpha LLC purchased a new position in Arcellx in the 1st quarter worth about $209,000. Principal Financial Group Inc. raised its position in Arcellx by 246.3% in the 1st quarter. Principal Financial Group Inc. now owns 36,835 shares of the company’s stock worth $2,562,000 after buying an additional 26,197 shares during the last quarter. China Universal Asset Management Co. Ltd. raised its position in Arcellx by 80.7% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 10,177 shares of the company’s stock worth $708,000 after buying an additional 4,545 shares during the last quarter. Simplicity Wealth LLC purchased a new position in Arcellx in the 1st quarter worth about $232,000. Finally, Allspring Global Investments Holdings LLC purchased a new stake in shares of Arcellx during the 1st quarter valued at about $804,000. 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).