Canaccord Genuity Group Forecasts Strong Price Appreciation for Arcellx (NASDAQ:ACLX) Stock

Arcellx (NASDAQ:ACLX) had its price objective hoisted by investment analysts at Canaccord Genuity Group from $121.00 to $130.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective would indicate a potential upside of 44.04% from the company’s current price.

A number of other research firms have also issued reports on ACLX. Scotiabank upped their target price on shares of Arcellx from $93.00 to $133.00 and gave the company a “sector outperform” rating in a report on Thursday, July 31st. Cantor Fitzgerald reissued a “neutral” rating and issued a $88.00 price objective on shares of Arcellx in a research report on Thursday, October 9th. Weiss Ratings reissued a “sell (d-)” rating on shares of Arcellx in a research note on Wednesday, October 8th. Finally, Stifel Nicolaus set a $129.00 target price on shares of Arcellx and gave the stock a “buy” rating in a research note on Thursday, October 16th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $114.38.

Arcellx Stock Up 3.1%

Shares of ACLX stock opened at $90.25 on Monday. Arcellx has a fifty-two week low of $47.86 and a fifty-two week high of $107.37. The stock has a market cap of $5.01 billion, a P/E ratio of -26.39 and a beta of 0.31. The business has a fifty day simple moving average of $80.03 and a 200-day simple moving average of $70.89.

Arcellx (NASDAQ:ACLX) last released its quarterly earnings results on Thursday, August 7th. The company reported ($0.94) EPS for the quarter, beating the consensus estimate of ($1.03) by $0.09. Arcellx had a negative net margin of 329.93% and a negative return on equity of 43.04%. The business had revenue of $7.55 million for the quarter, compared to analyst estimates of $16.76 million. On average, sell-side analysts anticipate that Arcellx will post -1.58 earnings per share for the current year.

Insider Buying and Selling

In other Arcellx news, insider Christopher Heery sold 21,034 shares of Arcellx stock in a transaction that occurred on Tuesday, September 30th. The shares were sold at an average price of $81.28, for a total value of $1,709,643.52. Following the completion of the sale, the insider directly owned 624 shares in the company, valued at $50,718.72. The trade was a 97.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold a total of 37,146 shares of company stock valued at $3,000,136 in the last quarter. Insiders own 8.35% of the company’s stock.

Institutional Trading of Arcellx

A number of institutional investors and hedge funds have recently modified their holdings of the company. CWM LLC grew its holdings in shares of Arcellx by 267.0% during the 3rd quarter. CWM LLC now owns 345 shares of the company’s stock worth $28,000 after purchasing an additional 251 shares in the last quarter. State of Wyoming bought a new position in Arcellx in the second quarter worth $28,000. GAMMA Investing LLC lifted its position in Arcellx by 104.1% in the first quarter. GAMMA Investing LLC now owns 494 shares of the company’s stock worth $32,000 after purchasing an additional 252 shares during the period. PNC Financial Services Group Inc. boosted its stake in Arcellx by 183.4% during the second quarter. PNC Financial Services Group Inc. now owns 751 shares of the company’s stock worth $49,000 after buying an additional 486 shares in the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S bought a new stake in Arcellx in the 1st quarter valued at $50,000. 96.03% of the stock is currently owned by institutional investors and hedge funds.

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).