Arcellx, Inc. (NASDAQ:ACLX) Receives $111.23 Consensus PT from Analysts

Shares of Arcellx, Inc. (NASDAQ:ACLX) have earned an average rating of “Buy” from the fifteen analysts that are covering the company, MarketBeat Ratings reports. Fourteen equities research analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $111.23.

A number of equities analysts recently issued reports on ACLX shares. Citigroup initiated coverage on Arcellx in a report on Tuesday, June 17th. They set a “buy” rating and a $110.00 price objective for the company. Scotiabank decreased their target price on Arcellx from $133.00 to $93.00 and set a “sector outperform” rating for the company in a research report on Friday, May 9th. Finally, HC Wainwright restated a “buy” rating and issued a $115.00 price target on shares of Arcellx in a report on Monday, June 16th.

Insider Activity

In other news, Director Kavita Patel sold 1,500 shares of the business’s stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $67.36, for a total transaction of $101,040.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders have sold a total of 4,500 shares of company stock valued at $284,985 over the last three months. Company insiders own 8.35% of the company’s stock.

Hedge Funds Weigh In On Arcellx

Institutional investors have recently bought and sold shares of the business. GAMMA Investing LLC lifted its holdings in Arcellx by 104.1% in the first quarter. GAMMA Investing LLC now owns 494 shares of the company’s stock valued at $32,000 after acquiring an additional 252 shares during the period. Headlands Technologies LLC acquired a new stake in shares of Arcellx during the 4th quarter worth approximately $41,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of Arcellx during the 1st quarter valued at approximately $50,000. GF Fund Management CO. LTD. acquired a new position in shares of Arcellx in the 4th quarter valued at $87,000. Finally, Amalgamated Bank boosted its stake in shares of Arcellx by 12.0% during the 1st quarter. Amalgamated Bank now owns 1,508 shares of the company’s stock worth $99,000 after acquiring an additional 161 shares in the last quarter. 96.03% of the stock is owned by hedge funds and other institutional investors.

Arcellx Price Performance

Shares of ACLX stock opened at $71.31 on Wednesday. The company has a market cap of $3.93 billion, a PE ratio of -23.85 and a beta of 0.28. Arcellx has a 1 year low of $47.86 and a 1 year high of $107.37. The stock’s 50 day simple moving average is $65.85 and its two-hundred day simple moving average is $64.89.

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

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).