Arcellx (NASDAQ:ACLX) Sets New 1-Year High on Analyst Upgrade

Arcellx, Inc. (NASDAQ:ACLX)’s stock price hit a new 52-week high during mid-day trading on Thursday after HC Wainwright raised their price target on the stock from $80.00 to $95.00. HC Wainwright currently has a buy rating on the stock. Arcellx traded as high as $97.86 and last traded at $97.79, with a volume of 230060 shares traded. The stock had previously closed at $92.98.

ACLX has been the subject of a number of other research reports. Robert W. Baird lifted their target price on Arcellx from $77.00 to $106.00 and gave the stock an “outperform” rating in a report on Wednesday. Redburn Atlantic started coverage on Arcellx in a report on Tuesday, October 8th. They issued a “buy” rating and a $109.00 target price for the company. Canaccord Genuity Group lifted their target price on Arcellx from $85.00 to $115.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Stifel Nicolaus lifted their target price on Arcellx from $83.00 to $122.00 and gave the stock a “buy” rating in a report on Friday, October 18th. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Arcellx in a report on Monday, September 9th. Thirteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Arcellx has an average rating of “Buy” and an average target price of $95.85.

Insider Activity at Arcellx

In other news, Director Kavita Patel sold 1,500 shares of the business’s stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $89.69, for a total value of $134,535.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, CFO Michelle Gilson sold 15,000 shares of the business’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $77.73, for a total value of $1,165,950.00. Following the transaction, the chief financial officer now directly owns 6,915 shares in the company, valued at $537,502.95. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kavita Patel sold 1,500 shares of the business’s stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $89.69, for a total value of $134,535.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 70,556 shares of company stock worth $5,033,845. Corporate insiders own 6.24% of the company’s stock.

Institutional Investors Weigh In On Arcellx

Several large investors have recently made changes to their positions in ACLX. Great Point Partners LLC increased its holdings in shares of Arcellx by 64.0% in the second quarter. Great Point Partners LLC now owns 492,000 shares of the company’s stock worth $27,153,000 after purchasing an additional 192,000 shares during the last quarter. Bamco Inc. NY increased its stake in Arcellx by 292.1% during the first quarter. Bamco Inc. NY now owns 248,993 shares of the company’s stock worth $17,317,000 after acquiring an additional 185,493 shares during the last quarter. Vanguard Group Inc. increased its stake in Arcellx by 8.1% during the first quarter. Vanguard Group Inc. now owns 2,228,856 shares of the company’s stock worth $155,017,000 after acquiring an additional 167,037 shares during the last quarter. Affinity Asset Advisors LLC increased its stake in Arcellx by 53.3% during the second quarter. Affinity Asset Advisors LLC now owns 460,000 shares of the company’s stock worth $25,387,000 after acquiring an additional 160,000 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its stake in Arcellx by 6.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,344,553 shares of the company’s stock worth $93,514,000 after acquiring an additional 84,373 shares during the last quarter. 96.03% of the stock is owned by institutional investors.

Arcellx Stock Up 4.3 %

The company has a 50 day simple moving average of $81.69 and a two-hundred day simple moving average of $65.35. The company has a market capitalization of $5.21 billion, a P/E ratio of -90.35 and a beta of 0.27.

Arcellx (NASDAQ:ACLX) last announced its earnings results on Thursday, August 8th. The company reported ($0.51) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.52) by $0.01. Arcellx had a negative return on equity of 12.42% and a negative net margin of 37.23%. The business had revenue of $27.38 million during the quarter, compared to analyst estimates of $22.04 million. The business’s revenue for the quarter was up 91.5% compared to the same quarter last year. As a group, research analysts expect that Arcellx, Inc. will post -1.65 EPS for the current fiscal 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).