HC Wainwright Issues Positive Forecast for Arcellx (NASDAQ:ACLX) Stock Price

Arcellx (NASDAQ:ACLX) had its price target increased by HC Wainwright from $80.00 to $95.00 in a research report report published on Wednesday, Benzinga reports. HC Wainwright currently has a buy rating on the stock.

A number of other brokerages have also issued reports on ACLX. Robert W. Baird boosted their price target on shares of Arcellx from $77.00 to $106.00 and gave the stock an “outperform” rating in a research note on Wednesday. Morgan Stanley upped their price target on Arcellx from $81.00 to $106.00 and gave the stock an “overweight” rating in a report on Wednesday. Canaccord Genuity Group boosted their price objective on Arcellx from $85.00 to $115.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Arcellx in a report on Monday, September 9th. Finally, Redburn Atlantic assumed coverage on shares of Arcellx in a report on Tuesday, October 8th. They set a “buy” rating and a $109.00 price target for the company. Thirteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Arcellx has a consensus rating of “Buy” and an average price target of $95.85.

Arcellx Stock Performance

Shares of ACLX stock opened at $92.98 on Wednesday. The firm has a market cap of $5.00 billion, a P/E ratio of -89.40 and a beta of 0.27. The firm’s 50 day moving average price is $81.69 and its 200-day moving average price is $65.35. Arcellx has a one year low of $43.50 and a one year high of $97.54.

Arcellx (NASDAQ:ACLX) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.51) EPS for the quarter, topping 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 firm’s quarterly revenue was up 91.5% on a year-over-year basis. As a group, research analysts predict that Arcellx will post -1.65 EPS for the current fiscal year.

Insider Activity at Arcellx

In other Arcellx news, insider Christopher Heery sold 27,451 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $67.03, for a total transaction of $1,840,040.53. Following the transaction, the insider now owns 9,278 shares of the company’s stock, valued at approximately $621,904.34. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, insider Christopher Heery sold 27,451 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $67.03, for a total value of $1,840,040.53. Following the completion of the sale, the insider now directly owns 9,278 shares of the company’s stock, valued at approximately $621,904.34. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Kavita Patel sold 1,500 shares of Arcellx stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $74.41, for a total transaction of $111,615.00. The disclosure for this sale can be found here. Insiders sold a total of 70,556 shares of company stock valued at $5,033,845 over the last ninety days. Insiders own 6.24% of the company’s stock.

Institutional Investors Weigh In On Arcellx

Several hedge funds have recently made changes to their positions in ACLX. Quest Partners LLC acquired a new position in Arcellx in the 2nd quarter valued at about $27,000. Plato Investment Management Ltd purchased a new stake in shares of Arcellx during the first quarter worth approximately $51,000. Decheng Capital LLC acquired a new stake in shares of Arcellx during the second quarter worth $65,000. National Bank of Canada FI grew its position in Arcellx by 50.0% in the 2nd quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock valued at $80,000 after buying an additional 500 shares during the last quarter. Finally, Covestor Ltd grew its position in Arcellx by 53,766.7% in the 3rd quarter. Covestor Ltd now owns 1,616 shares of the company’s stock valued at $135,000 after buying an additional 1,613 shares during the last quarter. Institutional investors and hedge funds 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).