Arcellx (NASDAQ:ACLX) Trading Up 5.1% Following Analyst Upgrade

Arcellx, Inc. (NASDAQ:ACLX) shares traded up 5.1% during trading on Wednesday after UBS Group raised their price target on the stock from $106.00 to $114.00. UBS Group currently has a buy rating on the stock. Arcellx traded as high as $86.48 and last traded at $86.48. 37,703 shares traded hands during mid-day trading, a decline of 92% from the average session volume of 477,438 shares. The stock had previously closed at $82.27.

Other equities research analysts also recently issued reports about the stock. Redburn Atlantic began coverage on shares of Arcellx in a research note on Tuesday, October 8th. They issued a “buy” rating and a $109.00 target price for the company. Canaccord Genuity Group increased their price target on shares of Arcellx from $85.00 to $115.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Robert W. Baird increased their price target on shares of Arcellx from $77.00 to $106.00 and gave the company an “outperform” rating in a report on Wednesday, November 6th. Morgan Stanley increased their price target on shares of Arcellx from $81.00 to $106.00 and gave the company an “overweight” rating in a report on Wednesday, November 6th. Finally, HC Wainwright reissued a “buy” rating and issued a $115.00 price target on shares of Arcellx in a report on Tuesday. Thirteen equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $105.93.

Insider Activity

In related news, CFO Michelle Gilson sold 15,000 shares of the company’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $77.73, for a total value of $1,165,950.00. Following the sale, the chief financial officer now owns 6,915 shares in the company, valued at $537,502.95. This represents a 68.45 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Kavita Patel sold 1,500 shares of the company’s stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $89.69, for a total transaction of $134,535.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 67,001 shares of company stock worth $6,568,393. Company insiders own 6.24% of the company’s stock.

Institutional Investors Weigh In On Arcellx

Several institutional investors and hedge funds have recently added to or reduced their stakes in ACLX. Bank of New York Mellon Corp increased its stake in Arcellx by 21.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 147,198 shares of the company’s stock valued at $8,124,000 after buying an additional 26,134 shares during the last quarter. Allspring Global Investments Holdings LLC increased its stake in Arcellx by 37.8% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 15,928 shares of the company’s stock valued at $879,000 after buying an additional 4,372 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Arcellx by 34.3% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,811 shares of the company’s stock valued at $376,000 after acquiring an additional 1,740 shares during the period. Principal Financial Group Inc. grew its position in shares of Arcellx by 1.4% during the 2nd quarter. Principal Financial Group Inc. now owns 37,352 shares of the company’s stock valued at $2,061,000 after acquiring an additional 517 shares during the period. Finally, Rhumbline Advisers boosted its holdings in Arcellx by 14.3% in the 2nd quarter. Rhumbline Advisers now owns 60,570 shares of the company’s stock worth $3,343,000 after buying an additional 7,568 shares during the period. Hedge funds and other institutional investors own 96.03% of the company’s stock.

Arcellx Trading Up 6.3 %

The company’s fifty day moving average is $88.46 and its 200 day moving average is $72.02. The company has a market capitalization of $4.73 billion, a P/E ratio of -115.87 and a beta of 0.25.

Arcellx (NASDAQ:ACLX) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.48) EPS for the quarter, topping the consensus estimate of ($0.54) by $0.06. The company had revenue of $26.03 million during the quarter, compared to the consensus estimate of $35.21 million. Arcellx had a negative net margin of 25.94% and a negative return on equity of 8.28%. Equities research analysts predict that Arcellx, Inc. will post -1.49 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).