Arcellx, Inc. (NASDAQ:ACLX) Given Average Recommendation of “Buy” by Analysts

Arcellx, Inc. (NASDAQ:ACLX) has been given a consensus recommendation of “Buy” by the fourteen analysts that are presently covering the firm, Marketbeat Ratings reports. Thirteen investment analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $111.33.

Separately, Scotiabank dropped their price objective on Arcellx from $133.00 to $93.00 and set a “sector outperform” rating for the company in a report on Friday, May 9th.

Insider Transactions at Arcellx

In other news, Director Kavita Patel sold 1,500 shares of the company’s stock in a transaction dated Tuesday, April 8th. The stock was sold at an average price of $57.50, for a total transaction of $86,250.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders sold 6,000 shares of company stock valued at $377,655 over the last three months. Company insiders own 8.35% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Arcellx by 9.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,836 shares of the company’s stock valued at $754,000 after buying an additional 858 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Arcellx by 156.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 305,088 shares of the company’s stock worth $23,400,000 after acquiring an additional 186,013 shares during the period. Millennium Management LLC increased its stake in shares of Arcellx by 123.7% in the 4th quarter. Millennium Management LLC now owns 22,370 shares of the company’s stock valued at $1,716,000 after purchasing an additional 12,370 shares during the last quarter. Gilead Sciences Inc. bought a new position in shares of Arcellx in the 4th quarter valued at $515,418,000. Finally, Invesco Ltd. increased its stake in shares of Arcellx by 15.7% in the 4th quarter. Invesco Ltd. now owns 26,550 shares of the company’s stock valued at $2,036,000 after purchasing an additional 3,610 shares during the last quarter. 96.03% of the stock is owned by institutional investors and hedge funds.

Arcellx Stock Performance

Shares of ACLX stock opened at $66.86 on Tuesday. Arcellx has a 52 week low of $47.86 and a 52 week high of $107.37. The stock has a market capitalization of $3.68 billion, a PE ratio of -94.17 and a beta of 0.28. The stock’s fifty day moving average is $61.33 and its 200-day moving average is $68.42.

Arcellx (NASDAQ:ACLX) last issued its quarterly 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 for the quarter, compared to analyst estimates of $19.51 million. Arcellx had a negative net margin of 25.94% and a negative return on equity of 8.28%. As a group, analysts forecast that Arcellx will post -1.58 earnings per share 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).