Arcellx (NASDAQ:ACLX) Earns Buy Rating from Canaccord Genuity Group

Arcellx (NASDAQ:ACLX)‘s stock had its “buy” rating reissued by research analysts at Canaccord Genuity Group in a research note issued on Monday,Benzinga reports. They currently have a $130.00 target price on the stock. Canaccord Genuity Group’s target price suggests a potential upside of 70.27% from the stock’s current price.

ACLX has been the subject of several other research reports. Citigroup restated a “buy” rating on shares of Arcellx in a report on Monday, November 24th. Cantor Fitzgerald reissued a “neutral” rating and issued a $88.00 target price on shares of Arcellx in a report on Thursday, October 9th. Guggenheim restated a “buy” rating on shares of Arcellx in a research report on Monday, November 24th. Wolfe Research initiated coverage on shares of Arcellx in a research report on Tuesday, November 18th. They set a “peer perform” rating for the company. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Arcellx in a report on Wednesday, October 8th. Eight equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $115.50.

Arcellx Stock Up 9.8%

NASDAQ ACLX traded up $6.79 during trading hours on Monday, reaching $76.35. The company’s stock had a trading volume of 2,230,192 shares, compared to its average volume of 672,067. Arcellx has a 1 year low of $47.86 and a 1 year high of $94.07. The firm’s 50-day moving average price is $83.90 and its 200-day moving average price is $74.54. The company has a market capitalization of $4.41 billion, a price-to-earnings ratio of -19.57 and a beta of 0.34.

Arcellx (NASDAQ:ACLX) last announced its quarterly earnings results on Wednesday, November 5th. The company reported ($0.99) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.96) by ($0.03). The company had revenue of $4.95 million during the quarter, compared to the consensus estimate of $11.24 million. Arcellx had a negative net margin of 607.01% and a negative return on equity of 51.13%. Equities research analysts anticipate that Arcellx will post -1.58 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Christopher Heery sold 21,034 shares of the stock in a transaction on Tuesday, September 30th. The shares were sold at an average price of $81.28, for a total value of $1,709,643.52. Following the sale, the insider owned 624 shares of the company’s stock, valued at approximately $50,718.72. This represents a 97.12% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have sold a total of 37,486 shares of company stock worth $3,030,736 in the last quarter. Insiders own 8.35% of the company’s stock.

Hedge Funds Weigh In On Arcellx

Several hedge funds have recently added to or reduced their stakes in the company. MAI Capital Management purchased a new position in Arcellx during the 3rd quarter worth $26,000. CWM LLC grew its position in shares of Arcellx by 267.0% during the 3rd quarter. CWM LLC now owns 345 shares of the company’s stock worth $28,000 after buying an additional 251 shares in the last quarter. State of Wyoming purchased a new position in shares of Arcellx during the second quarter valued at $28,000. Ramirez Asset Management Inc. bought a new stake in shares of Arcellx in the third quarter valued at about $41,000. Finally, Abich Financial Wealth Management LLC purchased a new stake in Arcellx in the third quarter worth about $62,000. 96.03% of the stock is currently owned by institutional investors.

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).