Arcellx (NASDAQ:ACLX) Rating Reiterated by Canaccord Genuity Group

Arcellx (NASDAQ:ACLX)‘s stock had its “buy” rating reaffirmed by research analysts at Canaccord Genuity Group in a research note issued on Monday, Benzinga reports. They presently have a $85.00 price target on the stock. Canaccord Genuity Group’s target price indicates a potential upside of 34.58% from the company’s previous close.

Several other equities research analysts also recently weighed in on the company. Scotiabank reissued an “outperform” rating and issued a $82.00 price target on shares of Arcellx in a report on Thursday, April 4th. Stifel Nicolaus lifted their target price on shares of Arcellx from $82.00 to $83.00 and gave the stock a “buy” rating in a research note on Wednesday, May 15th. Needham & Company LLC restated a “buy” rating and set a $81.00 price target on shares of Arcellx in a research note on Tuesday, May 7th. Truist Financial reiterated a “buy” rating and set a $87.00 price objective on shares of Arcellx in a research note on Tuesday, June 18th. Finally, Piper Sandler began coverage on shares of Arcellx in a report on Friday, May 31st. They set an “overweight” rating and a $70.00 price objective on the stock. Thirteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $78.00.

Arcellx Stock Up 0.3 %

Shares of Arcellx stock opened at $63.16 on Monday. The company has a market cap of $3.38 billion, a P/E ratio of -61.32 and a beta of 0.23. The firm’s 50 day moving average price is $55.09 and its 200-day moving average price is $58.91. Arcellx has a 52-week low of $30.88 and a 52-week high of $75.10.

Arcellx (NASDAQ:ACLX) last released its quarterly earnings results on Thursday, May 9th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.51) by $0.37. The business had revenue of $39.26 million for the quarter, compared to analyst estimates of $20.67 million. Arcellx had a negative net margin of 38.39% and a negative return on equity of 13.11%. The business’s revenue for the quarter was up 119.2% on a year-over-year basis. During the same period in the previous year, the company earned ($0.58) earnings per share. As a group, equities research analysts forecast that Arcellx will post -1.7 EPS for the current fiscal year.

Insider Transactions at Arcellx

In related news, insider Christopher Heery sold 18,168 shares of Arcellx stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $51.33, for a total transaction of $932,563.44. Following the completion of the transaction, the insider now directly owns 8,938 shares in the company, valued at $458,787.54. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Arcellx news, Director Kavita Patel sold 1,500 shares of the company’s stock in a transaction dated Tuesday, July 9th. The shares were sold at an average price of $56.63, for a total value of $84,945.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Christopher Heery sold 18,168 shares of the stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $51.33, for a total transaction of $932,563.44. Following the sale, the insider now directly owns 8,938 shares in the company, valued at $458,787.54. The disclosure for this sale can be found here. Insiders have sold 109,238 shares of company stock worth $6,008,891 over the last quarter. 6.24% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Arcellx

Several institutional investors and hedge funds have recently modified their holdings of ACLX. Principal Financial Group Inc. grew its holdings in Arcellx by 246.3% in the first quarter. Principal Financial Group Inc. now owns 36,835 shares of the company’s stock valued at $2,562,000 after purchasing an additional 26,197 shares during the period. Advisory Alpha LLC acquired a new stake in Arcellx in the 1st quarter valued at $209,000. Jump Financial LLC acquired a new stake in Arcellx in the 4th quarter valued at $843,000. DekaBank Deutsche Girozentrale increased its holdings in Arcellx by 87.5% in the 4th quarter. DekaBank Deutsche Girozentrale now owns 30,000 shares of the company’s stock worth $1,706,000 after acquiring an additional 14,000 shares in the last quarter. Finally, Victory Capital Management Inc. raised its position in Arcellx by 425.0% during the fourth quarter. Victory Capital Management Inc. now owns 155,652 shares of the company’s stock worth $8,639,000 after acquiring an additional 126,002 shares during the period. Hedge funds and other institutional investors 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).