Arcellx (NASDAQ:ACLX) Reaches New 52-Week High Following Analyst Upgrade

Shares of Arcellx, Inc. (NASDAQ:ACLX) hit a new 52-week high during mid-day trading on Monday after Stifel Nicolaus raised their price target on the stock from $83.00 to $122.00. Stifel Nicolaus currently has a buy rating on the stock. Arcellx traded as high as $98.30 and last traded at $98.30, with a volume of 1116 shares traded. The stock had previously closed at $96.86.

ACLX has been the subject of a number of other research reports. Needham & Company LLC reiterated a “buy” rating and issued a $81.00 target price on shares of Arcellx in a research report on Friday, August 9th. 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 price target for the company. Cantor Fitzgerald reissued an “overweight” rating on shares of Arcellx in a report on Monday, September 9th. Finally, Canaccord Genuity Group upped their target price on Arcellx from $85.00 to $115.00 and gave the stock a “buy” rating in a research report on Thursday. Thirteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $88.50.

Insider Transactions at Arcellx

In related news, Director Kavita Patel sold 1,500 shares of the stock in a transaction on Tuesday, July 30th. The stock was sold at an average price of $61.97, for a total value of $92,955.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Arcellx news, Director Kavita Patel sold 1,500 shares of the company’s stock in a transaction dated Tuesday, July 30th. The shares were sold at an average price of $61.97, for a total transaction of $92,955.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Michelle Gilson sold 15,000 shares of Arcellx stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $77.73, for a total transaction of $1,165,950.00. Following the completion of the transaction, the chief financial officer now directly owns 6,915 shares in the company, valued at approximately $537,502.95. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 70,556 shares of company stock valued at $4,992,265 over the last three months. Company insiders own 6.24% of the company’s stock.

Institutional Trading of Arcellx

Several hedge funds and other institutional investors have recently modified their holdings of the business. Principal Financial Group Inc. raised its position in Arcellx by 246.3% during the first quarter. Principal Financial Group Inc. now owns 36,835 shares of the company’s stock valued at $2,562,000 after buying an additional 26,197 shares during the period. Price T Rowe Associates Inc. MD lifted its position in Arcellx by 6.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,344,553 shares of the company’s stock worth $93,514,000 after buying an additional 84,373 shares in the last quarter. Seven Eight Capital LP acquired a new stake in shares of Arcellx during the 1st quarter valued at $1,207,000. Bamco Inc. NY grew its holdings in shares of Arcellx by 292.1% during the 1st quarter. Bamco Inc. NY now owns 248,993 shares of the company’s stock valued at $17,317,000 after acquiring an additional 185,493 shares in the last quarter. Finally, Advisory Alpha LLC purchased a new stake in shares of Arcellx during the first quarter worth $209,000. Institutional investors and hedge funds own 96.03% of the company’s stock.

Arcellx Price Performance

The company has a fifty day moving average of $76.12 and a 200-day moving average of $62.70. The firm has a market capitalization of $5.26 billion, a PE ratio of -94.04 and a beta of 0.25.

Arcellx (NASDAQ:ACLX) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.51) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.52) by $0.01. The business had revenue of $27.38 million during the quarter, compared to analyst estimates of $22.04 million. Arcellx had a negative return on equity of 12.42% and a negative net margin of 37.23%. Arcellx’s quarterly revenue was up 91.5% on a year-over-year basis. Equities analysts anticipate that Arcellx, Inc. will post -1.65 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).