Morgan Stanley Boosts Arcellx (NASDAQ:ACLX) Price Target to $106.00

Arcellx (NASDAQ:ACLX) had its price objective increased by equities researchers at Morgan Stanley from $81.00 to $106.00 in a research note issued on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Morgan Stanley’s target price would suggest a potential upside of 21.67% from the stock’s current price.

A number of other research firms have also weighed in on ACLX. Needham & Company LLC reissued a “buy” rating and set a $96.00 target price on shares of Arcellx in a research report on Thursday, October 31st. Redburn Atlantic initiated coverage on Arcellx in a research note on Tuesday, October 8th. They set a “buy” rating and a $109.00 target price for the company. Stifel Nicolaus boosted their target price on shares of Arcellx from $83.00 to $122.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Arcellx in a research note on Monday, September 9th. Finally, Canaccord Genuity Group raised their price target on shares of Arcellx from $85.00 to $115.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. Thirteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Arcellx has a consensus rating of “Buy” and an average price target of $95.85.

Arcellx Stock Up 0.8 %

ACLX stock opened at $87.12 on Wednesday. The firm has a 50 day moving average of $81.21 and a two-hundred day moving average of $65.15. Arcellx has a 12 month low of $43.50 and a 12 month high of $97.54. The company has a market capitalization of $4.68 billion, a price-to-earnings ratio of -83.77 and a beta of 0.27.

Arcellx (NASDAQ:ACLX) last posted its earnings results on Thursday, August 8th. The company reported ($0.51) EPS for the quarter, topping the consensus estimate of ($0.52) by $0.01. The firm had revenue of $27.38 million for the quarter, compared to the consensus estimate of $22.04 million. Arcellx had a negative net margin of 37.23% and a negative return on equity of 12.42%. Arcellx’s revenue was up 91.5% compared to the same quarter last year. On average, research analysts expect that Arcellx will post -1.65 EPS for the current fiscal year.

Insider Buying and Selling at Arcellx

In other 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 of the company’s stock, valued at approximately $537,502.95. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Kavita Patel sold 1,500 shares of Arcellx stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $74.41, for a total value of $111,615.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Michelle Gilson sold 15,000 shares of the stock in a transaction dated 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 sale, the chief financial officer now directly owns 6,915 shares in the company, valued at approximately $537,502.95. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 70,556 shares of company stock valued at $5,033,845. 6.24% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Arcellx

Large investors have recently modified their holdings of the stock. Advisory Alpha LLC acquired a new position in shares of Arcellx during the first quarter valued at $209,000. Sei Investments Co. boosted its position in shares of Arcellx by 36.3% in the 1st quarter. Sei Investments Co. now owns 14,836 shares of the company’s stock worth $1,032,000 after purchasing an additional 3,951 shares during the last quarter. Russell Investments Group Ltd. increased its holdings in Arcellx by 3.1% in the first quarter. Russell Investments Group Ltd. now owns 195,437 shares of the company’s stock valued at $13,593,000 after purchasing an additional 5,895 shares during the last quarter. ProShare Advisors LLC boosted its holdings in Arcellx by 12.0% during the first quarter. ProShare Advisors LLC now owns 10,590 shares of the company’s stock worth $737,000 after buying an additional 1,131 shares during the last quarter. Finally, Bleakley Financial Group LLC acquired a new position in shares of Arcellx during the 1st quarter worth about $232,000. 96.03% of the stock is currently owned by institutional investors and hedge funds.

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).