Canaccord Genuity Group Initiates Coverage on Arcellx (NASDAQ:ACLX)

Equities researchers at Canaccord Genuity Group assumed coverage on shares of Arcellx (NASDAQ:ACLX – Get Rating) in a research note issued to investors on Wednesday, Briefing.com reports. The brokerage set a “buy” rating and a $32.00 price target on the stock. Canaccord Genuity Group’s price objective would suggest a potential upside of 60.72% from the company’s previous close.

Separately, SVB Leerink dropped their price objective on shares of Arcellx from $47.00 to $38.00 and set an “outperform” rating on the stock in a research note on Thursday, June 23rd. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $31.50.

Arcellx Stock Performance

Shares of NASDAQ ACLX opened at $19.91 on Wednesday. Arcellx has a 1 year low of $6.03 and a 1 year high of $26.91. The company’s 50-day moving average is $15.63.

Arcellx (NASDAQ:ACLX – Get Rating) last announced its quarterly earnings results on Thursday, May 12th. The company reported ($1.56) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.95) by ($0.61). As a group, equities analysts predict that Arcellx will post -6.17 EPS for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Enterprise Associates 15 New acquired 312,500 shares of the stock in a transaction that occurred on Tuesday, June 21st. The shares were bought at an average price of $16.00 per share, for a total transaction of $5,000,000.00. Following the completion of the transaction, the insider now directly owns 6,745,262 shares in the company, valued at $107,924,192. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ACLX. SR One Capital Management LP bought a new position in Arcellx during the first quarter valued at approximately $77,110,000. Novo Holdings A S purchased a new stake in Arcellx during the first quarter valued at approximately $56,317,000. Suvretta Capital Management LLC purchased a new stake in Arcellx during the first quarter valued at approximately $21,493,000. AJU IB Investment Co. Ltd. purchased a new stake in Arcellx during the first quarter valued at approximately $19,360,000. Finally, BlackRock Inc. purchased a new stake in Arcellx during the first quarter valued at approximately $7,012,000. Institutional investors own 44.64% of the company’s stock.

About Arcellx

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Arcellx, Inc, a clinical-stage biotechnology company, engages in the development of various immunotherapies for patients with cancer and other incurable diseases. The company's lead ddCAR product candidate is CART-ddBCMA, which is in phase 1 clinical trial for the treatment of patients with relapsed or refractory (r/r) multiple myeloma (MM).