Arcellx, Inc. (NASDAQ:ACLX) Given Average Recommendation of “Buy” by Analysts

Shares of Arcellx, Inc. (NASDAQ:ACLX) have earned an average recommendation of “Buy” from the twelve brokerages that are presently covering the company, MarketBeat reports. Twelve research analysts have rated the stock with a buy rating. The average 1 year target price among analysts that have covered the stock in the last year is $75.64.

Several equities analysts have recently weighed in on the company. Stifel Nicolaus reissued a “buy” rating and set a $82.00 target price on shares of Arcellx in a research report on Thursday, March 14th. Canaccord Genuity Group increased their target price on shares of Arcellx from $66.00 to $85.00 and gave the stock a “buy” rating in a report on Thursday, February 29th. Barclays lifted their price target on Arcellx from $62.00 to $73.00 and gave the company an “overweight” rating in a report on Thursday, February 29th. Robert W. Baird lifted their price objective on shares of Arcellx from $63.00 to $77.00 and gave the stock an “outperform” rating in a research report on Thursday, February 29th. Finally, HC Wainwright boosted their target price on Arcellx from $60.00 to $82.00 and gave the stock a “buy” rating in a research note on Thursday, February 29th.

Insider Buying and Selling at Arcellx

In other news, insider Rami Elghandour sold 23,086 shares of Arcellx stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $67.09, for a total transaction of $1,548,839.74. Following the completion of the transaction, the insider now directly owns 69,253 shares of the company’s stock, valued at approximately $4,646,183.77. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, Director Olivia C. Ware sold 9,402 shares of the company’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $55.55, for a total value of $522,281.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Rami Elghandour sold 23,086 shares of the stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $67.09, for a total value of $1,548,839.74. Following the transaction, the insider now owns 69,253 shares in the company, valued at approximately $4,646,183.77. The disclosure for this sale can be found here. Over the last three months, insiders have sold 605,814 shares of company stock valued at $42,439,893. 6.24% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in 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 worth $2,562,000 after acquiring an additional 26,197 shares during the period. China Universal Asset Management Co. Ltd. lifted its stake in Arcellx by 80.7% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 10,177 shares of the company’s stock valued at $708,000 after buying an additional 4,545 shares in the last quarter. Simplicity Wealth LLC acquired a new stake in Arcellx in the 1st quarter worth about $232,000. Allspring Global Investments Holdings LLC acquired a new stake in Arcellx in the 1st quarter worth about $804,000. Finally, High Net Worth Advisory Group LLC increased its position in shares of Arcellx by 14.3% during the first quarter. High Net Worth Advisory Group LLC now owns 8,000 shares of the company’s stock worth $556,000 after purchasing an additional 1,000 shares in the last quarter. 96.03% of the stock is owned by institutional investors and hedge funds.

Arcellx Trading Down 1.6 %

ACLX opened at $51.11 on Tuesday. Arcellx has a 12-month low of $30.74 and a 12-month high of $75.10. The company’s 50 day moving average is $63.70 and its 200 day moving average is $55.96. The company has a market cap of $2.72 billion, a price-to-earnings ratio of -34.77 and a beta of 0.02.

Arcellx (NASDAQ:ACLX) last posted its earnings results on Wednesday, February 28th. The company reported $0.42 earnings per share for the quarter, beating the consensus estimate of ($0.53) by $0.95. Arcellx had a negative net margin of 64.08% and a negative return on equity of 20.96%. The company had revenue of $63.15 million during the quarter, compared to analysts’ expectations of $20.07 million. During the same period last year, the company posted ($0.76) earnings per share. As a group, analysts predict that Arcellx will post -1.69 EPS for the current fiscal 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).