Arcellx (NASDAQ:ACLX) Now Covered by Citigroup

Citigroup assumed coverage on shares of Arcellx (NASDAQ:ACLX) in a research note released on Tuesday, Marketbeat.com reports. The firm issued a buy rating and a $110.00 price objective on the stock.

A number of other equities research analysts have also weighed in on ACLX. HC Wainwright reiterated a “buy” rating and issued a $115.00 price objective on shares of Arcellx in a research report on Monday. Scotiabank cut their price objective on Arcellx from $133.00 to $93.00 and set a “sector outperform” rating on the stock in a research report on Friday, May 9th. Fourteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $111.23.

Arcellx Price Performance

ACLX opened at $62.88 on Tuesday. The stock’s 50 day simple moving average is $62.29 and its 200 day simple moving average is $67.56. Arcellx has a 1 year low of $47.86 and a 1 year high of $107.37. The firm has a market cap of $3.47 billion, a price-to-earnings ratio of -21.03 and a beta of 0.28.

Arcellx (NASDAQ:ACLX) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($1.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.84) by ($0.29). Arcellx had a negative return on equity of 35.27% and a negative net margin of 211.46%. The company had revenue of $8.13 million for the quarter, compared to the consensus estimate of $19.51 million. As a group, sell-side analysts anticipate that Arcellx will post -1.58 EPS for the current year.

Insider Activity

In other Arcellx news, Director Kavita Patel sold 1,500 shares of Arcellx stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $67.36, for a total transaction of $101,040.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold a total of 6,000 shares of company stock worth $371,235 in the last quarter. 8.35% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC raised its stake in Arcellx by 104.1% during the first quarter. GAMMA Investing LLC now owns 494 shares of the company’s stock valued at $32,000 after buying an additional 252 shares during the last quarter. Headlands Technologies LLC purchased a new position in Arcellx during the fourth quarter valued at $41,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in Arcellx during the first quarter valued at $50,000. GF Fund Management CO. LTD. purchased a new position in Arcellx during the fourth quarter valued at $87,000. Finally, Amalgamated Bank raised its stake in Arcellx by 12.0% during the first quarter. Amalgamated Bank now owns 1,508 shares of the company’s stock valued at $99,000 after buying an additional 161 shares during the last quarter. Hedge funds and other institutional investors own 96.03% of the company’s stock.

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).