Arcellx, Inc. (NASDAQ:ACLX) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Arcellx, Inc. (NASDAQ:ACLX) has earned a consensus recommendation of “Moderate Buy” from the twelve ratings firms that are currently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, two have given a hold recommendation, eight have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price target among brokers that have covered the stock in the last year is $115.50.

A number of research firms have recently issued reports on ACLX. Cantor Fitzgerald restated a “neutral” rating and issued a $88.00 price target on shares of Arcellx in a research report on Thursday, October 9th. Citigroup reaffirmed a “buy” rating on shares of Arcellx in a research note on Monday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Arcellx in a research note on Wednesday, October 8th. Wolfe Research initiated coverage on shares of Arcellx in a report on Tuesday, November 18th. They issued a “peer perform” rating on the stock. Finally, Scotiabank raised their price target on shares of Arcellx from $93.00 to $133.00 and gave the stock a “sector outperform” rating in a report on Thursday, July 31st.

Insiders Place Their Bets

In other Arcellx news, insider Christopher Heery sold 21,034 shares of the firm’s stock in a transaction on Tuesday, September 30th. The stock was sold at an average price of $81.28, for a total transaction of $1,709,643.52. Following the completion of the sale, the insider owned 624 shares of the company’s stock, valued at $50,718.72. This trade represents a 97.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 37,486 shares of company stock valued at $3,030,736 in the last ninety days. Corporate insiders own 8.35% of the company’s stock.

Hedge Funds Weigh In On Arcellx

A number of hedge funds have recently modified their holdings of ACLX. TD Asset Management Inc raised its holdings in Arcellx by 2.7% in the 1st quarter. TD Asset Management Inc now owns 168,320 shares of the company’s stock valued at $11,042,000 after buying an additional 4,402 shares during the period. Vanguard Group Inc. boosted its stake in Arcellx by 19.7% during the first quarter. Vanguard Group Inc. now owns 3,985,156 shares of the company’s stock worth $261,426,000 after buying an additional 655,064 shares during the period. Covestor Ltd increased its position in shares of Arcellx by 47.6% during the first quarter. Covestor Ltd now owns 2,137 shares of the company’s stock valued at $140,000 after acquiring an additional 689 shares during the last quarter. Invesco Ltd. raised its stake in shares of Arcellx by 13.9% in the 1st quarter. Invesco Ltd. now owns 30,242 shares of the company’s stock valued at $1,984,000 after acquiring an additional 3,692 shares during the period. Finally, Nuveen LLC acquired a new position in shares of Arcellx in the 1st quarter worth approximately $7,333,000. 96.03% of the stock is currently owned by hedge funds and other institutional investors.

Arcellx Stock Down 16.9%

Shares of NASDAQ ACLX opened at $74.96 on Tuesday. The firm has a 50-day simple moving average of $85.17 and a 200-day simple moving average of $73.80. The stock has a market capitalization of $4.33 billion, a price-to-earnings ratio of -19.07 and a beta of 0.31. Arcellx has a 52 week low of $47.86 and a 52 week high of $96.39.

Arcellx (NASDAQ:ACLX) last announced its quarterly earnings data on Wednesday, November 5th. The company reported ($0.99) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.96) by ($0.03). The business had revenue of $4.95 million for the quarter, compared to analysts’ expectations of $11.24 million. Arcellx had a negative net margin of 607.01% and a negative return on equity of 51.13%. As a group, equities research analysts expect that Arcellx will post -1.58 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).