Arcellx (NASDAQ:ACLX) Earns Buy Rating from Needham & Company LLC

Arcellx (NASDAQ:ACLX)‘s stock had its “buy” rating reaffirmed by investment analysts at Needham & Company LLC in a research report issued on Thursday,Benzinga reports. They currently have a $105.00 price target on the stock. Needham & Company LLC’s price objective indicates a potential upside of 54.34% from the stock’s current price.

A number of other equities research analysts also recently issued reports on ACLX. Canaccord Genuity Group reiterated a “buy” rating and issued a $130.00 price objective on shares of Arcellx in a research report on Monday, December 8th. Cantor Fitzgerald restated a “neutral” rating and issued a $88.00 target price on shares of Arcellx in a research note on Thursday, October 9th. UBS Group assumed coverage on Arcellx in a research report on Wednesday, January 7th. They set a “buy” rating for the company. Stifel Nicolaus set a $129.00 price objective on Arcellx and gave the stock a “buy” rating in a report on Thursday, October 16th. Finally, Wolfe Research started coverage on shares of Arcellx in a research note on Tuesday, November 18th. They issued a “peer perform” rating on the stock. Nine analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $112.22.

Arcellx Trading Up 1.6%

Shares of Arcellx stock opened at $68.03 on Thursday. The company’s 50-day moving average price is $67.58 and its 200-day moving average price is $74.90. Arcellx has a 12-month low of $47.86 and a 12-month high of $94.07. The company has a market cap of $3.93 billion, a price-to-earnings ratio of -17.31 and a beta of 0.36.

Arcellx (NASDAQ:ACLX) last posted its earnings results on Wednesday, November 5th. The company reported ($0.99) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.96) by ($0.03). Arcellx had a negative return on equity of 51.13% and a negative net margin of 607.01%.The firm had revenue of $4.95 million for the quarter, compared to the consensus estimate of $11.24 million. On average, sell-side analysts predict that Arcellx will post -1.58 earnings per share for the current year.

Insider Transactions at Arcellx

In other Arcellx news, insider Christopher Heery sold 5,882 shares of the stock in a transaction that occurred on Wednesday, January 14th. The shares were sold at an average price of $68.51, for a total transaction of $402,975.82. Following the transaction, the insider directly owned 23,749 shares in the company, valued at $1,627,043.99. This trade represents a 19.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold a total of 19,790 shares of company stock valued at $1,314,077 over the last ninety days. 8.35% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Arcellx

Several institutional investors and hedge funds have recently made changes to their positions in ACLX. Advisory Alpha LLC lifted its stake in Arcellx by 10.4% in the fourth quarter. Advisory Alpha LLC now owns 3,313 shares of the company’s stock worth $216,000 after purchasing an additional 313 shares during the last quarter. PSP Research LLC bought a new stake in shares of Arcellx in the 4th quarter valued at about $536,000. Atle Fund Management AB boosted its holdings in Arcellx by 62.1% during the 4th quarter. Atle Fund Management AB now owns 41,717 shares of the company’s stock valued at $2,720,000 after acquiring an additional 15,985 shares during the period. Handelsbanken Fonder AB boosted its holdings in Arcellx by 12.1% during the 4th quarter. Handelsbanken Fonder AB now owns 13,000 shares of the company’s stock valued at $848,000 after acquiring an additional 1,400 shares during the period. Finally, Profund Advisors LLC increased its stake in Arcellx by 138.7% in the 4th quarter. Profund Advisors LLC now owns 25,740 shares of the company’s stock worth $1,678,000 after purchasing an additional 14,955 shares during the period. Institutional investors own 96.03% of the company’s stock.

About Arcellx

Arcellx, Inc (NASDAQ: ACLX) is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of next-generation cell therapies for oncology and autoimmune diseases. The company’s proprietary ARC-SparX™ platform is designed to enable precise control over cell-surface receptor activation and to improve the safety, efficacy and durability of adoptive cell therapies. Leveraging this technology, Arcellx engineers immune cells with modular antigen-binding domains that can be exchanged to target a variety of disease-associated markers.

The company’s pipeline comprises multiple wholly owned programs in hematologic malignancies and solid tumors at various stages of preclinical and clinical development.