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

Shares of Arcellx, Inc. (NASDAQ:ACLX) have been given a consensus rating of “Hold” by the nineteen research firms that are currently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, sixteen have given a hold recommendation, one has assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $111.8667.

ACLX has been the topic of a number of recent analyst reports. HC Wainwright cut shares of Arcellx from a “buy” rating to a “neutral” rating and set a $115.00 target price on the stock. in a research report on Monday, February 23rd. TD Cowen downgraded shares of Arcellx from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 2nd. Robert W. Baird restated a “neutral” rating and issued a $115.00 price objective (up from $106.00) on shares of Arcellx in a report on Monday, February 23rd. Stifel Nicolaus reaffirmed a “hold” rating and set a $115.00 price objective (down from $127.00) on shares of Arcellx in a research report on Monday, February 23rd. Finally, Truist Financial upgraded shares of Arcellx from a “hold” rating to a “strong-buy” rating in a report on Friday, March 20th.

Arcellx Price Performance

NASDAQ:ACLX opened at $114.57 on Monday. Arcellx has a 52 week low of $47.86 and a 52 week high of $114.91. The stock’s fifty day moving average is $91.41 and its two-hundred day moving average is $82.38. The company has a market capitalization of $6.70 billion, a P/E ratio of -28.15 and a beta of 0.22.

Arcellx (NASDAQ:ACLX) last released its quarterly earnings results on Thursday, February 26th. The company reported ($1.01) earnings per share for the quarter, hitting analysts’ consensus estimates of ($1.01). The business had revenue of $1.65 million during the quarter, compared to analysts’ expectations of $13.40 million. Arcellx had a negative return on equity of 55.42% and a negative net margin of 1,027.26%. Sell-side analysts anticipate that Arcellx will post -1.58 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Christopher Heery sold 5,882 shares of the stock in a transaction dated Wednesday, January 14th. The stock was sold at an average price of $68.51, for a total transaction of $402,975.82. Following the transaction, the insider owned 23,749 shares of the company’s stock, valued at approximately $1,627,043.99. This represents a 19.85% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Rami Elghandour sold 89,916 shares of the firm’s stock in a transaction dated Friday, February 27th. The shares were sold at an average price of $113.92, for a total value of $10,243,230.72. Following the transaction, the insider owned 276,051 shares of the company’s stock, valued at $31,447,729.92. This trade represents a 24.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 109,366 shares of company stock valued at $11,526,708 over the last ninety days. Insiders own 8.35% of the company’s stock.

Institutional Trading of Arcellx

A number of institutional investors and hedge funds have recently bought and sold shares of ACLX. MAI Capital Management purchased a new position in shares of Arcellx in the third quarter valued at approximately $26,000. CWM LLC increased its stake in Arcellx by 267.0% during the 3rd quarter. CWM LLC now owns 345 shares of the company’s stock worth $28,000 after buying an additional 251 shares during the period. State of Wyoming acquired a new stake in Arcellx during the 2nd quarter worth approximately $28,000. Ramirez Asset Management Inc. acquired a new stake in Arcellx during the 3rd quarter worth approximately $41,000. Finally, PNC Financial Services Group Inc. boosted its position in Arcellx by 183.4% in the 2nd quarter. PNC Financial Services Group Inc. now owns 751 shares of the company’s stock valued at $49,000 after buying an additional 486 shares during the period. 96.03% of the stock is currently owned by hedge funds and other institutional investors.

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.