Arcellx (NASDAQ:ACLX) Raised to “Strong-Buy” at Truist Financial

Arcellx (NASDAQ:ACLX) was upgraded by analysts at Truist Financial from a “hold” rating to a “strong-buy” rating in a research note issued on Friday,Zacks.com reports.

A number of other analysts have also recently weighed in on ACLX. UBS Group cut shares of Arcellx from a “buy” rating to a “neutral” rating and increased their target price for the stock from $100.00 to $115.00 in a report on Tuesday, February 24th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Arcellx in a report on Wednesday, January 21st. Rothschild & Co Redburn lowered shares of Arcellx from a “buy” rating to a “neutral” rating and set a $82.00 price objective on the stock. in a research note on Thursday, February 12th. Robert W. Baird reiterated a “neutral” rating and set a $115.00 price objective (up from $106.00) on shares of Arcellx in a research note on Monday, February 23rd. Finally, Needham & Company LLC downgraded Arcellx from a “buy” rating to a “hold” rating in a research note on Monday, February 23rd. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, sixteen have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $111.87.

Arcellx Price Performance

ACLX opened at $114.77 on Friday. Arcellx has a 1-year low of $47.86 and a 1-year high of $114.91. The stock has a market cap of $6.71 billion, a P/E ratio of -28.20 and a beta of 0.23. The stock’s 50 day simple moving average is $86.72 and its 200 day simple moving average is $80.82.

Arcellx (NASDAQ:ACLX) last posted its quarterly earnings results on Thursday, February 26th. The company reported ($1.01) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($1.01). Arcellx had a negative return on equity of 55.42% and a negative net margin of 1,027.26%.The business had revenue of $1.65 million for the quarter, compared to analyst estimates of $13.40 million. Research analysts expect that Arcellx will post -1.58 EPS for the current fiscal year.

Insider Activity

In other news, insider Rami Elghandour sold 89,916 shares of the business’s stock in a transaction that occurred on Friday, February 27th. The stock was sold at an average price of $113.92, for a total transaction of $10,243,230.72. Following the completion of the transaction, the insider directly owned 276,051 shares in the company, valued at approximately $31,447,729.92. The trade was a 24.57% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Christopher Heery sold 7,437 shares of the firm’s stock in a transaction that occurred on Tuesday, January 13th. The shares were sold at an average price of $65.51, for a total value of $487,197.87. Following the completion of the sale, the insider owned 29,631 shares in the company, valued at approximately $1,941,126.81. This represents a 20.06% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 109,366 shares of company stock valued at $11,526,708 in the last 90 days. Insiders own 8.35% of the company’s stock.

Institutional Trading of Arcellx

A number of hedge funds and other institutional investors have recently modified their holdings of ACLX. T. Rowe Price Investment Management Inc. increased its position in shares of Arcellx by 66.2% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 10,560,425 shares of the company’s stock worth $688,540,000 after acquiring an additional 4,208,069 shares in the last quarter. Paradigm Biocapital Advisors LP lifted its position in shares of Arcellx by 23.1% in the 4th quarter. Paradigm Biocapital Advisors LP now owns 5,724,016 shares of the company’s stock valued at $373,206,000 after acquiring an additional 1,075,000 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Arcellx by 4.5% in the 4th quarter. Vanguard Group Inc. now owns 4,081,519 shares of the company’s stock valued at $266,115,000 after acquiring an additional 174,432 shares in the last quarter. Vestal Point Capital LP boosted its stake in Arcellx by 134.0% in the 4th quarter. Vestal Point Capital LP now owns 2,925,000 shares of the company’s stock worth $190,710,000 after purchasing an additional 1,675,000 shares during the period. Finally, State Street Corp boosted its stake in Arcellx by 31.0% in the 4th quarter. State Street Corp now owns 1,998,503 shares of the company’s stock worth $130,302,000 after purchasing an additional 472,476 shares during the period. Institutional investors own 96.03% of the company’s stock.

Arcellx Company Profile

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.