Arcellx (NASDAQ:ACLX) Stock Rating Reaffirmed by Needham & Company LLC

Arcellx (NASDAQ:ACLX)‘s stock had its “buy” rating restated by stock analysts at Needham & Company LLC in a research note issued to investors on Tuesday, MarketBeat reports. They presently have a $81.00 price objective on the stock. Needham & Company LLC’s price objective points to a potential upside of 55.02% from the company’s previous close.

Several other equities analysts have also recently issued reports on the company. Truist Financial raised their price objective on Arcellx from $57.00 to $87.00 and gave the stock a “buy” rating in a research note on Tuesday, March 5th. Scotiabank reaffirmed an “outperform” rating and set a $82.00 price objective on shares of Arcellx in a research report on Thursday, April 4th. Robert W. Baird increased their price objective on shares of Arcellx from $63.00 to $77.00 and gave the stock an “outperform” rating in a research note on Thursday, February 29th. HC Wainwright lifted their target price on Arcellx from $60.00 to $82.00 and gave the company a “buy” rating in a research note on Thursday, February 29th. Finally, Stifel Nicolaus reiterated a “buy” rating and set a $82.00 price target on shares of Arcellx in a research report on Thursday, March 14th. Twelve investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $75.64.

Arcellx Stock Performance

ACLX opened at $52.25 on Tuesday. Arcellx has a 1-year low of $30.74 and a 1-year high of $75.10. The company has a 50-day moving average of $62.18 and a 200-day moving average of $56.72. The company has a market capitalization of $2.78 billion, a P/E ratio of -35.54 and a beta of 0.24.

Arcellx (NASDAQ:ACLX) last announced its quarterly earnings data on Wednesday, February 28th. The company reported $0.42 earnings per share for the quarter, beating the consensus estimate of ($0.53) by $0.95. Arcellx had a negative return on equity of 20.96% and a negative net margin of 64.08%. The firm had revenue of $63.15 million during the quarter, compared to analyst estimates of $20.07 million. During the same period in the previous year, the company earned ($0.76) earnings per share. As a group, sell-side analysts expect that Arcellx will post -1.69 earnings per share for the current fiscal year.

Insider Transactions at Arcellx

In related news, CFO Michelle Gilson sold 6,825 shares of the firm’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $69.34, for a total value of $473,245.50. Following the sale, the chief financial officer now directly owns 9,485 shares in the company, valued at approximately $657,689.90. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, insider Christopher Heery sold 2,967 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $64.46, for a total transaction of $191,252.82. Following the transaction, the insider now owns 30,303 shares in the company, valued at $1,953,331.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Michelle Gilson sold 6,825 shares of the business’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $69.34, for a total value of $473,245.50. Following the sale, the chief financial officer now directly owns 9,485 shares in the company, valued at approximately $657,689.90. The disclosure for this sale can be found here. Over the last three months, insiders sold 620,526 shares of company stock worth $43,157,182. Company insiders own 6.24% of the company’s stock.

Hedge Funds Weigh In On Arcellx

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Perceptive Advisors LLC raised its stake in shares of Arcellx by 14.6% in the 4th quarter. Perceptive Advisors LLC now owns 4,544,809 shares of the company’s stock worth $252,237,000 after buying an additional 578,831 shares in the last quarter. Affinity Asset Advisors LLC grew its holdings in Arcellx by 76.8% during the third quarter. Affinity Asset Advisors LLC now owns 400,000 shares of the company’s stock worth $14,352,000 after acquiring an additional 173,725 shares during the period. Federated Hermes Inc. raised its position in Arcellx by 200.6% in the fourth quarter. Federated Hermes Inc. now owns 214,599 shares of the company’s stock worth $11,910,000 after acquiring an additional 143,212 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in Arcellx by 425.0% in the 4th quarter. Victory Capital Management Inc. now owns 155,652 shares of the company’s stock valued at $8,639,000 after acquiring an additional 126,002 shares during the last quarter. Finally, PFM Health Sciences LP boosted its position in shares of Arcellx by 39.5% during the 4th quarter. PFM Health Sciences LP now owns 335,198 shares of the company’s stock valued at $18,603,000 after purchasing an additional 94,860 shares in the last quarter. 96.03% of the stock is owned by institutional investors.

About Arcellx

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).