Needham & Company LLC Reiterates “Buy” Rating for Arcellx (NASDAQ:ACLX)

Arcellx (NASDAQ:ACLX)‘s stock had its “buy” rating reaffirmed by Needham & Company LLC in a report issued on Friday, Benzinga reports. They presently have a $81.00 price target on the stock. Needham & Company LLC’s price objective would indicate a potential upside of 37.17% from the stock’s previous close.

A number of other equities research analysts also recently weighed in on the company. HC Wainwright dropped their price objective on Arcellx from $82.00 to $80.00 and set a “buy” rating on the stock in a research report on Monday, May 13th. Truist Financial reaffirmed a “buy” rating and issued a $87.00 price objective on shares of Arcellx in a research report on Tuesday, June 18th. Stifel Nicolaus boosted their price objective on shares of Arcellx from $82.00 to $83.00 and gave the stock a “buy” rating in a research note on Wednesday, May 15th. Piper Sandler assumed coverage on shares of Arcellx in a research note on Friday, May 31st. They issued an “overweight” rating and a $70.00 target price for the company. Finally, Evercore ISI started coverage on shares of Arcellx in a report on Tuesday, May 14th. They issued an “outperform” rating and a $85.00 price target on the stock. Thirteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Arcellx presently has an average rating of “Buy” and an average price target of $78.00.

Arcellx Stock Performance

Arcellx stock traded up $6.47 during midday trading on Friday, hitting $59.05. 965,353 shares of the company’s stock were exchanged, compared to its average volume of 462,170. The company has a market cap of $3.16 billion, a PE ratio of -57.33 and a beta of 0.23. The firm has a 50-day moving average of $56.81 and a two-hundred day moving average of $59.23. Arcellx has a 12 month low of $30.88 and a 12 month high of $75.10.

Arcellx (NASDAQ:ACLX) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.51) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.52) by $0.01. The company had revenue of $27.38 million for the quarter, compared to analyst estimates of $22.04 million. Arcellx had a negative net margin of 38.39% and a negative return on equity of 13.11%. The firm’s revenue was up 91.5% on a year-over-year basis. As a group, equities analysts expect that Arcellx will post -1.7 earnings per share for the current year.

Insider Buying and Selling at Arcellx

In other Arcellx news, CFO Michelle Gilson sold 12,121 shares of the firm’s stock in a transaction that occurred on Friday, May 24th. The shares were sold at an average price of $50.71, for a total transaction of $614,655.91. Following the completion of the transaction, the chief financial officer now directly owns 19,792 shares of the company’s stock, valued at approximately $1,003,652.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Arcellx news, CFO Michelle Gilson sold 12,121 shares of the stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $50.71, for a total transaction of $614,655.91. Following the sale, the chief financial officer now directly owns 19,792 shares of the company’s stock, valued at approximately $1,003,652.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kavita Patel sold 10,000 shares of Arcellx stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $54.27, for a total value of $542,700.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 92,570 shares of company stock worth $5,169,283. 6.24% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Arcellx

Hedge funds and other institutional investors have recently made changes to their positions in the company. Renaissance Technologies LLC acquired a new stake in shares of Arcellx during the 2nd quarter valued at about $1,494,000. WINTON GROUP Ltd acquired a new stake in Arcellx in the second quarter valued at approximately $484,000. State of New Jersey Common Pension Fund D acquired a new stake in Arcellx in the second quarter valued at approximately $649,000. Quest Partners LLC purchased a new stake in shares of Arcellx in the second quarter valued at approximately $27,000. Finally, Arizona State Retirement System raised its stake in shares of Arcellx by 14.0% during the 2nd quarter. Arizona State Retirement System now owns 8,950 shares of the company’s stock worth $494,000 after buying an additional 1,101 shares during the period. Institutional investors and hedge funds own 96.03% of the company’s stock.

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).