Robert W. Baird Issues Positive Forecast for Arcellx (NASDAQ:ACLX) Stock Price

Arcellx (NASDAQ:ACLX) had its price target hoisted by Robert W. Baird from $77.00 to $106.00 in a report published on Wednesday, Benzinga reports. The brokerage currently has an outperform rating on the stock.

A number of other analysts have also recently commented on ACLX. Bank of America boosted their target price on shares of Arcellx from $84.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday. Needham & Company LLC reiterated a “buy” rating and set a $96.00 price objective on shares of Arcellx in a research note on Thursday, October 31st. Morgan Stanley raised their target price on Arcellx from $81.00 to $106.00 and gave the company an “overweight” rating in a research report on Wednesday. Cantor Fitzgerald reiterated an “overweight” rating on shares of Arcellx in a research report on Monday, September 9th. Finally, Redburn Atlantic assumed coverage on Arcellx in a report on Tuesday, October 8th. They issued a “buy” rating and a $109.00 price objective on the stock. Thirteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $95.85.

Arcellx Price Performance

Arcellx stock opened at $92.98 on Wednesday. The stock has a market capitalization of $5.00 billion, a PE ratio of -89.40 and a beta of 0.27. The business has a 50 day simple moving average of $81.69 and a 200-day simple moving average of $65.35. Arcellx has a 12 month low of $43.50 and a 12 month high of $97.54.

Arcellx (NASDAQ:ACLX) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.51) EPS for the quarter, topping the consensus estimate of ($0.52) by $0.01. The company had revenue of $27.38 million during the quarter, compared to analyst estimates of $22.04 million. Arcellx had a negative net margin of 37.23% and a negative return on equity of 12.42%. The company’s revenue was up 91.5% on a year-over-year basis. On average, equities research analysts anticipate that Arcellx will post -1.65 EPS for the current fiscal year.

Insider Activity at Arcellx

In other Arcellx news, Director Kavita Patel sold 1,500 shares of Arcellx stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $74.41, for a total transaction of $111,615.00. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, CFO Michelle Gilson sold 15,000 shares of the stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $77.73, for a total value of $1,165,950.00. Following the completion of the transaction, the chief financial officer now directly owns 6,915 shares in the company, valued at approximately $537,502.95. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Kavita Patel sold 1,500 shares of Arcellx stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $74.41, for a total value of $111,615.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 70,556 shares of company stock valued at $5,033,845. 6.24% of the stock is owned by company insiders.

Hedge Funds Weigh In On Arcellx

A number of hedge funds have recently modified their holdings of ACLX. Quest Partners LLC purchased a new stake in Arcellx in the 2nd quarter valued at about $27,000. Plato Investment Management Ltd acquired a new stake in shares of Arcellx during the first quarter valued at about $51,000. Decheng Capital LLC acquired a new stake in shares of Arcellx during the second quarter valued at about $65,000. National Bank of Canada FI raised its stake in shares of Arcellx by 50.0% in the 2nd quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock valued at $80,000 after acquiring an additional 500 shares during the period. Finally, Covestor Ltd lifted its holdings in shares of Arcellx by 53,766.7% in the 3rd quarter. Covestor Ltd now owns 1,616 shares of the company’s stock worth $135,000 after acquiring an additional 1,613 shares during the last quarter. 96.03% of the stock is currently owned by hedge funds and other institutional investors.

Arcellx Company Profile

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).