Arcellx, Inc. (NASDAQ:ACLX) Receives $105.93 Average Price Target from Brokerages

Arcellx, Inc. (NASDAQ:ACLX) has received a consensus recommendation of “Buy” from the fifteen research firms that are presently covering the firm, Marketbeat reports. Thirteen research analysts have rated the stock with a buy recommendation and two have issued a strong buy recommendation on the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $105.93.

A number of analysts recently issued reports on the company. Robert W. Baird boosted their price objective on Arcellx from $77.00 to $106.00 and gave the company an “outperform” rating in a research note on Wednesday, November 6th. UBS Group upped their price target on Arcellx from $106.00 to $114.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. Needham & Company LLC reissued a “buy” rating and issued a $105.00 price target on shares of Arcellx in a report on Monday, December 9th. Truist Financial boosted their price objective on shares of Arcellx from $87.00 to $136.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. Finally, Barclays upgraded shares of Arcellx to a “strong-buy” rating in a research note on Friday, November 29th.

Arcellx Price Performance

Shares of ACLX stock opened at $60.26 on Monday. The stock has a market capitalization of $3.26 billion, a price-to-earnings ratio of -84.87 and a beta of 0.29. The company’s fifty day simple moving average is $69.01 and its two-hundred day simple moving average is $77.44. Arcellx has a 1 year low of $47.88 and a 1 year high of $107.37.

Insiders Place Their Bets

In other news, insider Christopher Heery sold 3,301 shares of the company’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $79.55, for a total value of $262,594.55. Following the completion of the sale, the insider now owns 35,517 shares of the company’s stock, valued at approximately $2,825,377.35. This represents a 8.50 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kavita Patel sold 1,500 shares of the stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $91.88, for a total transaction of $137,820.00. The disclosure for this sale can be found here. Insiders sold a total of 65,870 shares of company stock valued at $4,327,461 over the last 90 days. Insiders own 6.24% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. GF Fund Management CO. LTD. bought a new stake in Arcellx in the fourth quarter valued at approximately $87,000. Voloridge Investment Management LLC increased its stake in shares of Arcellx by 5.3% in the fourth quarter. Voloridge Investment Management LLC now owns 178,198 shares of the company’s stock worth $13,666,000 after buying an additional 8,936 shares during the period. Woodline Partners LP raised its holdings in Arcellx by 13.2% during the 4th quarter. Woodline Partners LP now owns 125,649 shares of the company’s stock valued at $9,636,000 after buying an additional 14,660 shares during the last quarter. Soleus Capital Management L.P. boosted its position in Arcellx by 30.1% during the 4th quarter. Soleus Capital Management L.P. now owns 121,031 shares of the company’s stock valued at $9,282,000 after buying an additional 28,000 shares during the period. Finally, Two Sigma Advisers LP increased its position in shares of Arcellx by 24.4% in the fourth quarter. Two Sigma Advisers LP now owns 5,600 shares of the company’s stock valued at $429,000 after acquiring an additional 1,100 shares during the period. Hedge funds and other institutional investors own 96.03% of the company’s stock.

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).