Brokerages Set Arcellx, Inc. (NASDAQ:ACLX) Price Target at $109.31

Arcellx, Inc. (NASDAQ:ACLX) has been assigned an average rating of “Buy” from the fourteen brokerages that are currently covering the stock, MarketBeat.com reports. Thirteen research analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average twelve-month price target among analysts that have covered the stock in the last year is $111.33.

Separately, Scotiabank decreased their price target on Arcellx from $133.00 to $93.00 and set a “sector outperform” rating on the stock in a research report on Friday, May 9th.

Insiders Place Their Bets

In related news, insider Christopher Heery sold 10,155 shares of the stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $63.79, for a total transaction of $647,787.45. Following the completion of the sale, the insider now directly owns 37,486 shares of the company’s stock, valued at approximately $2,391,231.94. This represents a 21.32% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Kavita Patel sold 1,500 shares of the company’s stock in a transaction that occurred on Tuesday, April 29th. The shares were sold at an average price of $64.20, for a total transaction of $96,300.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 54,455 shares of company stock valued at $3,407,903. Company insiders own 6.24% of the company’s stock.

Institutional Investors Weigh In On Arcellx

Several institutional investors have recently added to or reduced their stakes in the stock. Gilead Sciences Inc. bought a new stake in Arcellx in the 4th quarter valued at approximately $515,418,000. FMR LLC raised its holdings in shares of Arcellx by 22.8% in the 4th quarter. FMR LLC now owns 7,956,633 shares of the company’s stock valued at $610,194,000 after purchasing an additional 1,477,360 shares during the period. RA Capital Management L.P. lifted its position in shares of Arcellx by 50.5% in the fourth quarter. RA Capital Management L.P. now owns 2,787,327 shares of the company’s stock valued at $213,760,000 after buying an additional 935,848 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Arcellx by 35.3% during the 4th quarter. Vanguard Group Inc. now owns 3,330,092 shares of the company’s stock worth $255,385,000 after buying an additional 867,996 shares during the last quarter. Finally, Capital World Investors acquired a new position in shares of Arcellx in the fourth quarter valued at approximately $19,393,000. 96.03% of the stock is owned by institutional investors.

Arcellx Price Performance

Arcellx stock opened at $58.25 on Friday. The business has a 50 day simple moving average of $64.11 and a 200 day simple moving average of $72.42. The company has a market capitalization of $3.21 billion, a PE ratio of -82.04 and a beta of 0.34. Arcellx has a one year low of $47.86 and a one year high of $107.37.

Arcellx (NASDAQ:ACLX) last posted its earnings results on Thursday, May 8th. The company reported ($1.13) earnings per share for the quarter, missing the consensus estimate of ($0.84) by ($0.29). Arcellx had a negative return on equity of 8.28% and a negative net margin of 25.94%. The firm had revenue of $8.13 million during the quarter, compared to the consensus estimate of $19.51 million. Equities analysts anticipate that Arcellx will post -1.58 earnings per share for the current fiscal year.

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).