Canaccord Genuity Group Reiterates Buy Rating for Arcellx (NASDAQ:ACLX)

Arcellx (NASDAQ:ACLX)‘s stock had its “buy” rating reissued by equities researchers at Canaccord Genuity Group in a research note issued to investors on Monday,Benzinga reports. They presently have a $130.00 target price on the stock. Canaccord Genuity Group’s target price indicates a potential upside of 83.51% from the company’s current price.

Several other analysts have also commented on ACLX. Guggenheim reaffirmed a “buy” rating on shares of Arcellx in a report on Monday, November 24th. Citigroup reissued a “buy” rating on shares of Arcellx in a research report on Monday, November 24th. Needham & Company LLC restated a “buy” rating and set a $105.00 price target on shares of Arcellx in a research note on Monday. Weiss Ratings reissued a “sell (d-)” rating on shares of Arcellx in a report on Wednesday, October 8th. Finally, Cantor Fitzgerald restated a “neutral” rating and set a $88.00 target price on shares of Arcellx in a research report on Thursday, October 9th. Seven investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $115.71.

Arcellx Stock Down 4.4%

Shares of Arcellx stock opened at $70.84 on Monday. Arcellx has a twelve month low of $47.86 and a twelve month high of $94.07. The company’s 50 day moving average is $83.57 and its 200 day moving average is $74.65. The company has a market cap of $4.10 billion, a price-to-earnings ratio of -18.03 and a beta of 0.34.

Arcellx (NASDAQ:ACLX) last posted its earnings results on Wednesday, November 5th. The company reported ($0.99) EPS for the quarter, missing analysts’ consensus estimates of ($0.96) by ($0.03). The company had revenue of $4.95 million during the quarter, compared to the consensus estimate of $11.24 million. Arcellx had a negative return on equity of 51.13% and a negative net margin of 607.01%. Sell-side analysts expect that Arcellx will post -1.58 EPS for the current fiscal year.

Insider Transactions at Arcellx

In related news, insider Christopher Heery sold 340 shares of the stock in a transaction that occurred on Monday, November 17th. The shares were sold at an average price of $90.00, for a total value of $30,600.00. Following the completion of the sale, the insider directly owned 284 shares of the company’s stock, valued at approximately $25,560. This represents a 54.49% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last ninety days, insiders have sold 37,486 shares of company stock valued at $3,030,736. Corporate insiders own 8.35% of the company’s stock.

Hedge Funds Weigh In On Arcellx

A number of hedge funds have recently modified their holdings of ACLX. Teacher Retirement System of Texas raised its position in shares of Arcellx by 1.7% during the 2nd quarter. Teacher Retirement System of Texas now owns 8,883 shares of the company’s stock valued at $585,000 after purchasing an additional 151 shares during the period. Vanguard Personalized Indexing Management LLC boosted its holdings in Arcellx by 7.1% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 3,428 shares of the company’s stock worth $226,000 after buying an additional 228 shares during the period. CWM LLC increased its stake in Arcellx by 267.0% in the 3rd quarter. CWM LLC now owns 345 shares of the company’s stock worth $28,000 after buying an additional 251 shares in the last quarter. Integrated Wealth Concepts LLC raised its holdings in Arcellx by 9.0% during the third quarter. Integrated Wealth Concepts LLC now owns 3,423 shares of the company’s stock valued at $281,000 after acquiring an additional 283 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in Arcellx by 15.8% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,129 shares of the company’s stock valued at $140,000 after acquiring an additional 290 shares during the period. 96.03% of the stock is currently 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).