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

Arcellx (NASDAQ:ACLX)‘s stock had its “buy” rating reiterated by equities researchers at Needham & Company LLC in a research note issued on Monday,Benzinga reports. They currently have a $105.00 target price on the stock. Needham & Company LLC’s target price suggests a potential upside of 48.22% from the stock’s current price.

Several other equities analysts have also recently issued reports on the stock. Wolfe Research assumed coverage on shares of Arcellx in a research report on Tuesday, November 18th. They set a “peer perform” rating on the stock. Guggenheim reaffirmed a “buy” rating on shares of Arcellx in a research report on Monday, November 24th. Canaccord Genuity Group increased their target price on Arcellx from $121.00 to $130.00 and gave the stock a “buy” rating in a research report on Monday, November 3rd. Weiss Ratings restated a “sell (d-)” rating on shares of Arcellx in a research note on Wednesday, October 8th. Finally, Stifel Nicolaus set a $129.00 price target on Arcellx and gave the stock a “buy” rating in a research note on Thursday, October 16th. Seven equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Arcellx presently has an average rating of “Moderate Buy” and an average target price of $115.71.

Arcellx Stock Down 4.4%

Shares of Arcellx stock opened at $70.84 on Monday. The business has a 50 day moving average of $83.57 and a 200 day moving average of $74.65. Arcellx has a 52 week low of $47.86 and a 52 week high of $94.07. The company has a market cap of $4.10 billion, a PE ratio of -18.03 and a beta of 0.34.

Arcellx (NASDAQ:ACLX) last issued its quarterly earnings data on Wednesday, November 5th. The company reported ($0.99) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.96) by ($0.03). Arcellx had a negative net margin of 607.01% and a negative return on equity of 51.13%. The company had revenue of $4.95 million for the quarter, compared to analysts’ expectations of $11.24 million. On average, research analysts anticipate that Arcellx will post -1.58 earnings per share for the current year.

Insider Buying and Selling at Arcellx

In related news, insider Christopher Heery sold 340 shares of the firm’s stock in a transaction that occurred on Monday, November 17th. The stock was sold at an average price of $90.00, for a total transaction of $30,600.00. Following the completion of the transaction, the insider owned 284 shares of the company’s stock, valued at $25,560. This trade represents a 54.49% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last quarter, insiders sold 37,486 shares of company stock valued at $3,030,736. Corporate insiders own 8.35% of the company’s stock.

Institutional Investors Weigh In On Arcellx

Institutional investors have recently modified their holdings of the stock. Paradigm Biocapital Advisors LP raised its position in shares of Arcellx by 2.8% in the 1st quarter. Paradigm Biocapital Advisors LP now owns 4,492,032 shares of the company’s stock worth $294,677,000 after purchasing an additional 120,431 shares during the last quarter. Vanguard Group Inc. increased its stake in Arcellx by 19.7% during the 1st quarter. Vanguard Group Inc. now owns 3,985,156 shares of the company’s stock valued at $261,426,000 after purchasing an additional 655,064 shares in the last quarter. RA Capital Management L.P. raised its holdings in Arcellx by 8.9% in the first quarter. RA Capital Management L.P. now owns 3,036,527 shares of the company’s stock worth $199,196,000 after buying an additional 249,200 shares during the last quarter. Vestal Point Capital LP lifted its stake in shares of Arcellx by 15.2% in the second quarter. Vestal Point Capital LP now owns 2,750,000 shares of the company’s stock worth $181,088,000 after buying an additional 362,280 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. lifted its stake in shares of Arcellx by 135.9% in the first quarter. T. Rowe Price Investment Management Inc. now owns 1,665,138 shares of the company’s stock worth $109,234,000 after buying an additional 959,216 shares in the last quarter. 96.03% of the stock is 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).