Arcellx’s (ACLX) “Buy” Rating Reiterated at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Arcellx (NASDAQ:ACLX) in a research report sent to investors on Thursday,Benzinga reports. They currently have a $105.00 price objective on the stock.

Several other equities research analysts also recently commented on the company. UBS Group began coverage on Arcellx in a report on Wednesday, January 7th. They set a “buy” rating for the company. HC Wainwright reissued a “buy” rating and issued a $115.00 price target on shares of Arcellx in a research report on Wednesday. Wolfe Research assumed coverage on shares of Arcellx in a report on Tuesday, November 18th. They set a “peer perform” rating on the stock. Wells Fargo & Company initiated coverage on shares of Arcellx in a report on Monday, December 22nd. They set an “overweight” rating and a $100.00 price objective for the company. Finally, Guggenheim reissued a “buy” rating on shares of Arcellx in a research report on Monday, November 24th. Nine investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $112.22.

Arcellx Stock Up 1.6%

Arcellx stock opened at $68.03 on Thursday. The stock has a market cap of $3.93 billion, a P/E ratio of -17.31 and a beta of 0.36. The company’s 50-day moving average price is $67.58 and its two-hundred day moving average price is $74.95. Arcellx has a twelve month low of $47.86 and a twelve month high of $94.07.

Arcellx (NASDAQ:ACLX) last announced its quarterly earnings data on Wednesday, November 5th. The company reported ($0.99) earnings per share for the quarter, missing the consensus estimate 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 analyst estimates of $11.24 million. Equities analysts anticipate that Arcellx will post -1.58 earnings per share for the current fiscal year.

Insider Transactions at Arcellx

In other Arcellx news, insider Christopher Heery sold 7,437 shares of the company’s stock in a transaction on Tuesday, January 13th. The stock was sold at an average price of $65.51, for a total value of $487,197.87. Following the completion of the transaction, the insider owned 29,631 shares in the company, valued at $1,941,126.81. This represents a 20.06% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last ninety days, insiders sold 19,790 shares of company stock valued at $1,314,077. 8.35% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Arcellx

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Schroder Investment Management Group bought a new position in Arcellx during the second quarter worth about $3,951,000. Pathway Capital Management LP bought a new stake in shares of Arcellx in the third quarter valued at approximately $4,191,000. Y Intercept Hong Kong Ltd purchased a new stake in shares of Arcellx during the 3rd quarter valued at approximately $1,273,000. American Century Companies Inc. boosted its holdings in Arcellx by 694.3% in the 2nd quarter. American Century Companies Inc. now owns 431,466 shares of the company’s stock worth $28,412,000 after buying an additional 377,145 shares during the period. Finally, Vanguard Personalized Indexing Management LLC grew its stake in Arcellx by 7.1% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 3,428 shares of the company’s stock valued at $226,000 after buying an additional 228 shares in the last quarter. 96.03% of the stock is owned by hedge funds and other institutional investors.

Arcellx Company Profile

Arcellx, Inc (NASDAQ: ACLX) is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of next-generation cell therapies for oncology and autoimmune diseases. The company’s proprietary ARC-SparX™ platform is designed to enable precise control over cell-surface receptor activation and to improve the safety, efficacy and durability of adoptive cell therapies. Leveraging this technology, Arcellx engineers immune cells with modular antigen-binding domains that can be exchanged to target a variety of disease-associated markers.

The company’s pipeline comprises multiple wholly owned programs in hematologic malignancies and solid tumors at various stages of preclinical and clinical development.