Arcellx (NASDAQ:ACLX) Stock Rating Reaffirmed by Needham & Company LLC

Arcellx (NASDAQ:ACLX)‘s stock had its “buy” rating reaffirmed by research analysts at Needham & Company LLC in a research note issued to investors on Thursday, Benzinga reports. They presently have a $81.00 target price on the stock. Needham & Company LLC’s price target suggests a potential upside of 39.49% from the company’s previous close.

Several other brokerages have also recently weighed in on ACLX. Truist Financial raised their price objective on Arcellx from $57.00 to $87.00 and gave the company a “buy” rating in a report on Tuesday, March 5th. Canaccord Genuity Group lifted their price target on Arcellx from $66.00 to $85.00 and gave the stock a “buy” rating in a report on Thursday, February 29th. Scotiabank reiterated an “outperform” rating and set a $82.00 price target on shares of Arcellx in a report on Thursday, April 4th. Stifel Nicolaus reiterated a “buy” rating and set a $82.00 price target on shares of Arcellx in a report on Thursday, March 14th. Finally, Robert W. Baird lifted their price target on Arcellx from $63.00 to $77.00 and gave the stock an “outperform” rating in a report on Thursday, February 29th. Twelve analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $74.17.

Arcellx Trading Down 3.5 %

ACLX stock opened at $58.07 on Thursday. The stock has a market cap of $3.07 billion, a PE ratio of -39.50 and a beta of 0.02. The stock has a 50-day moving average price of $65.98 and a two-hundred day moving average price of $54.30. Arcellx has a 1 year low of $28.03 and a 1 year high of $75.10.

Arcellx (NASDAQ:ACLX) last announced its quarterly earnings data on Wednesday, February 28th. The company reported $0.42 earnings per share for the quarter, beating the consensus estimate of ($0.53) by $0.95. The company had revenue of $63.15 million during the quarter, compared to analysts’ expectations of $20.07 million. Arcellx had a negative return on equity of 20.96% and a negative net margin of 64.08%. During the same quarter last year, the company earned ($0.76) EPS. On average, analysts forecast that Arcellx will post -1.69 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Arcellx news, insider Christopher Heery sold 2,967 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $64.46, for a total transaction of $191,252.82. Following the completion of the sale, the insider now directly owns 30,303 shares in the company, valued at $1,953,331.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Christopher Heery sold 2,967 shares of Arcellx stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $64.46, for a total value of $191,252.82. Following the completion of the sale, the insider now directly owns 30,303 shares in the company, valued at $1,953,331.38. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Olivia C. Ware sold 9,000 shares of Arcellx stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $70.40, for a total transaction of $633,600.00. The disclosure for this sale can be found here. Insiders sold 596,412 shares of company stock worth $41,917,612 over the last three months. Insiders own 5.86% of the company’s stock.

Institutional Investors Weigh In On Arcellx

Hedge funds and other institutional investors have recently made changes to their positions in the business. Citigroup Inc. acquired a new stake in shares of Arcellx in the first quarter valued at approximately $26,000. China Universal Asset Management Co. Ltd. increased its stake in Arcellx by 98.4% in the third quarter. China Universal Asset Management Co. Ltd. now owns 1,248 shares of the company’s stock valued at $45,000 after acquiring an additional 619 shares during the last quarter. Tower Research Capital LLC TRC increased its stake in Arcellx by 219.0% in the first quarter. Tower Research Capital LLC TRC now owns 1,464 shares of the company’s stock valued at $45,000 after acquiring an additional 1,005 shares during the last quarter. California State Teachers Retirement System bought a new position in Arcellx in the first quarter valued at approximately $54,000. Finally, JPMorgan Chase & Co. bought a new position in Arcellx in the first quarter valued at approximately $60,000. 96.03% of the stock is currently owned by institutional investors and hedge funds.

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).