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

Needham & Company LLC reiterated their buy rating on shares of Arcellx (NASDAQ:ACLX) in a research report report published on Tuesday morning, MarketBeat reports. Needham & Company LLC currently has a $81.00 price target on the stock.

Several other research firms have also weighed in on ACLX. Morgan Stanley assumed coverage on shares of Arcellx in a report on Thursday, March 7th. They issued an overweight rating and a $81.00 target price on the stock. Stifel Nicolaus reaffirmed a buy rating and issued a $82.00 target price on shares of Arcellx in a research note on Thursday, March 14th. Robert W. Baird raised their target price on shares of Arcellx from $63.00 to $77.00 and gave the stock an outperform rating in a report on Thursday, February 29th. Scotiabank restated an outperform rating and set a $82.00 price objective on shares of Arcellx in a report on Thursday, April 4th. Finally, HC Wainwright upped their target price on shares of Arcellx from $60.00 to $82.00 and gave the stock a buy rating in a research note on Thursday, February 29th. Twelve equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of Buy and a consensus target price of $75.64.

Arcellx Stock Performance

Shares of ACLX stock opened at $52.73 on Tuesday. The stock’s 50 day simple moving average is $61.92 and its 200 day simple moving average is $56.69. The company has a market capitalization of $2.81 billion, a price-to-earnings ratio of -35.87 and a beta of 0.24. Arcellx has a twelve month low of $30.74 and a twelve month high of $75.10.

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

Insiders Place Their Bets

In other Arcellx news, insider Christopher Heery sold 18,168 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $51.33, for a total value of $932,563.44. Following the sale, the insider now owns 8,938 shares in the company, valued at $458,787.54. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, CFO Michelle Gilson sold 6,825 shares of the company’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $69.34, for a total value of $473,245.50. Following the transaction, the chief financial officer now owns 9,485 shares of the company’s stock, valued at $657,689.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Christopher Heery sold 18,168 shares of Arcellx stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $51.33, for a total value of $932,563.44. Following the sale, the insider now directly owns 8,938 shares of the company’s stock, valued at $458,787.54. The disclosure for this sale can be found here. Insiders have sold 620,526 shares of company stock valued at $43,157,182 in the last 90 days. 6.24% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. China Universal Asset Management Co. Ltd. raised its position in shares of 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 buying an additional 619 shares in the last quarter. Advisory Alpha LLC acquired a new position in shares of Arcellx during the first quarter worth $209,000. Simplicity Wealth LLC bought a new position in shares of Arcellx in the 1st quarter valued at $232,000. Bleakley Financial Group LLC acquired a new stake in shares of Arcellx during the 1st quarter valued at $232,000. Finally, Exchange Traded Concepts LLC boosted its holdings in shares of Arcellx by 34.0% during the 4th quarter. Exchange Traded Concepts LLC now owns 4,241 shares of the company’s stock valued at $235,000 after acquiring an additional 1,076 shares in the last quarter. 96.03% of the stock is 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).