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

Arcellx (NASDAQ:ACLX)‘s stock had its “buy” rating reissued by Needham & Company LLC in a research note issued to investors on Tuesday, Benzinga reports. They currently have a $81.00 price target on the stock. Needham & Company LLC’s price target points to a potential upside of 53.79% from the company’s previous close.

A number of other research analysts have also issued reports on the stock. Canaccord Genuity Group upped their target price on shares of Arcellx from $66.00 to $85.00 and gave the company a “buy” rating in a report on Thursday, February 29th. HC Wainwright upped their target price on shares of Arcellx from $60.00 to $82.00 and gave the company a “buy” rating in a report on Thursday, February 29th. Barclays upped their target price on shares of Arcellx from $62.00 to $73.00 and gave the company an “overweight” rating in a report on Thursday, February 29th. Truist Financial increased their price objective on shares of Arcellx from $57.00 to $87.00 and gave the stock a “buy” rating in a report on Tuesday, March 5th. Finally, Morgan Stanley initiated coverage on shares of Arcellx in a report on Thursday, March 7th. They set an “overweight” rating and a $81.00 price objective on the stock. Twelve analysts have rated the stock with a buy rating, According to data from MarketBeat, Arcellx currently has an average rating of “Buy” and a consensus price target of $75.64.

Arcellx Stock Down 0.0 %

Arcellx stock opened at $52.67 on Tuesday. Arcellx has a 52 week low of $30.74 and a 52 week high of $75.10. The firm’s 50-day simple moving average is $62.79 and its 200 day simple moving average is $56.61. The firm has a market capitalization of $2.81 billion, a PE ratio of -35.83 and a beta of 0.24.

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

Insider Buying and Selling

In related news, insider Christopher Heery sold 18,168 shares of the stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $51.33, for a total transaction of $932,563.44. Following the completion of the sale, the insider now owns 8,938 shares of the company’s stock, valued at approximately $458,787.54. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Arcellx news, insider Christopher Heery sold 18,168 shares of the stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $51.33, for a total value of $932,563.44. Following the completion of the sale, the insider now owns 8,938 shares of the company’s stock, valued at $458,787.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Olivia C. Ware sold 9,402 shares of the stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $55.55, for a total transaction of $522,281.10. The disclosure for this sale can be found here. In the last quarter, insiders sold 623,982 shares of company stock valued at $43,372,457. 6.24% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Arcellx

Institutional investors and hedge funds have recently made changes to their positions in the business. Rafferty Asset Management LLC boosted its stake in shares of Arcellx by 10.2% during the 3rd quarter. Rafferty Asset Management LLC now owns 158,778 shares of the company’s stock valued at $5,697,000 after buying an additional 14,682 shares during the last quarter. China Universal Asset Management Co. Ltd. lifted its stake in Arcellx by 98.4% during the third quarter. China Universal Asset Management Co. Ltd. now owns 1,248 shares of the company’s stock worth $45,000 after purchasing an additional 619 shares during the last quarter. Vivo Capital LLC lifted its stake in Arcellx by 16.1% during the third quarter. Vivo Capital LLC now owns 503,565 shares of the company’s stock worth $18,068,000 after purchasing an additional 69,780 shares during the last quarter. Swiss National Bank lifted its stake in Arcellx by 21.5% during the third quarter. Swiss National Bank now owns 63,300 shares of the company’s stock worth $2,271,000 after purchasing an additional 11,200 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale lifted its stake in Arcellx by 87.5% during the fourth quarter. DekaBank Deutsche Girozentrale now owns 30,000 shares of the company’s stock worth $1,706,000 after purchasing an additional 14,000 shares during the last quarter. 96.03% of the stock is currently owned by hedge funds and other 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).