Arcellx (NASDAQ:ACLX) Now Covered by Analysts at Wells Fargo & Company

Wells Fargo & Company began coverage on shares of Arcellx (NASDAQ:ACLX) in a report issued on Monday morning, MarketBeat.com reports. The firm issued an overweight rating and a $100.00 price objective on the stock.

A number of other equities analysts also recently issued reports on ACLX. Citigroup reaffirmed a “buy” rating on shares of Arcellx in a report on Monday, November 24th. Canaccord Genuity Group reissued a “buy” rating and issued a $130.00 price objective on shares of Arcellx in a research report on Monday, December 8th. Weiss Ratings restated a “sell (d-)” rating on shares of Arcellx in a research note on Wednesday, October 8th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $88.00 target price on shares of Arcellx in a research report on Thursday, October 9th. Finally, Guggenheim reissued a “buy” rating on shares of Arcellx in a report on Monday, November 24th. Eight research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Arcellx currently has a consensus rating of “Moderate Buy” and a consensus price target of $113.75.

Arcellx Stock Up 0.5%

NASDAQ ACLX opened at $65.51 on Monday. Arcellx has a 52 week low of $47.86 and a 52 week high of $94.07. The business has a 50 day moving average price of $79.94 and a 200-day moving average price of $74.89. The company has a market cap of $3.79 billion, a price-to-earnings ratio of -16.67 and a beta of 0.34.

Arcellx (NASDAQ:ACLX) last posted its quarterly earnings results on Wednesday, November 5th. The company reported ($0.99) earnings per share (EPS) 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 business had revenue of $4.95 million during the quarter, compared to analyst estimates of $11.24 million. On average, equities research analysts anticipate that Arcellx will post -1.58 earnings per share for the current year.

Insider Activity

In related news, insider Christopher Heery sold 340 shares of the business’s stock in a transaction dated 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 directly owned 284 shares in the company, valued at $25,560. The trade was a 54.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold a total of 33,843 shares of company stock valued at $2,739,263 in the last quarter. Company insiders own 8.35% of the company’s stock.

Institutional Investors Weigh In On Arcellx

Several hedge funds have recently added to or reduced their stakes in ACLX. Schroder Investment Management Group bought a new position in Arcellx during the second quarter valued at approximately $3,951,000. Rhumbline Advisers increased its position in shares of Arcellx by 6.4% in the first quarter. Rhumbline Advisers now owns 63,751 shares of the company’s stock valued at $4,182,000 after acquiring an additional 3,848 shares during the period. Strs Ohio bought a new position in shares of Arcellx during the first quarter valued at about $938,000. Voya Investment Management LLC boosted its holdings in shares of Arcellx by 103.4% during the first quarter. Voya Investment Management LLC now owns 277,102 shares of the company’s stock worth $18,178,000 after purchasing an additional 140,899 shares during the period. Finally, American Century Companies Inc. grew its position in shares of 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 last quarter. Institutional investors own 96.03% of the company’s stock.

About Arcellx

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.