Brokerages Set Arcellx, Inc. (NASDAQ:ACLX) PT at $111.87

Arcellx, Inc. (NASDAQ:ACLX) has received a consensus recommendation of “Hold” from the nineteen brokerages that are covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and one has given a buy rating to the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $111.8667.

A number of equities research analysts recently issued reports on the stock. Citigroup lowered shares of Arcellx from a “buy” rating to a “neutral” rating and upped their price objective for the company from $110.00 to $115.00 in a report on Tuesday, February 24th. Weiss Ratings reissued a “sell (d-)” rating on shares of Arcellx in a research note on Wednesday, January 21st. Wells Fargo & Company downgraded shares of Arcellx from an “overweight” rating to an “equal weight” rating and set a $115.00 price target for the company. in a report on Monday, February 23rd. Robert W. Baird reiterated a “neutral” rating and issued a $115.00 price objective (up from $106.00) on shares of Arcellx in a report on Monday, February 23rd. Finally, UBS Group lowered Arcellx from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $100.00 to $115.00 in a research report on Tuesday, February 24th.

Arcellx Price Performance

ACLX stock opened at $114.33 on Thursday. Arcellx has a 1 year low of $47.86 and a 1 year high of $114.80. The firm has a market capitalization of $6.69 billion, a PE ratio of -28.09 and a beta of 0.23. The business has a 50 day simple moving average of $76.67 and a 200-day simple moving average of $77.72.

Arcellx (NASDAQ:ACLX) last released its quarterly earnings data on Thursday, February 26th. The company reported ($1.01) earnings per share for the quarter, hitting analysts’ consensus estimates of ($1.01). Arcellx had a negative return on equity of 55.42% and a negative net margin of 1,027.26%.The company had revenue of $1.65 million for the quarter, compared to analyst estimates of $13.40 million. On average, equities research analysts expect that Arcellx will post -1.58 EPS for the current year.

Insiders Place Their Bets

In other news, insider Christopher Heery sold 7,437 shares of the stock in a transaction on Tuesday, January 13th. The stock was sold at an average price of $65.51, for a total transaction of $487,197.87. Following the completion of the transaction, the insider directly owned 29,631 shares in the company, valued at approximately $1,941,126.81. This represents a 20.06% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Rami Elghandour sold 89,916 shares of the business’s stock in a transaction dated Friday, February 27th. The shares were sold at an average price of $113.92, for a total transaction of $10,243,230.72. Following the completion of the sale, the insider owned 276,051 shares in the company, valued at approximately $31,447,729.92. This trade represents a 24.57% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 109,366 shares of company stock valued at $11,526,708. Company insiders own 8.35% of the company’s stock.

Institutional Investors Weigh In On Arcellx

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. MAI Capital Management acquired a new stake in Arcellx in the 3rd quarter valued at approximately $26,000. CWM LLC raised its holdings in shares of Arcellx by 267.0% in the 3rd quarter. CWM LLC now owns 345 shares of the company’s stock valued at $28,000 after buying an additional 251 shares during the period. State of Wyoming acquired a new position in Arcellx during the 2nd quarter worth about $28,000. Ramirez Asset Management Inc. acquired a new position in Arcellx during the 3rd quarter worth about $41,000. Finally, Abich Financial Wealth Management LLC purchased a new position in Arcellx during the 3rd quarter valued at about $62,000. 96.03% of the stock is owned by hedge funds and other institutional investors.

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.