Arcellx’s (ACLX) “Overweight” Rating Reiterated at Cantor Fitzgerald

Cantor Fitzgerald reiterated their overweight rating on shares of Arcellx (NASDAQ:ACLX) in a research report sent to investors on Monday morning, Benzinga reports.

A number of other brokerages have also issued reports on ACLX. HC Wainwright dropped their target price on Arcellx from $82.00 to $80.00 and set a buy rating on the stock in a research report on Monday, May 13th. Stifel Nicolaus lifted their price objective on Arcellx from $82.00 to $83.00 and gave the stock a buy rating in a report on Wednesday, May 15th. Piper Sandler started coverage on Arcellx in a research note on Friday, May 31st. They set an overweight rating and a $70.00 target price for the company. Needham & Company LLC reissued a buy rating and set a $81.00 price target on shares of Arcellx in a research report on Friday, August 9th. Finally, Evercore ISI initiated coverage on shares of Arcellx in a report on Tuesday, May 14th. They issued an outperform rating and a $85.00 price target on the stock. Fourteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of Buy and an average target price of $78.00.

Arcellx Stock Up 0.3 %

NASDAQ ACLX opened at $74.40 on Monday. Arcellx has a fifty-two week low of $30.88 and a fifty-two week high of $76.72. The business has a 50 day moving average price of $62.79 and a two-hundred day moving average price of $59.97. The stock has a market cap of $3.98 billion, a PE ratio of -72.23 and a beta of 0.23.

Arcellx (NASDAQ:ACLX) last announced its earnings results on Thursday, August 8th. The company reported ($0.51) earnings per share for the quarter, beating the consensus estimate of ($0.52) by $0.01. Arcellx had a negative net margin of 37.23% and a negative return on equity of 12.42%. The business had revenue of $27.38 million during the quarter, compared to the consensus estimate of $22.04 million. Arcellx’s revenue for the quarter was up 91.5% compared to the same quarter last year. Sell-side analysts anticipate that Arcellx will post -1.65 EPS for the current fiscal year.

Insider Buying and Selling at Arcellx

In related news, CFO Michelle Gilson sold 12,877 shares of the firm’s stock in a transaction that occurred on Wednesday, June 26th. The stock was sold at an average price of $53.70, for a total value of $691,494.90. Following the sale, the chief financial officer now owns 6,915 shares of the company’s stock, valued at approximately $371,335.50. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Arcellx news, insider Christopher Heery sold 21,684 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $71.12, for a total value of $1,542,166.08. Following the completion of the transaction, the insider now owns 9,278 shares in the company, valued at approximately $659,851.36. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Michelle Gilson sold 12,877 shares of Arcellx stock in a transaction that occurred on Wednesday, June 26th. The shares were sold at an average price of $53.70, for a total value of $691,494.90. Following the sale, the chief financial officer now directly owns 6,915 shares in the company, valued at approximately $371,335.50. The disclosure for this sale can be found here. Insiders sold a total of 113,005 shares of company stock worth $7,073,772 over the last ninety days. Company insiders own 6.24% of the company’s stock.

Hedge Funds Weigh In On Arcellx

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Quest Partners LLC acquired a new stake in Arcellx in the second quarter worth about $27,000. National Bank of Canada FI boosted its holdings in shares of Arcellx by 50.0% in the second quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock valued at $80,000 after acquiring an additional 500 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Arcellx by 1.4% in the second quarter. Principal Financial Group Inc. now owns 37,352 shares of the company’s stock valued at $2,061,000 after acquiring an additional 517 shares in the last quarter. Plato Investment Management Ltd acquired a new position in shares of Arcellx during the first quarter valued at approximately $51,000. Finally, High Net Worth Advisory Group LLC raised its holdings in Arcellx by 14.3% during the first quarter. High Net Worth Advisory Group LLC now owns 8,000 shares of the company’s stock worth $556,000 after purchasing an additional 1,000 shares in the last quarter. 96.03% of the stock is owned by institutional investors.

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).