Arcellx (NASDAQ:ACLX) Upgraded by Truist Financial to Strong-Buy Rating

Arcellx (NASDAQ:ACLX) was upgraded by stock analysts at Truist Financial from a “hold” rating to a “strong-buy” rating in a research report issued on Friday,Zacks.com reports.

Several other research firms also recently commented on ACLX. Citigroup downgraded 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 research note on Tuesday, February 24th. TD Cowen lowered Arcellx from a “strong-buy” rating to a “hold” rating in a report on Monday, March 2nd. Wells Fargo & Company cut Arcellx from an “overweight” rating to an “equal weight” rating and set a $115.00 price target for the company. in a research note on Monday, February 23rd. UBS Group downgraded Arcellx from a “buy” rating to a “neutral” rating and increased their price target for the stock from $100.00 to $115.00 in a report on Tuesday, February 24th. Finally, William Blair lowered shares of Arcellx from a “strong-buy” rating to a “hold” rating in a research report on Monday, February 23rd. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, sixteen have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Arcellx has a consensus rating of “Hold” and an average target price of $111.87.

Arcellx Stock Up 0.4%

Arcellx stock opened at $114.77 on Friday. The firm has a market cap of $6.71 billion, a PE ratio of -28.20 and a beta of 0.23. Arcellx has a 52-week low of $47.86 and a 52-week high of $114.91. The company’s 50 day moving average is $86.72 and its two-hundred day moving average is $80.74.

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

Insider Transactions at Arcellx

In other news, insider Rami Elghandour sold 89,916 shares of the company’s stock in a transaction on Friday, February 27th. The stock was sold at an average price of $113.92, for a total value of $10,243,230.72. Following the sale, the insider directly owned 276,051 shares in the company, valued at $31,447,729.92. This represents a 24.57% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Christopher Heery sold 7,437 shares of the stock in a transaction on Tuesday, January 13th. The shares were sold at an average price of $65.51, for a total value of $487,197.87. Following the sale, the insider directly owned 29,631 shares in the company, valued at approximately $1,941,126.81. The trade was a 20.06% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 109,366 shares of company stock valued at $11,526,708. 8.35% of the stock is currently owned by company insiders.

Institutional Trading of Arcellx

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

Arcellx Company Profile

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.