Arcellx’s (ACLX) Buy Rating Reiterated at Canaccord Genuity Group

Canaccord Genuity Group reissued their buy rating on shares of Arcellx (NASDAQ:ACLX) in a report released on Monday,Benzinga reports. The firm currently has a $130.00 target price on the stock.

ACLX has been the topic of a number of other research reports. Wolfe Research started coverage on shares of Arcellx in a research report on Tuesday, November 18th. They issued a “peer perform” rating on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Arcellx in a report on Wednesday, October 8th. Citigroup reaffirmed a “buy” rating on shares of Arcellx in a research report on Monday, November 24th. Stifel Nicolaus set a $129.00 target price on shares of Arcellx and gave the company a “buy” rating in a report on Thursday, October 16th. Finally, Cantor Fitzgerald restated a “neutral” rating and set a $88.00 price target on shares of Arcellx in a research note on Thursday, October 9th. Seven research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $115.71.

Arcellx Stock Up 1.6%

ACLX stock opened at $71.98 on Monday. The business has a fifty day moving average of $83.37 and a two-hundred day moving average of $74.63. The stock has a market cap of $4.16 billion, a price-to-earnings ratio of -18.32 and a beta of 0.34. Arcellx has a 52-week low of $47.86 and a 52-week high of $94.07.

Arcellx (NASDAQ:ACLX) last announced its quarterly earnings results on Wednesday, November 5th. The company reported ($0.99) EPS for the quarter, missing the consensus estimate of ($0.96) by ($0.03). The business had revenue of $4.95 million during the quarter, compared to analyst estimates of $11.24 million. Arcellx had a negative net margin of 607.01% and a negative return on equity of 51.13%. As a group, sell-side analysts anticipate that Arcellx will post -1.58 EPS for the current year.

Insiders Place Their Bets

In other Arcellx news, insider Christopher Heery sold 340 shares of the stock in a transaction that occurred on Monday, November 17th. The shares were sold at an average price of $90.00, for a total transaction of $30,600.00. Following the sale, the insider directly owned 284 shares in the company, valued at $25,560. This represents a 54.49% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Over the last quarter, insiders have sold 37,486 shares of company stock worth $3,030,736. 8.35% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Arcellx

Several institutional investors have recently modified their holdings of ACLX. Schroder Investment Management Group acquired a new position in Arcellx during the 2nd quarter worth approximately $3,951,000. Rhumbline Advisers raised its holdings in shares of Arcellx by 6.4% in the 1st quarter. Rhumbline Advisers now owns 63,751 shares of the company’s stock valued at $4,182,000 after purchasing an additional 3,848 shares in the last quarter. Strs Ohio purchased a new stake in shares of Arcellx during the 1st quarter worth $938,000. Voya Investment Management LLC grew its stake 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 in the last quarter. Finally, American Century Companies Inc. grew its stake in shares of Arcellx by 694.3% during the second quarter. American Century Companies Inc. now owns 431,466 shares of the company’s stock worth $28,412,000 after purchasing an additional 377,145 shares in the last quarter. Institutional investors and hedge funds own 96.03% of the company’s stock.

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).