Stifel Nicolaus Reiterates “Buy” Rating for Arcellx (NASDAQ:ACLX)

Stifel Nicolaus reissued their buy rating on shares of Arcellx (NASDAQ:ACLX) in a research report report published on Thursday, Benzinga reports. Stifel Nicolaus currently has a $82.00 target price on the stock.

Other equities research analysts have also recently issued reports about the stock. Morgan Stanley assumed coverage on shares of Arcellx in a research report on Thursday, March 7th. They set an overweight rating and a $81.00 price objective for the company. Truist Financial boosted their price target on shares of Arcellx from $57.00 to $87.00 and gave the company a buy rating in a research report on Tuesday, March 5th. Barclays boosted their price target on shares of Arcellx from $62.00 to $73.00 and gave the company an overweight rating in a research report on Thursday, February 29th. Canaccord Genuity Group upped their target price on shares of Arcellx from $66.00 to $85.00 and gave the company a buy rating in a report on Thursday, February 29th. Finally, HC Wainwright upped their target price on shares of Arcellx from $60.00 to $82.00 and gave the company a buy rating in a report on Thursday, February 29th. Thirteen analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of Buy and a consensus price target of $69.14.

Arcellx Stock Performance

Shares of NASDAQ:ACLX traded down $1.51 during trading on Thursday, hitting $69.11. The company’s stock had a trading volume of 473,844 shares, compared to its average volume of 449,582. The business has a 50 day moving average price of $62.63 and a two-hundred day moving average price of $50.20. The company has a market capitalization of $3.65 billion, a PE ratio of -47.49 and a beta of 0.02. Arcellx has a fifty-two week low of $27.28 and a fifty-two week high of $75.10.

Arcellx (NASDAQ:ACLX) last posted its quarterly earnings results on Wednesday, February 28th. The company reported $0.42 EPS for the quarter, topping the consensus estimate of ($0.53) by $0.95. The business had revenue of $63.15 million during the quarter, compared to the consensus estimate of $20.07 million. Arcellx had a negative net margin of 64.08% and a negative return on equity of 20.96%. During the same quarter in the previous year, the firm posted ($0.76) earnings per share. As a group, equities analysts expect that Arcellx will post -1.69 earnings per share for the current fiscal year.

Insider Transactions at Arcellx

In other Arcellx news, CFO Michelle Gilson sold 8,514 shares of the company’s stock in a transaction dated Thursday, January 4th. The shares were sold at an average price of $55.27, for a total transaction of $470,568.78. Following the transaction, the chief financial officer now directly owns 16,310 shares in the company, valued at $901,453.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Arcellx news, CFO Michelle Gilson sold 8,514 shares of the company’s stock in a transaction dated Thursday, January 4th. The shares were sold at an average price of $55.27, for a total transaction of $470,568.78. Following the transaction, the chief financial officer now directly owns 16,310 shares in the company, valued at $901,453.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Olivia C. Ware sold 9,000 shares of the company’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $70.40, for a total transaction of $633,600.00. The disclosure for this sale can be found here. Insiders have sold a total of 31,535 shares of company stock worth $1,930,637 over the last ninety days. 5.86% of the stock is currently owned by company insiders.

Institutional Trading of Arcellx

Several large investors have recently modified their holdings of ACLX. Novo Holdings A S acquired a new stake in shares of Arcellx in the first quarter valued at approximately $56,317,000. State Street Corp lifted its stake in shares of Arcellx by 761.1% during the third quarter. State Street Corp now owns 1,514,025 shares of the company’s stock valued at $28,418,000 after buying an additional 1,338,208 shares during the period. Perceptive Advisors LLC lifted its stake in shares of Arcellx by 47.9% during the first quarter. Perceptive Advisors LLC now owns 3,841,739 shares of the company’s stock valued at $118,364,000 after buying an additional 1,243,434 shares during the period. BlackRock Inc. lifted its stake in shares of Arcellx by 199.8% during the third quarter. BlackRock Inc. now owns 1,806,103 shares of the company’s stock valued at $33,902,000 after buying an additional 1,203,592 shares during the period. Finally, FMR LLC lifted its stake in shares of Arcellx by 4,797,730.8% during the second quarter. FMR LLC now owns 623,718 shares of the company’s stock valued at $11,277,000 after buying an additional 623,705 shares during the period.

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).