Truist Financial Increases Arcellx (NASDAQ:ACLX) Price Target to $136.00

by · The Markets Daily

Arcellx (NASDAQ:ACLX – Free Report) had its target price raised by Truist Financial from $87.00 to $136.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has a buy rating on the stock.

ACLX has been the topic of several other reports. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Arcellx in a report on Monday, September 9th. Robert W. Baird increased their price objective on shares of Arcellx from $77.00 to $106.00 and gave the company an “outperform” rating in a report on Wednesday, November 6th. Piper Sandler increased their target price on shares of Arcellx from $91.00 to $115.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. Redburn Atlantic began coverage on shares of Arcellx in a research report on Tuesday, October 8th. They issued a “buy” rating and a $109.00 target price for the company. Finally, Bank of America increased their target price on shares of Arcellx from $84.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Thirteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Arcellx presently has an average rating of “Buy” and an average price target of $103.08.

View Our Latest Research Report on Arcellx

Arcellx Stock Performance

Shares of NASDAQ ACLX opened at $87.83 on Tuesday. The company’s fifty day moving average price is $85.97 and its 200 day moving average price is $67.52. Arcellx has a 1 year low of $46.42 and a 1 year high of $107.37. The company has a market capitalization of $4.75 billion, a PE ratio of -123.70 and a beta of 0.27.

Arcellx (NASDAQ:ACLX – Get Free Report) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.48) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.54) by $0.06. The business had revenue of $26.03 million for the quarter, compared to the consensus estimate of $35.21 million. Arcellx had a negative net margin of 25.94% and a negative return on equity of 8.28%. On average, equities analysts expect that Arcellx will post -1.49 EPS for the current year.

Insider Buying and Selling

In other Arcellx news, Director Kavita Patel sold 33,763 shares of Arcellx stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $104.14, for a total transaction of $3,516,078.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Christopher Heery sold 21,684 shares of Arcellx stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $71.12, for a total transaction of $1,542,166.08. Following the sale, the insider now owns 9,278 shares of the company’s stock, valued at approximately $659,851.36. This represents a 70.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 119,557 shares of company stock worth $10,163,933. Insiders own 6.24% of the company’s stock.

Institutional Investors Weigh In On Arcellx

A number of institutional investors have recently made changes to their positions in the stock. Sei Investments Co. boosted its stake in shares of Arcellx by 36.3% in the first quarter. Sei Investments Co. now owns 14,836 shares of the company’s stock valued at $1,032,000 after purchasing an additional 3,951 shares during the period. Russell Investments Group Ltd. lifted its stake in Arcellx by 3.1% in the first quarter. Russell Investments Group Ltd. now owns 195,437 shares of the company’s stock worth $13,593,000 after acquiring an additional 5,895 shares during the last quarter. ProShare Advisors LLC lifted its stake in Arcellx by 12.0% in the first quarter. ProShare Advisors LLC now owns 10,590 shares of the company’s stock worth $737,000 after acquiring an additional 1,131 shares during the last quarter. Bleakley Financial Group LLC purchased a new stake in shares of Arcellx during the 1st quarter worth approximately $232,000. Finally, Vanguard Group Inc. lifted its position in shares of Arcellx by 8.1% during the 1st quarter. Vanguard Group Inc. now owns 2,228,856 shares of the company’s stock worth $155,017,000 after buying an additional 167,037 shares during the last quarter. 96.03% of the stock is currently owned by institutional investors and hedge funds.

Arcellx Company Profile

(Get Free Report)

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).

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