Arcellx, Inc. (NASDAQ:ACLX) Receives Consensus Rating of “Buy” from Brokerages

Arcellx, Inc. (NASDAQ:ACLX) has received a consensus recommendation of “Buy” from the fifteen analysts that are currently covering the firm, Marketbeat.com reports. Thirteen research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $114.3077.

ACLX has been the subject of a number of research analyst reports. Citigroup assumed coverage on Arcellx in a research note on Tuesday, June 17th. They set a “buy” rating and a $110.00 price target for the company. Scotiabank boosted their price target on Arcellx from $93.00 to $133.00 and gave the company a “sector outperform” rating in a report on Thursday, July 31st. Cantor Fitzgerald raised Arcellx to a “strong-buy” rating in a research report on Monday, August 4th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $115.00 target price on shares of Arcellx in a research report on Monday, June 16th.

Arcellx Stock Performance

Shares of ACLX stock opened at $76.42 on Thursday. Arcellx has a 52-week low of $47.86 and a 52-week high of $107.37. The firm has a market capitalization of $4.24 billion, a P/E ratio of -22.34 and a beta of 0.28. The stock has a 50 day moving average price of $71.28 and a 200 day moving average price of $66.62.

Arcellx (NASDAQ:ACLX) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.94) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.03) by $0.09. Arcellx had a negative return on equity of 43.04% and a negative net margin of 329.93%.The firm had revenue of $7.55 million during the quarter, compared to analyst estimates of $16.76 million. As a group, sell-side analysts forecast that Arcellx will post -1.58 EPS for the current year.

Institutional Investors Weigh In On Arcellx

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Paradigm Biocapital Advisors LP raised its position in Arcellx by 2.8% during the 1st quarter. Paradigm Biocapital Advisors LP now owns 4,492,032 shares of the company’s stock valued at $294,677,000 after purchasing an additional 120,431 shares in the last quarter. Vanguard Group Inc. raised its position in Arcellx by 19.7% during the 1st quarter. Vanguard Group Inc. now owns 3,985,156 shares of the company’s stock valued at $261,426,000 after purchasing an additional 655,064 shares in the last quarter. RA Capital Management L.P. raised its position in Arcellx by 8.9% during the 1st quarter. RA Capital Management L.P. now owns 3,036,527 shares of the company’s stock valued at $199,196,000 after purchasing an additional 249,200 shares in the last quarter. Vestal Point Capital LP raised its position in Arcellx by 15.2% during the 2nd quarter. Vestal Point Capital LP now owns 2,750,000 shares of the company’s stock valued at $181,088,000 after purchasing an additional 362,280 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. raised its position in Arcellx by 135.9% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 1,665,138 shares of the company’s stock valued at $109,234,000 after purchasing an additional 959,216 shares in the last quarter. 96.03% of the stock is owned by institutional investors.

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).