Weiss Ratings Reiterates “Sell (D-)” Rating for Arcellx (NASDAQ:ACLX)

Arcellx (NASDAQ:ACLX)‘s stock had its “sell (d-)” rating restated by investment analysts at Weiss Ratings in a research note issued on Friday,Weiss Ratings reports.

Other analysts have also issued reports about the company. Scotiabank lifted their price target on Arcellx from $93.00 to $133.00 and gave the company a “sector outperform” rating in a research note on Thursday, July 31st. Cantor Fitzgerald reiterated a “neutral” rating and set a $88.00 target price on shares of Arcellx in a research report on Thursday, October 9th. Finally, Stifel Nicolaus set a $129.00 price target on shares of Arcellx and gave the company a “buy” rating in a research report on Thursday, October 16th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $113.08.

Arcellx Price Performance

ACLX stock opened at $84.68 on Friday. The stock has a market cap of $4.70 billion, a price-to-earnings ratio of -24.76 and a beta of 0.31. The company has a 50 day simple moving average of $78.44 and a 200 day simple moving average of $69.75. Arcellx has a 1 year low of $47.86 and a 1 year high of $107.37.

Arcellx (NASDAQ:ACLX) last posted its earnings results on Thursday, August 7th. The company reported ($0.94) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.03) by $0.09. The firm had revenue of $7.55 million for the quarter, compared to analysts’ expectations of $16.76 million. Arcellx had a negative net margin of 329.93% and a negative return on equity of 43.04%. On average, equities research analysts anticipate that Arcellx will post -1.58 EPS for the current fiscal year.

Insiders Place Their Bets

In other Arcellx news, insider Christopher Heery sold 21,034 shares of the stock in a transaction dated Tuesday, September 30th. The stock was sold at an average price of $81.28, for a total transaction of $1,709,643.52. Following the completion of the sale, the insider directly owned 624 shares in the company, valued at approximately $50,718.72. This trade represents a 97.12% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders have sold a total of 37,146 shares of company stock worth $3,000,136 over the last ninety days. 8.35% of the stock is owned by company insiders.

Institutional Investors Weigh In On Arcellx

A number of hedge funds have recently added to or reduced their stakes in ACLX. Amalgamated Bank boosted its holdings in shares of Arcellx by 12.0% during the 1st quarter. Amalgamated Bank now owns 1,508 shares of the company’s stock worth $99,000 after buying an additional 161 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Arcellx by 104.1% during the 1st quarter. GAMMA Investing LLC now owns 494 shares of the company’s stock valued at $32,000 after acquiring an additional 252 shares during the period. Rhumbline Advisers boosted its stake in Arcellx by 6.4% during the first quarter. Rhumbline Advisers now owns 63,751 shares of the company’s stock worth $4,182,000 after acquiring an additional 3,848 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in Arcellx by 54.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 7,702 shares of the company’s stock worth $468,000 after acquiring an additional 2,702 shares in the last quarter. Finally, Strs Ohio acquired a new stake in Arcellx in the first quarter worth $938,000. 96.03% of the stock is currently owned by institutional investors.

Arcellx Company Profile

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).