Arcellx (NASDAQ:ACLX – Get Rating) had its price target hoisted by Needham & Company LLC from $31.00 to $35.00 in a research note issued to investors on Monday, The Fly reports. The brokerage currently has a buy rating on the stock.
Several other analysts have also weighed in on ACLX. Guggenheim initiated coverage on Arcellx in a report on Monday, October 31st. They issued a buy rating and a $36.00 target price on the stock. Piper Sandler upped their price objective on Arcellx from $96.00 to $104.00 in a research report on Friday, December 9th. SVB Leerink reduced their price objective on Arcellx to $35.00 in a research report on Thursday, November 24th. Finally, Barclays upped their price objective on Arcellx from $25.00 to $38.00 and gave the company an overweight rating in a research report on Monday. Eight research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of Buy and a consensus target price of $43.88.
Get Arcellx alerts:Arcellx Stock Down 6.0 %
Arcellx stock opened at $31.03 on Monday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 6.48 and a current ratio of 6.48. The firm has a market capitalization of $1.36 billion and a price-to-earnings ratio of -0.70. Arcellx has a fifty-two week low of $6.03 and a fifty-two week high of $33.99. The stock's fifty day moving average is $21.60 and its two-hundred day moving average is $19.58.
Insider Buying and Selling
In related news, insider Christopher Heery sold 12,500 shares of the stock in a transaction dated Tuesday, December 13th. The stock was sold at an average price of $30.03, for a total transaction of $375,375.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.Hedge Funds Weigh In On Arcellx
Several large investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp lifted its position in Arcellx by 117.2% during the third quarter. Bank of New York Mellon Corp now owns 120,637 shares of the company's stock worth $2,264,000 after buying an additional 65,101 shares during the period. California State Teachers Retirement System raised its holdings in shares of Arcellx by 177.7% in the 3rd quarter. California State Teachers Retirement System now owns 11,673 shares of the company's stock worth $219,000 after purchasing an additional 7,470 shares during the period. Alliancebernstein L.P. purchased a new position in shares of Arcellx in the 3rd quarter worth about $404,000. State Street Corp raised its holdings in shares of Arcellx by 761.1% in the 3rd quarter. State Street Corp now owns 1,514,025 shares of the company's stock worth $28,418,000 after purchasing an additional 1,338,208 shares during the period. Finally, Tri Locum Partners LP purchased a new position in shares of Arcellx in the 3rd quarter worth about $804,000. 92.30% of the stock is currently owned by hedge funds and other institutional investors.
Arcellx Company Profile
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Arcellx, Inc, a clinical-stage biotechnology company, engages in the development of various immunotherapies for patients with cancer and other incurable diseases. The company's lead ddCAR product candidate is CART-ddBCMA, which is in phase 1 clinical trial for the treatment of patients with relapsed or refractory (r/r) multiple myeloma (MM).
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