Arcellx (NASDAQ:ACLX) Reaches New 52-Week High Following Analyst Upgrade

Arcellx, Inc. (NASDAQ:ACLX) has achieved a notable milestone as its stock price reached a new 52-week high during mid-day trading on Thursday. This surge was prompted by an upgrade from HC Wainwright, which raised their price target for the stock significantly from $80.00 to $95.00. HC Wainwright currently maintains a 'buy' rating on Arcellx. During trading, the stock peaked at $97.86 and eventually settled at $97.79, with a total trading volume of 230,060 shares, up from the previous closing price of $92.98.

Arcellx has garnered attention from several research firms. For example, Robert W. Baird recently increased their price target for Arcellx from $77.00 to $106.00, also providing an 'outperform' rating in their latest report. Additionally, Redburn Atlantic initiated coverage of Arcellx on October 8, issuing a 'buy' rating and a target price of $109.00. Canaccord Genuity Group also uplifted their target price for the company from $85.00 to $115.00, reaffirming their 'buy' rating in a report released on October 17. Meanwhile, Stifel Nicolaus revised their price target from $83.00 to $122.00 while maintaining a 'buy' rating, a move made on October 18. Cantor Fitzgerald reaffirmed an 'overweight' rating for the stock earlier in September. In total, data shows that thirteen investment analysts have rated the stock with a 'buy' rating, while one analyst has given it a strong buy rating. According to MarketBeat, it appears that Arcellx holds an average rating of 'Buy' with an average target price sitting at $95.85.

Recent Insider Trading Activity

In related company news, Director Kavita Patel sold 1,500 shares of Arcellx stock in a transaction that took place on October 22, with an average price of $89.69, totaling $134,535.00. This sale was officially reported in a filing with the SEC. Additionally, CFO Michelle Gilson unloaded 15,000 shares of stock in a transaction on September 17, at an average price of $77.73, which amounted to $1,165,950.00. After this transaction, she continues to hold 6,915 shares in the company, valued at approximately $537,502.95, representing a very minimal decrease in her stock ownership. Recent data indicates that there have been a total of 70,556 shares sold by insiders over the last three months, with a combined value of approximately $5,033,845. Corporate insiders now collectively own around 6.24% of Arcellx's total stock.

Institutional Investors Make Moves

In the investment community, several large institutional investors have made adjustments to their holdings in Arcellx. Great Point Partners LLC, for instance, boosted its shares by 64.0% during the second quarter, increasing its total to 492,000 shares worth around $27.15 million after acquiring an additional 192,000 shares. Bamco Inc. NY further increased its stake in Arcellx by an impressive 292.1% in the first quarter, now owning 248,993 shares valued at about $17.32 million after adding 185,493 shares to its portfolio. The Vanguard Group Inc. also enhanced its position by 8.1% during the same quarter, currently holding 2,228,856 shares, amounting to a valuation of $155 million. Affinity Asset Advisors LLC increased its stake by 53.3% during the second quarter, holding 460,000 shares currently worth $25.39 million. Lastly, Price Trowe Associates Inc. MD raised its stake by 6.7% during the first quarter, now owning 1,344,553 shares valued at approximately $93.51 million. Overall, institutional investors hold a substantial 96.03% of Arcellx stock.

Recent Stock Performance

At the moment, Arcellx's stock is up by around 4.3%. The company's 50-day simple moving average currently stands at $81.69, while the 200-day average is $65.35. With a market capitalization of $5.21 billion, the stock has a negative P/E ratio of -90.35 and a beta of 0.27.

The last time Arcellx announced earnings results was on August 8. The company reported a loss of ($0.51) earnings per share (EPS) for the quarter, which narrowly beat the consensus estimate of ($0.52) by $0.01. Notably, Arcellx reported a revenue of $27.38 million for the quarter, considerably exceeding analyst expectations of $22.04 million and reflecting a remarkable 91.5% growth year-over-year. Looking ahead, analysts predict that Arcellx will post around -1.65 EPS for the current fiscal year.

About Arcellx, Inc.

Arcellx, Inc. is focused on developing innovative immunotherapies aimed at treating cancer and various other incurable diseases in the United States. Their primary product candidate is anitocabtagene autoleucel, which is currently undergoing Phase 2 clinical trials targeted toward patients with relapsed or refractory multiple myeloma.

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