Arcellx (NASDAQ:ACLX) Trading Down 5.2%

Arcellx, Inc. (NASDAQ:ACLX) was down 5.2% during trading on Wednesday . The stock traded as low as $76.87 and last traded at $77.18. Approximately 347,381 shares traded hands during mid-day trading, a decline of 24% from the average daily volume of 459,076 shares. The stock had previously closed at $81.44.

Analyst Upgrades and Downgrades

ACLX has been the topic of several recent research reports. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Arcellx in a research note on Monday, September 9th. Needham & Company LLC reiterated a “buy” rating and issued a $81.00 target price on shares of Arcellx in a report on Friday, August 9th. Truist Financial restated a “buy” rating and set a $87.00 price target on shares of Arcellx in a report on Tuesday, June 18th. Finally, Canaccord Genuity Group reiterated a “buy” rating and issued a $85.00 price objective on shares of Arcellx in a research note on Monday, July 22nd. Fourteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $78.00.

Arcellx Trading Down 6.4 %

The stock has a market capitalization of $4.08 billion, a price-to-earnings ratio of -79.07 and a beta of 0.23. The company’s 50 day moving average is $69.17 and its 200 day moving average is $61.29.

Arcellx (NASDAQ:ACLX) last posted its earnings results on Thursday, August 8th. The company reported ($0.51) earnings per share for the quarter, beating the consensus estimate of ($0.52) by $0.01. The business had revenue of $27.38 million during the quarter, compared to the consensus estimate of $22.04 million. Arcellx had a negative return on equity of 12.42% and a negative net margin of 37.23%. Arcellx’s revenue was up 91.5% compared to the same quarter last year. Analysts anticipate that Arcellx, Inc. will post -1.65 EPS for the current fiscal year.

Insider Activity

In related news, insider Christopher Heery sold 27,451 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $67.03, for a total value of $1,840,040.53. Following the completion of the sale, the insider now owns 9,278 shares in the company, valued at approximately $621,904.34. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, Director Kavita Patel sold 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, July 30th. The stock was sold at an average price of $61.97, for a total value of $92,955.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Christopher Heery sold 27,451 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $67.03, for a total value of $1,840,040.53. Following the sale, the insider now owns 9,278 shares of the company’s stock, valued at approximately $621,904.34. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 86,628 shares of company stock valued at $6,009,342. 6.24% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Arcellx

Hedge funds and other institutional investors have recently bought and sold shares of the company. Quest Partners LLC purchased a new stake in shares of Arcellx in the second quarter valued at about $27,000. Plato Investment Management Ltd acquired a new stake in shares of Arcellx in the 1st quarter valued at approximately $51,000. Decheng Capital LLC acquired a new position in Arcellx during the second quarter worth $65,000. National Bank of Canada FI raised its position in Arcellx by 50.0% in the second quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock worth $80,000 after acquiring an additional 500 shares in the last quarter. Finally, Advisory Alpha LLC acquired a new stake in Arcellx in the first quarter valued at $209,000. 96.03% of the stock is currently owned by hedge funds and other 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).