Leerink Partnrs Analysts Cut Earnings Estimates for Arcellx

Arcellx, Inc. (NASDAQ:ACLX) – Stock analysts at Leerink Partnrs dropped their FY2024 earnings per share estimates for shares of Arcellx in a research report issued to clients and investors on Wednesday, December 4th. Leerink Partnrs analyst D. Graybosch now forecasts that the company will post earnings per share of ($1.84) for the year, down from their previous estimate of ($1.82). The consensus estimate for Arcellx’s current full-year earnings is ($1.49) per share. Leerink Partnrs also issued estimates for Arcellx’s Q4 2024 earnings at ($0.71) EPS and FY2025 earnings at ($3.02) EPS.

Arcellx (NASDAQ:ACLX) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.48) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.54) by $0.06. Arcellx had a negative net margin of 25.94% and a negative return on equity of 8.28%. The company had revenue of $26.03 million during the quarter, compared to the consensus estimate of $35.21 million.

Several other equities analysts have also commented on ACLX. Canaccord Genuity Group increased their target price on Arcellx from $85.00 to $115.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Morgan Stanley raised their target price on Arcellx from $81.00 to $106.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 6th. Stifel Nicolaus upped their price target on Arcellx from $83.00 to $122.00 and gave the company a “buy” rating in a report on Friday, October 18th. Barclays raised shares of Arcellx to a “strong-buy” rating in a report on Friday, November 29th. Finally, Bank of America upped their target price on shares of Arcellx from $84.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Twelve investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $103.08.

Arcellx Trading Down 2.2 %

Shares of ACLX opened at $84.55 on Friday. The firm has a market capitalization of $4.57 billion, a price-to-earnings ratio of -119.08 and a beta of 0.25. The firm’s fifty day simple moving average is $88.46 and its 200-day simple moving average is $71.45. Arcellx has a twelve month low of $46.42 and a twelve month high of $107.37.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in ACLX. First Turn Management LLC acquired a new position in Arcellx during the 3rd quarter worth approximately $17,896,000. Harbor Capital Advisors Inc. boosted its stake in shares of Arcellx by 37.0% in the third quarter. Harbor Capital Advisors Inc. now owns 27,896 shares of the company’s stock valued at $2,330,000 after buying an additional 7,534 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Arcellx by 4.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 328,093 shares of the company’s stock worth $27,399,000 after acquiring an additional 14,200 shares during the period. Renaissance Technologies LLC purchased a new position in Arcellx in the second quarter worth $1,494,000. Finally, Intech Investment Management LLC acquired a new stake in Arcellx in the third quarter valued at $800,000. 96.03% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Kavita Patel sold 1,500 shares of the stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $74.41, for a total transaction of $111,615.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Michelle Gilson sold 15,000 shares of the business’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $77.73, for a total transaction of $1,165,950.00. Following the completion of the transaction, the chief financial officer now directly owns 6,915 shares in the company, valued at $537,502.95. This represents a 68.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 68,501 shares of company stock worth $6,680,008 in the last 90 days. Company insiders own 6.24% of the company’s stock.

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).