Arcellx (NASDAQ:ACLX) Releases Earnings Results, Beats Estimates By $0.01 EPS

Arcellx (NASDAQ:ACLX) issued its earnings results on Thursday. The company reported ($0.51) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.52) by $0.01, Briefing.com reports. Arcellx had a negative net margin of 38.39% and a negative return on equity of 13.11%. The firm had revenue of $27.38 million during the quarter, compared to analyst estimates of $22.04 million. The company’s quarterly revenue was up 91.5% on a year-over-year basis.

Arcellx Stock Performance

NASDAQ:ACLX opened at $59.05 on Friday. Arcellx has a fifty-two week low of $30.88 and a fifty-two week high of $75.10. The stock has a market capitalization of $3.16 billion, a P/E ratio of -57.33 and a beta of 0.23. The company’s 50-day simple moving average is $56.81 and its 200-day simple moving average is $59.23.

Analysts Set New Price Targets

A number of brokerages recently weighed in on ACLX. HC Wainwright dropped their target price on shares of Arcellx from $82.00 to $80.00 and set a “buy” rating for the company in a research report on Monday, May 13th. Canaccord Genuity Group restated a “buy” rating and set a $85.00 target price on shares of Arcellx in a research report on Monday, July 22nd. Evercore ISI started coverage on shares of Arcellx in a research report on Tuesday, May 14th. They set an “outperform” rating and a $85.00 target price for the company. Needham & Company LLC reaffirmed a “buy” rating and set a $81.00 price target on shares of Arcellx in a research note on Friday. Finally, Stifel Nicolaus upped their price target on shares of Arcellx from $82.00 to $83.00 and gave the company a “buy” rating in a research note on Wednesday, May 15th. Thirteen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $78.00.

Insider Activity

In other news, CFO Michelle Gilson sold 12,121 shares of the firm’s stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $50.71, for a total value of $614,655.91. Following the sale, the chief financial officer now directly owns 19,792 shares in the company, valued at approximately $1,003,652.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Michelle Gilson sold 12,121 shares of the stock in a transaction that occurred on Friday, May 24th. The shares were sold at an average price of $50.71, for a total value of $614,655.91. Following the completion of the transaction, the chief financial officer now directly owns 19,792 shares of the company’s stock, valued at approximately $1,003,652.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Christopher Heery sold 20,000 shares of the stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $55.13, for a total transaction of $1,102,600.00. Following the completion of the transaction, the insider now directly owns 9,278 shares of the company’s stock, valued at $511,496.14. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 92,570 shares of company stock worth $5,169,283. Corporate 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).