Arcellx (NASDAQ:ACLX) Shares Up 5.8% – Here’s What Happened

Shares of Arcellx, Inc. (NASDAQ:ACLX) shot up 5.8% during mid-day trading on Monday . The company traded as high as $93.14 and last traded at $93.14. 136,034 shares were traded during mid-day trading, a decline of 71% from the average session volume of 476,975 shares. The stock had previously closed at $88.07.

Analyst Upgrades and Downgrades

ACLX has been the topic of several recent research reports. Redburn Atlantic began coverage on shares of Arcellx in a research report on Tuesday, October 8th. They issued a “buy” rating and a $109.00 price target on the stock. Needham & Company LLC restated a “buy” rating and set a $96.00 price objective on shares of Arcellx in a report on Wednesday, November 6th. Morgan Stanley raised their target price on shares of Arcellx from $81.00 to $106.00 and gave the stock an “overweight” rating in a report on Wednesday, November 6th. HC Wainwright boosted their price target on shares of Arcellx from $80.00 to $95.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Finally, Robert W. Baird increased their target price on Arcellx from $77.00 to $106.00 and gave the company an “outperform” rating in a report on Wednesday, November 6th. Thirteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Arcellx presently has an average rating of “Buy” and an average price target of $103.08.

Arcellx Stock Up 7.7 %

The business’s fifty day moving average is $88.07 and its two-hundred day moving average is $70.36. The firm has a market cap of $5.13 billion, a price-to-earnings ratio of -127.96 and a beta of 0.27.

Arcellx (NASDAQ:ACLX) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.48) EPS for the quarter, topping the consensus estimate 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 analysts’ expectations of $35.21 million. Research analysts forecast that Arcellx, Inc. will post -1.49 EPS for the current year.

Insider Buying and Selling at Arcellx

In other news, CFO Michelle Gilson sold 15,000 shares of the stock in a transaction dated 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 position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Kavita Patel sold 15,238 shares of Arcellx stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $105.92, for a total value of $1,614,008.96. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 97,873 shares of company stock valued at $8,621,767. Company insiders own 6.24% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in ACLX. RA Capital Management L.P. boosted its position in Arcellx by 15.4% during the third quarter. RA Capital Management L.P. now owns 1,851,479 shares of the company’s stock worth $154,617,000 after purchasing an additional 247,465 shares during the period. First Turn Management LLC bought a new position in Arcellx in the 3rd quarter valued at about $17,896,000. Great Point Partners LLC boosted its holdings in shares of Arcellx by 64.0% during the second quarter. Great Point Partners LLC now owns 492,000 shares of the company’s stock worth $27,153,000 after acquiring an additional 192,000 shares during the period. Affinity Asset Advisors LLC increased its stake in shares of Arcellx by 53.3% during the second quarter. Affinity Asset Advisors LLC now owns 460,000 shares of the company’s stock worth $25,387,000 after purchasing an additional 160,000 shares during the period. Finally, Janus Henderson Group PLC lifted its holdings in shares of Arcellx by 5.7% during the third quarter. Janus Henderson Group PLC now owns 2,011,950 shares of the company’s stock worth $168,026,000 after buying an additional 109,332 shares in the last quarter. 96.03% of the stock is currently owned by institutional investors.

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).