Arcellx (NASDAQ:ACLX) Trading Down 5.4% – What’s Next?

Shares of Arcellx, Inc. (NASDAQ:ACLX) traded down 5.4% during mid-day trading on Monday . The stock traded as low as $63.38 and last traded at $64.44. 119,455 shares were traded during trading, a decline of 82% from the average session volume of 677,085 shares. The stock had previously closed at $68.13.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Piper Sandler lifted their price target on Arcellx from $91.00 to $115.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Stifel Nicolaus increased their price target on shares of Arcellx from $83.00 to $122.00 and gave the company a “buy” rating in a research report on Friday, October 18th. HC Wainwright restated a “buy” rating and set a $115.00 price objective on shares of Arcellx in a research report on Tuesday, December 10th. Needham & Company LLC reiterated a “buy” rating and set a $105.00 target price on shares of Arcellx in a report on Monday, December 9th. Finally, Bank of America upped their price objective on shares of Arcellx from $84.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Thirteen investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $105.93.

Arcellx Stock Performance

The firm has a market cap of $3.71 billion, a price-to-earnings ratio of -96.56 and a beta of 0.29. The business’s 50 day moving average price is $75.68 and its 200-day moving average price is $76.90.

Arcellx (NASDAQ:ACLX) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.48) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.54) by $0.06. Arcellx had a negative return on equity of 8.28% and a negative net margin of 25.94%. The business had revenue of $26.03 million for the quarter, compared to analyst estimates of $35.21 million. On average, analysts forecast that Arcellx, Inc. will post -1.58 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Arcellx news, insider Christopher Heery sold 3,301 shares of the business’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $79.55, for a total transaction of $262,594.55. Following the completion of the transaction, the insider now directly owns 35,517 shares of the company’s stock, valued at $2,825,377.35. The trade was a 8.50 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Kavita Patel sold 33,763 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $104.14, for a total value of $3,516,078.82. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 64,916 shares of company stock valued at $6,339,655. Insiders own 6.24% of the company’s stock.

Institutional Trading of Arcellx

A number of hedge funds and other institutional investors have recently modified their holdings of ACLX. Janus Henderson Group PLC increased its holdings in shares of Arcellx by 5.7% in the third quarter. Janus Henderson Group PLC now owns 2,011,950 shares of the company’s stock valued at $168,026,000 after buying an additional 109,332 shares in the last quarter. RA Capital Management L.P. increased its stake in Arcellx by 15.4% in the 3rd quarter. RA Capital Management L.P. now owns 1,851,479 shares of the company’s stock valued at $154,617,000 after buying an additional 247,465 shares during the period. Geode Capital Management LLC boosted its position in Arcellx by 4.3% during the third quarter. Geode Capital Management LLC now owns 974,967 shares of the company’s stock valued at $81,434,000 after purchasing an additional 39,781 shares during the last quarter. Lord Abbett & CO. LLC raised its holdings in shares of Arcellx by 2.1% during the 3rd quarter. Lord Abbett & CO. LLC now owns 891,848 shares of the company’s stock valued at $74,478,000 after purchasing an additional 18,004 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position 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 purchasing an additional 14,200 shares during the period. Institutional investors own 96.03% of the company’s stock.

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).