Arcellx (NASDAQ:ACLX) Trading 5% Higher

Arcellx, Inc. (NASDAQ:ACLX) shot up 5% on Monday . The company traded as high as $57.36 and last traded at $56.84. 77,915 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 458,592 shares. The stock had previously closed at $54.13.

Analysts Set New Price Targets

ACLX has been the topic of several recent research reports. HC Wainwright reduced their price target on Arcellx from $82.00 to $80.00 and set a “buy” rating on the stock in a research report on Monday, May 13th. Needham & Company LLC restated a “buy” rating and issued a $81.00 target price on shares of Arcellx in a report on Tuesday, May 7th. Evercore ISI initiated coverage on shares of Arcellx in a report on Tuesday, May 14th. They set an “outperform” rating and a $85.00 price target for the company. Stifel Nicolaus increased their price target on shares of Arcellx from $82.00 to $83.00 and gave the company a “buy” rating in a research report on Wednesday, May 15th. Finally, Piper Sandler assumed coverage on shares of Arcellx in a research report on Friday, May 31st. They issued an “overweight” rating and a $70.00 price objective on the stock. Thirteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $78.00.

Arcellx Price Performance

The stock’s 50 day moving average is $53.32 and its 200-day moving average is $58.48. The company has a market capitalization of $3.07 billion, a P/E ratio of -55.68 and a beta of 0.23.

Arcellx (NASDAQ:ACLX) last announced its earnings results on Thursday, May 9th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.51) by $0.37. Arcellx had a negative return on equity of 13.11% and a negative net margin of 38.39%. The firm had revenue of $39.26 million during the quarter, compared to analyst estimates of $20.67 million. During the same quarter in the prior year, the company earned ($0.58) EPS. The business’s revenue was up 119.2% compared to the same quarter last year. On average, equities research analysts anticipate that Arcellx, Inc. will post -1.7 EPS for the current year.

Insider Buying and Selling at Arcellx

In related news, CFO Michelle Gilson sold 12,121 shares of the 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 completion of the transaction, the chief financial officer now directly owns 19,792 shares in the company, valued at approximately $1,003,652.32. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CFO Michelle Gilson sold 12,121 shares of the business’s stock in a transaction that occurred on Friday, May 24th. The stock was 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 of the company’s stock, valued at approximately $1,003,652.32. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Christopher Heery sold 18,168 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $51.33, for a total value of $932,563.44. Following the completion of the sale, the insider now owns 8,938 shares in the company, valued at approximately $458,787.54. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 102,568 shares of company stock valued at $5,514,095. 6.24% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Arcellx

Several institutional investors and hedge funds have recently modified their holdings of ACLX. Perceptive Advisors LLC grew its position in Arcellx by 14.6% during the 4th quarter. Perceptive Advisors LLC now owns 4,544,809 shares of the company’s stock valued at $252,237,000 after purchasing an additional 578,831 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Arcellx by 8.1% during the first quarter. Vanguard Group Inc. now owns 2,228,856 shares of the company’s stock valued at $155,017,000 after buying an additional 167,037 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Arcellx by 6.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,344,553 shares of the company’s stock valued at $93,514,000 after acquiring an additional 84,373 shares in the last quarter. PFM Health Sciences LP raised its holdings in Arcellx by 39.5% in the 4th quarter. PFM Health Sciences LP now owns 335,198 shares of the company’s stock worth $18,603,000 after acquiring an additional 94,860 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in Arcellx by 1.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 264,178 shares of the company’s stock valued at $14,662,000 after acquiring an additional 3,722 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).