Arcellx (NASDAQ:ACLX) Stock Price Down 6.6% – Should You Sell?

Arcellx, Inc. (NASDAQ:ACLX)’s stock price fell 6.6% during mid-day trading on Tuesday . The company traded as low as $89.03 and last traded at $89.42. 293,446 shares traded hands during mid-day trading, a decline of 39% from the average session volume of 477,640 shares. The stock had previously closed at $95.72.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Cantor Fitzgerald reiterated an “overweight” rating on shares of Arcellx in a report on Monday, September 9th. HC Wainwright increased their target price on Arcellx from $80.00 to $95.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Truist Financial upped their price objective on Arcellx from $87.00 to $136.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. Robert W. Baird raised their target price on shares of Arcellx from $77.00 to $106.00 and gave the stock an “outperform” rating in a report on Wednesday, November 6th. Finally, Canaccord Genuity Group increased their price objective on shares of Arcellx from $85.00 to $115.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Twelve investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $103.08.

Arcellx Trading Up 0.6 %

The business has a fifty day moving average price of $88.38 and a two-hundred day moving average price of $71.01.

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, 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 company had revenue of $26.03 million for the quarter, compared to the consensus estimate of $35.21 million. As a group, analysts expect that Arcellx, Inc. will post -1.49 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Kavita Patel sold 1,500 shares of the company’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $74.41, for a total value of $111,615.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 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 value of $1,165,950.00. Following the completion of the sale, the chief financial officer now owns 6,915 shares of the company’s stock, valued at $537,502.95. This trade represents a 68.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 67,001 shares of company stock valued at $6,542,188. Insiders own 6.24% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares 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 worth $168,026,000 after purchasing an additional 109,332 shares during the period. RA Capital Management L.P. boosted its position in shares of Arcellx by 15.4% during the third quarter. RA Capital Management L.P. now owns 1,851,479 shares of the company’s stock valued at $154,617,000 after purchasing an additional 247,465 shares in the last quarter. Geode Capital Management LLC grew its holdings in Arcellx by 4.3% in the third quarter. Geode Capital Management LLC now owns 974,967 shares of the company’s stock worth $81,434,000 after purchasing an additional 39,781 shares during the period. Great Point Partners LLC raised its position in shares of Arcellx by 64.0% in the 2nd quarter. Great Point Partners LLC now owns 492,000 shares of the company’s stock worth $27,153,000 after purchasing an additional 192,000 shares during the last quarter. Finally, Affinity Asset Advisors LLC raised its stake in shares of Arcellx by 53.3% in 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 last quarter. 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).