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

Arcellx, Inc. (NASDAQ:ACLX)’s share price shot up 5.8% on Monday . The stock traded as high as $93.14 and last traded at $93.14. 136,034 shares traded hands 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.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on ACLX. Bank of America lifted their target price on Arcellx from $84.00 to $100.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. Truist Financial boosted their target price on shares of Arcellx from $87.00 to $136.00 and gave the stock a “buy” rating in a report on Tuesday, November 12th. Needham & Company LLC restated a “buy” rating and set a $96.00 target price on shares of Arcellx in a report on Wednesday, November 6th. Morgan Stanley increased their price objective on Arcellx from $81.00 to $106.00 and gave the company an “overweight” rating in a research report on Wednesday, November 6th. Finally, Canaccord Genuity Group lifted their target price on Arcellx from $85.00 to $115.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Thirteen research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Arcellx has an average rating of “Buy” and a consensus price target of $103.08.

Arcellx Stock Down 3.2 %

The business has a 50-day simple moving average of $88.35 and a two-hundred day simple moving average of $70.91. The stock has a market capitalization of $4.64 billion, a P/E ratio of -124.86 and a beta of 0.25.

Arcellx (NASDAQ:ACLX) last announced its earnings results on Thursday, November 7th. The company reported ($0.48) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business had revenue of $26.03 million during the quarter, compared to analysts’ expectations of $35.21 million. On average, sell-side analysts forecast that Arcellx, Inc. will post -1.49 earnings per share for the current year.

Insider Activity at Arcellx

In other news, Director Kavita Patel sold 33,763 shares of the firm’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $104.14, for a total value of $3,516,078.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Christopher Heery sold 3,421 shares of the business’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $70.02, for a total transaction of $239,538.42. Following the transaction, the insider now owns 9,278 shares in the company, valued at approximately $649,645.56. The trade was a 26.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 70,422 shares of company stock valued at $6,781,726. 6.24% of the stock is owned by corporate insiders.

Institutional Trading of Arcellx

Several large investors have recently made changes to their positions in the company. Quest Partners LLC bought a new position in Arcellx in the 2nd quarter valued at approximately $27,000. Decheng Capital LLC bought a new position in shares of Arcellx in the 2nd quarter valued at $65,000. National Bank of Canada FI boosted its holdings in shares of Arcellx by 50.0% during the 2nd quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock valued at $80,000 after acquiring an additional 500 shares in the last quarter. Quarry LP acquired a new stake in shares of Arcellx during the 3rd quarter valued at $125,000. Finally, Covestor Ltd grew its position in Arcellx by 53,766.7% during the 3rd quarter. Covestor Ltd now owns 1,616 shares of the company’s stock worth $135,000 after acquiring an additional 1,613 shares during the last quarter. Institutional investors and hedge funds own 96.03% 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).