Arcellx (NASDAQ:ACLX) Shares Up 7.2%

Arcellx, Inc. (NASDAQ:ACLX)’s share price shot up 7.2% during mid-day trading on Tuesday . The stock traded as high as $55.74 and last traded at $55.74. 148,573 shares changed hands during mid-day trading, a decline of 67% from the average session volume of 449,739 shares. The stock had previously closed at $52.00.

Analyst Ratings Changes

A number of brokerages recently weighed in on ACLX. Needham & Company LLC restated a “buy” rating and set a $81.00 target price on shares of Arcellx in a report on Thursday, April 11th. Robert W. Baird raised their target price on shares of Arcellx from $63.00 to $77.00 and gave the stock an “outperform” rating in a report on Thursday, February 29th. Canaccord Genuity Group increased their target price on shares of Arcellx from $66.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, February 29th. Scotiabank reissued an “outperform” rating and set a $82.00 target price on shares of Arcellx in a research report on Thursday, April 4th. Finally, Truist Financial upped their target price on shares of Arcellx from $57.00 to $87.00 and gave the company a “buy” rating in a research note on Tuesday, March 5th. Twelve analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $75.64.

Arcellx Trading Down 2.7 %

The company has a 50 day moving average price of $64.35 and a 200-day moving average price of $55.48. The company has a market cap of $2.74 billion, a P/E ratio of -35.93 and a beta of 0.02.

Arcellx (NASDAQ:ACLX) last released its quarterly earnings data on Wednesday, February 28th. The company reported $0.42 earnings per share for the quarter, beating the consensus estimate of ($0.53) by $0.95. Arcellx had a negative return on equity of 20.96% and a negative net margin of 64.08%. The company had revenue of $63.15 million for the quarter, compared to the consensus estimate of $20.07 million. During the same quarter last year, the business posted ($0.76) EPS. Equities analysts expect that Arcellx, Inc. will post -1.69 earnings per share for the current year.

Insider Activity at Arcellx

In related news, Director Jill Carroll sold 504,263 shares of the firm’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $70.55, for a total transaction of $35,575,754.65. Following the sale, the director now owns 1,479,148 shares of the company’s stock, valued at approximately $104,353,891.40. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, insider Christopher Heery sold 2,967 shares of the stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $64.46, for a total transaction of $191,252.82. Following the completion of the sale, the insider now directly owns 30,303 shares in the company, valued at $1,953,331.38. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Jill Carroll sold 504,263 shares of Arcellx stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $70.55, for a total transaction of $35,575,754.65. Following the completion of the sale, the director now directly owns 1,479,148 shares of the company’s stock, valued at approximately $104,353,891.40. The disclosure for this sale can be found here. Insiders have sold a total of 605,814 shares of company stock valued at $42,439,893 in the last 90 days. 6.24% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Arcellx

A number of institutional investors have recently modified their holdings of ACLX. China Universal Asset Management Co. Ltd. boosted its stake in shares of Arcellx by 98.4% during the third quarter. China Universal Asset Management Co. Ltd. now owns 1,248 shares of the company’s stock valued at $45,000 after purchasing an additional 619 shares in the last quarter. Amalgamated Bank boosted its stake in shares of Arcellx by 5.6% during the third quarter. Amalgamated Bank now owns 5,772 shares of the company’s stock valued at $207,000 after purchasing an additional 308 shares in the last quarter. Simplicity Wealth LLC bought a new position in shares of Arcellx during the first quarter valued at approximately $232,000. Exchange Traded Concepts LLC boosted its stake in shares of Arcellx by 34.0% during the fourth quarter. Exchange Traded Concepts LLC now owns 4,241 shares of the company’s stock valued at $235,000 after purchasing an additional 1,076 shares in the last quarter. Finally, Corton Capital Inc. acquired a new stake in Arcellx in the third quarter valued at approximately $270,000. 96.03% of the stock is owned by hedge funds and other institutional investors.

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).