Arcellx (NASDAQ:ACLX) Shares Down 6.6% – Time to Sell?

Arcellx, Inc. (NASDAQ:ACLX)’s stock price fell 6.6% during mid-day trading on Tuesday . The stock traded as low as $89.03 and last traded at $89.42. 293,446 shares changed 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.

Analysts Set New Price Targets

Several brokerages recently issued reports on ACLX. HC Wainwright upped their target price on shares of Arcellx from $80.00 to $95.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Arcellx in a research report on Monday, September 9th. Canaccord Genuity Group upped their target price on shares of Arcellx from $85.00 to $115.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. Redburn Atlantic started coverage on shares of Arcellx in a research report on Tuesday, October 8th. They set a “buy” rating and a $109.00 price target for the company. Finally, Needham & Company LLC restated a “buy” rating and set a $96.00 price target on shares of Arcellx in a research report on Wednesday, November 6th. Thirteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Arcellx presently has a consensus rating of “Buy” and an average price target of $103.08.

Arcellx Stock Performance

The firm’s 50 day moving average price is $88.27 and its 200 day moving average price is $70.66.

Arcellx (NASDAQ:ACLX) last released its quarterly 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 company had revenue of $26.03 million during the quarter, compared to the consensus estimate of $35.21 million. On average, sell-side analysts predict that Arcellx, Inc. will post -1.49 EPS for the current year.

Insider Buying and Selling

In other news, Director Kavita Patel sold 15,238 shares of the stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $105.92, for a total transaction of $1,614,008.96. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Michelle Gilson sold 15,000 shares of the stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $77.73, for a total transaction of $1,165,950.00. Following the sale, the chief financial officer now owns 6,915 shares in the company, valued at approximately $537,502.95. The trade was a 68.45 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 70,422 shares of company stock valued at $6,781,726 over the last three months. Corporate insiders own 6.24% of the company’s stock.

Institutional Investors Weigh In On Arcellx

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. RA Capital Management L.P. raised its stake in Arcellx by 15.4% during 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 last quarter. First Turn Management LLC purchased a new stake in Arcellx during the third quarter valued at $17,896,000. Great Point Partners LLC grew its stake in shares of Arcellx by 64.0% during the 2nd quarter. Great Point Partners LLC now owns 492,000 shares of the company’s stock valued at $27,153,000 after purchasing an additional 192,000 shares during the period. Affinity Asset Advisors LLC increased its position in shares of Arcellx by 53.3% during the 2nd quarter. Affinity Asset Advisors LLC now owns 460,000 shares of the company’s stock valued at $25,387,000 after purchasing an additional 160,000 shares during the last quarter. Finally, Janus Henderson Group PLC lifted its stake in shares of Arcellx by 5.7% in the 3rd 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. Hedge funds and other 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).