Arcellx (NASDAQ:ACLX) Shares Down 5.2%

Arcellx, Inc. (NASDAQ:ACLX)’s share price fell 5.2% during trading on Wednesday . The stock traded as low as $76.87 and last traded at $77.18. 347,381 shares changed hands during mid-day trading, a decline of 24% from the average session volume of 459,076 shares. The stock had previously closed at $81.44.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on ACLX shares. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Arcellx in a report on Monday, September 9th. Needham & Company LLC reaffirmed a “buy” rating and issued a $81.00 price objective on shares of Arcellx in a report on Friday, August 9th. Truist Financial reissued a “buy” rating and set a $87.00 target price on shares of Arcellx in a research note on Tuesday, June 18th. Finally, Canaccord Genuity Group restated a “buy” rating and issued a $85.00 price target on shares of Arcellx in a research note on Monday, July 22nd. Fourteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $78.00.

Arcellx Stock Performance

The firm’s 50 day simple moving average is $69.17 and its 200-day simple moving average is $61.29. The company has a market cap of $4.08 billion, a price-to-earnings ratio of -79.07 and a beta of 0.23.

Arcellx (NASDAQ:ACLX) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.51) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.52) by $0.01. The company had revenue of $27.38 million during the quarter, compared to analysts’ expectations of $22.04 million. Arcellx had a negative net margin of 37.23% and a negative return on equity of 12.42%. The company’s quarterly revenue was up 91.5% on a year-over-year basis. As a group, sell-side analysts expect that Arcellx, Inc. will post -1.65 EPS for the current fiscal year.

Insider Buying and Selling

In other Arcellx news, CFO Michelle Gilson sold 15,000 shares of the firm’s stock in a transaction on Tuesday, September 17th. The stock was 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 directly owns 6,915 shares of the company’s stock, valued at approximately $537,502.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Kavita Patel sold 1,500 shares of Arcellx stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $74.41, for a total transaction of $111,615.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Michelle Gilson sold 15,000 shares of the company’s stock in a transaction that occurred 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 transaction, the chief financial officer now owns 6,915 shares in the company, valued at $537,502.95. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 86,628 shares of company stock worth $6,009,342. 6.24% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Arcellx

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Perceptive Advisors LLC increased its position in shares of Arcellx by 14.6% during the 4th quarter. Perceptive Advisors LLC now owns 4,544,809 shares of the company’s stock worth $252,237,000 after purchasing an additional 578,831 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Arcellx by 8.1% in the 1st quarter. Vanguard Group Inc. now owns 2,228,856 shares of the company’s stock valued at $155,017,000 after acquiring an additional 167,037 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in shares of Arcellx by 6.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,344,553 shares of the company’s stock worth $93,514,000 after acquiring an additional 84,373 shares during the last quarter. Great Point Partners LLC lifted its holdings 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 acquiring an additional 192,000 shares during the last quarter. Finally, Affinity Asset Advisors LLC boosted 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 worth $25,387,000 after purchasing an additional 160,000 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).