Arcellx (NASDAQ:ACLX) Shares Gap Up – Still a Buy?

Arcellx, Inc. (NASDAQ:ACLX) gapped up before the market opened on Tuesday . The stock had previously closed at $76.07, but opened at $77.95. Arcellx shares last traded at $77.69, with a volume of 17,854 shares trading hands.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on ACLX. 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 set a $81.00 price target on shares of Arcellx in a research report on Friday, August 9th. Truist Financial reissued a “buy” rating and issued a $87.00 price objective on shares of Arcellx in a report on Tuesday, June 18th. Redburn Atlantic initiated coverage on Arcellx in a report on Tuesday. They set a “buy” rating and a $109.00 target price on the stock. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $85.00 price target on shares of Arcellx in a research report on Monday, July 22nd. Fifteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $80.38.

Arcellx Stock Up 3.3 %

The company has a market capitalization of $4.20 billion, a price-to-earnings ratio of -73.85 and a beta of 0.25. The stock’s 50-day simple moving average is $70.28 and its two-hundred day simple moving average is $61.43.

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

Insider Transactions at Arcellx

In related news, insider Christopher Heery sold 10,901 shares of the stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $65.30, for a total value of $711,835.30. Following the completion of the transaction, the insider now directly owns 9,278 shares of the company’s stock, valued at approximately $605,853.40. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO Michelle Gilson sold 15,000 shares of the firm’s stock in a transaction dated 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 transaction, the chief financial officer now directly owns 6,915 shares of the company’s stock, valued at approximately $537,502.95. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Christopher Heery sold 10,901 shares of the company’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $65.30, for a total transaction of $711,835.30. Following the sale, the insider now directly owns 9,278 shares of the company’s stock, valued at approximately $605,853.40. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 85,128 shares of company stock valued at $5,924,397 over the last ninety days. 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. Quest Partners LLC purchased a new stake in shares of Arcellx in the second quarter valued at approximately $27,000. Plato Investment Management Ltd acquired a new position in Arcellx during the first quarter worth $51,000. Decheng Capital LLC acquired a new position in Arcellx during the second quarter worth $65,000. National Bank of Canada FI grew its holdings in Arcellx by 50.0% in the 2nd quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock valued at $80,000 after buying an additional 500 shares in the last quarter. Finally, Public Employees Retirement Association of Colorado acquired a new stake in shares of Arcellx in the 2nd quarter worth $178,000. 96.03% of the stock is owned by hedge funds and other institutional investors.

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).