Arcellx (NASDAQ:ACLX) Shares Gap Up – Time to Buy?

Arcellx, Inc. (NASDAQ:ACLX)’s share price gapped up before the market opened on Friday . The stock had previously closed at $68.60, but opened at $74.66. Arcellx shares last traded at $68.88, with a volume of 13,632 shares changing hands.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on ACLX. HC Wainwright reaffirmed a “buy” rating and set a $115.00 target price on shares of Arcellx in a research note on Tuesday, December 10th. UBS Group lifted their target price on Arcellx from $106.00 to $114.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. Truist Financial lifted their target price on Arcellx from $87.00 to $136.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. Needham & Company LLC reaffirmed a “buy” rating and set a $105.00 target price on shares of Arcellx in a research note on Monday, December 9th. Finally, Barclays raised Arcellx to a “strong-buy” rating in a research note on Friday, November 29th. Thirteen analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $108.46.

Arcellx Trading Up 3.1 %

The firm has a market capitalization of $3.89 billion, a price-to-earnings ratio of -99.63 and a beta of 0.32. The stock has a fifty day moving average of $67.45 and a 200-day moving average of $77.50.

Arcellx (NASDAQ:ACLX) last issued its earnings results on Thursday, February 27th. The company reported ($0.87) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.63) by ($0.24). The company had revenue of $15.27 million during the quarter, compared to analyst estimates of $27.42 million. Arcellx had a negative return on equity of 8.28% and a negative net margin of 25.94%. As a group, equities research analysts forecast that Arcellx, Inc. will post -1.58 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Rami Elghandour sold 38,300 shares of Arcellx stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $62.02, for a total transaction of $2,375,366.00. Following the transaction, the insider now owns 149,186 shares in the company, valued at approximately $9,252,515.72. The trade was a 20.43 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Kavita Patel sold 1,500 shares of Arcellx stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $76.97, for a total value of $115,455.00. The disclosure for this sale can be found here. Insiders have sold 64,370 shares of company stock worth $4,189,641 in the last three months. 6.24% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of ACLX. Gilead Sciences Inc. purchased a new position in Arcellx in the fourth quarter valued at about $515,418,000. FMR LLC grew its stake in Arcellx by 22.8% in the fourth quarter. FMR LLC now owns 7,956,633 shares of the company’s stock valued at $610,194,000 after purchasing an additional 1,477,360 shares in the last quarter. RA Capital Management L.P. grew its stake in Arcellx by 50.5% in the fourth quarter. RA Capital Management L.P. now owns 2,787,327 shares of the company’s stock valued at $213,760,000 after purchasing an additional 935,848 shares in the last quarter. Vanguard Group Inc. grew its stake in Arcellx by 35.3% in the fourth quarter. Vanguard Group Inc. now owns 3,330,092 shares of the company’s stock valued at $255,385,000 after purchasing an additional 867,996 shares in the last quarter. Finally, Capital World Investors purchased a new position in Arcellx in the fourth quarter valued at about $19,393,000. Hedge funds and other institutional investors 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).