FY2024 EPS Estimates for Arcellx Cut by Leerink Partnrs

Arcellx, Inc. (NASDAQ:ACLX) – Investment analysts at Leerink Partnrs reduced their FY2024 earnings estimates for Arcellx in a note issued to investors on Wednesday, December 4th. Leerink Partnrs analyst D. Graybosch now forecasts that the company will post earnings of ($1.84) per share for the year, down from their prior forecast of ($1.82). The consensus estimate for Arcellx’s current full-year earnings is ($1.49) per share. Leerink Partnrs also issued estimates for Arcellx’s Q4 2024 earnings at ($0.71) EPS and FY2025 earnings at ($3.02) EPS.

Arcellx (NASDAQ:ACLX) last announced its earnings results on Thursday, November 7th. The company reported ($0.48) EPS for the quarter, topping the consensus estimate of ($0.54) by $0.06. Arcellx had a negative return on equity of 8.28% and a negative net margin of 25.94%. The business had revenue of $26.03 million for the quarter, compared to the consensus estimate of $35.21 million.

Several other research analysts also recently issued reports on ACLX. Robert W. Baird upped their price target on shares of Arcellx from $77.00 to $106.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 6th. 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. Barclays raised shares of Arcellx to a “strong-buy” rating in a report on Friday, November 29th. Stifel Nicolaus boosted their price objective on shares of Arcellx from $83.00 to $122.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $96.00 price objective on shares of Arcellx in a research report on Wednesday, November 6th. Twelve investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $103.08.

Arcellx Stock Performance

Arcellx stock opened at $84.55 on Friday. The business’s fifty day moving average is $88.46 and its two-hundred day moving average is $71.33. The firm has a market cap of $4.57 billion, a P/E ratio of -119.08 and a beta of 0.25. Arcellx has a 52 week low of $46.42 and a 52 week high of $107.37.

Insider Activity

In related news, Director Kavita Patel sold 1,500 shares of the company’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $74.41, for a total value of $111,615.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, 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 sale, the chief financial officer now directly owns 6,915 shares in the company, valued at $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 68,501 shares of company stock valued at $6,680,008 in the last ninety days. 6.24% of the stock is owned by insiders.

Institutional Trading of Arcellx

Several hedge funds have recently bought and sold shares of ACLX. First Turn Management LLC bought a new stake in shares of Arcellx during the third quarter worth $17,896,000. Harbor Capital Advisors Inc. increased its holdings in Arcellx by 37.0% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 27,896 shares of the company’s stock worth $2,330,000 after purchasing an additional 7,534 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Arcellx by 4.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 328,093 shares of the company’s stock valued at $27,399,000 after purchasing an additional 14,200 shares during the period. Renaissance Technologies LLC bought a new stake in shares of Arcellx in the second quarter valued at about $1,494,000. Finally, Intech Investment Management LLC acquired a new position in shares of Arcellx during the third quarter worth about $800,000. 96.03% of the stock is currently owned by institutional investors and hedge funds.

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).