Arcellx (NASDAQ:ACLX) Shares Up 5.2%

Arcellx, Inc. (NASDAQ:ACLX)’s share price shot up 5.2% during mid-day trading on Thursday . The company traded as high as $68.85 and last traded at $68.85. 97,076 shares traded hands during mid-day trading, a decline of 78% from the average session volume of 450,721 shares. The stock had previously closed at $65.46.

Wall Street Analyst Weigh In

Several research firms have recently commented on ACLX. Evercore ISI began coverage on shares of Arcellx in a research report on Tuesday, May 14th. They issued an “outperform” rating and a $85.00 price target on the stock. Cantor Fitzgerald began coverage on shares of Arcellx in a research report on Tuesday. They issued an “overweight” rating on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $81.00 price target on shares of Arcellx in a research report on Friday, August 9th. HC Wainwright lowered their price target on shares of Arcellx from $82.00 to $80.00 and set a “buy” rating on the stock in a research report on Monday, May 13th. Finally, Stifel Nicolaus increased their price target on shares of Arcellx from $82.00 to $83.00 and gave the company a “buy” rating in a research report on Wednesday, May 15th. Fourteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Buy” and an average price target of $78.00.

Arcellx Stock Performance

The company has a market cap of $3.81 billion, a price-to-earnings ratio of -69.17 and a beta of 0.23. The stock’s fifty day simple moving average is $61.95 and its two-hundred day simple moving average is $59.79.

Arcellx (NASDAQ:ACLX) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.51) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.52) by $0.01. The company had revenue of $27.38 million for the quarter, compared to analyst estimates 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 revenue for the quarter was up 91.5% on a year-over-year basis. Analysts predict that Arcellx, Inc. will post -1.64 EPS for the current fiscal year.

Insiders Place Their Bets

In other Arcellx news, CFO Michelle Gilson sold 12,877 shares of the firm’s stock in a transaction on Wednesday, June 26th. The shares were sold at an average price of $53.70, for a total transaction of $691,494.90. Following the completion of the transaction, the chief financial officer now directly owns 6,915 shares of the company’s stock, valued at approximately $371,335.50. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Arcellx news, Director Kavita Patel sold 10,000 shares of the business’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $54.27, for a total transaction of $542,700.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Michelle Gilson sold 12,877 shares of the business’s stock in a transaction dated Wednesday, June 26th. The shares were sold at an average price of $53.70, for a total transaction of $691,494.90. Following the transaction, the chief financial officer now directly owns 6,915 shares of the company’s stock, valued at $371,335.50. The disclosure for this sale can be found here. Insiders sold a total of 133,005 shares of company stock valued at $8,176,372 in the last ninety days. Corporate insiders own 6.24% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of ACLX. Victory Capital Management Inc. boosted its stake in Arcellx by 425.0% during the 4th quarter. Victory Capital Management Inc. now owns 155,652 shares of the company’s stock valued at $8,639,000 after purchasing an additional 126,002 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of Arcellx by 1.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 264,178 shares of the company’s stock worth $14,662,000 after buying an additional 3,722 shares in the last quarter. Jump Financial LLC bought a new stake in shares of Arcellx during the 4th quarter worth about $843,000. Vestal Point Capital LP bought a new stake in shares of Arcellx during the 4th quarter worth about $3,330,000. Finally, PFM Health Sciences LP raised its position in shares of Arcellx by 39.5% during the 4th quarter. PFM Health Sciences LP now owns 335,198 shares of the company’s stock worth $18,603,000 after buying an additional 94,860 shares in the last quarter. 96.03% of the stock is owned by institutional investors and hedge funds.

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).