Arcellx (NASDAQ:ACLX) Reaches New 1-Year High at $78.67

Arcellx, Inc. (NASDAQ:ACLX)’s share price reached a new 52-week high on Monday . The company traded as high as $78.67 and last traded at $78.67, with a volume of 3147 shares trading hands. The stock had previously closed at $76.89.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on ACLX. Piper Sandler initiated coverage on shares of Arcellx in a report on Friday, May 31st. They set an “overweight” rating and a $70.00 price objective on the stock. Canaccord Genuity Group reissued a “buy” rating and issued a $85.00 price objective on shares of Arcellx in a report on Monday, July 22nd. Needham & Company LLC reissued a “buy” rating and set a $81.00 price objective on shares of Arcellx in a research report on Friday, August 9th. Truist Financial reaffirmed a “buy” rating and issued a $87.00 target price on shares of Arcellx in a report on Tuesday, June 18th. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Arcellx in a report on Monday, September 9th. Fourteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $78.00.

Arcellx Trading Up 1.2 %

The company has a market cap of $4.16 billion, a PE ratio of -74.65 and a beta of 0.23. The business has a 50 day simple moving average of $64.04 and a two-hundred day simple moving average of $60.16.

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

Insider Transactions at Arcellx

In related news, Director Kavita Patel sold 1,500 shares of Arcellx stock in a transaction 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 filing with the SEC, which is available at the SEC website. In other news, insider Christopher Heery sold 3,421 shares of the firm’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $70.02, for a total transaction of $239,538.42. Following the completion of the sale, the insider now owns 9,278 shares of the company’s stock, valued at $649,645.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Kavita Patel sold 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $74.41, for a total value of $111,615.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 114,505 shares of company stock valued at $7,185,387. Corporate insiders own 6.24% of the company’s stock.

Hedge Funds Weigh In On Arcellx

A number of hedge funds have recently added to or reduced their stakes in the business. Quest Partners LLC bought a new position in shares of Arcellx in the 2nd quarter worth about $27,000. Plato Investment Management Ltd bought a new stake in shares of Arcellx during the first quarter valued at about $51,000. Decheng Capital LLC acquired a new stake in Arcellx in the second quarter worth about $65,000. National Bank of Canada FI grew its position 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, Advisory Alpha LLC acquired a new position in Arcellx during the 1st quarter valued at about $209,000. Institutional investors and hedge funds 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).