Arcellx (NASDAQ:ACLX) Shares Down 7.7% – Time to Sell?

Arcellx, Inc. (NASDAQ:ACLX) shares fell 7.7% on Monday . The stock traded as low as $62.02 and last traded at $62.74. 207,700 shares changed hands during trading, a decline of 61% from the average session volume of 534,357 shares. The stock had previously closed at $67.96.

Analyst Ratings Changes

A number of analysts have recently commented on ACLX shares. Needham & Company LLC reissued a “buy” rating and issued a $105.00 price objective on shares of Arcellx in a research report on Monday, December 9th. UBS Group increased their price objective on shares of Arcellx from $106.00 to $114.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. Finally, HC Wainwright restated a “buy” rating and issued a $115.00 price objective on shares of Arcellx in a report on Tuesday, December 10th. Thirteen research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $108.46.

Arcellx Stock Performance

The firm has a market cap of $3.55 billion, a price-to-earnings ratio of -90.74 and a beta of 0.32. The firm has a fifty day simple moving average of $66.93 and a 200-day simple moving average of $77.72.

Arcellx (NASDAQ:ACLX) last announced its quarterly earnings results on Thursday, February 27th. The company reported ($0.87) 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 net margin of 25.94% and a negative return on equity of 8.28%. Analysts expect that Arcellx, Inc. will post -1.58 earnings per share for the current fiscal year.

Insider Transactions at Arcellx

In other Arcellx news, insider Rami Elghandour sold 38,300 shares of Arcellx stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $62.02, for a total value of $2,375,366.00. Following the completion of the sale, the insider now owns 149,186 shares in the company, valued at $9,252,515.72. The trade was a 20.43 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Christopher Heery sold 10,155 shares of the stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $63.79, for a total transaction of $647,787.45. Following the transaction, the insider now owns 37,486 shares in the company, valued at approximately $2,391,231.94. The trade was a 21.32 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 64,370 shares of company stock worth $4,181,646. Company insiders own 6.24% of the company’s stock.

Institutional Trading of Arcellx

Several large investors have recently modified their holdings of ACLX. Charles Schwab Investment Management Inc. lifted its position in Arcellx by 4.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 328,093 shares of the company’s stock worth $27,399,000 after purchasing an additional 14,200 shares during the period. Citigroup Inc. boosted its position in shares of Arcellx by 97.1% during the 3rd quarter. Citigroup Inc. now owns 43,154 shares of the company’s stock worth $3,604,000 after acquiring an additional 21,262 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in Arcellx by 15.7% in the third quarter. The Manufacturers Life Insurance Company now owns 84,839 shares of the company’s stock valued at $7,085,000 after acquiring an additional 11,507 shares during the last quarter. Glenmede Trust Co. NA bought a new stake in Arcellx during the third quarter worth $302,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Arcellx by 31.8% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,978 shares of the company’s stock valued at $750,000 after purchasing an additional 2,167 shares during the last quarter. 96.03% of the stock is 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).