Arcellx (NASDAQ:ACLX) Trading Up 4.6% – Time to Buy?

Shares of Arcellx, Inc. (NASDAQ:ACLX) shot up 4.6% during mid-day trading on Wednesday . The company traded as high as $63.03 and last traded at $63.51. 112,855 shares changed hands during trading, a decline of 79% from the average session volume of 537,935 shares. The stock had previously closed at $60.70.

Analyst Upgrades and Downgrades

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

Arcellx Trading Up 8.3 %

The firm has a market cap of $3.61 billion, a price-to-earnings ratio of -92.60 and a beta of 0.32. The business’s 50-day simple moving average is $66.91 and its two-hundred day simple moving average is $77.68.

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

Insider Transactions at Arcellx

In other news, insider Christopher Heery sold 3,061 shares of Arcellx stock in a transaction on Monday, January 6th. The shares were sold at an average price of $77.17, for a total value of $236,217.37. Following the completion of the sale, the insider now owns 32,456 shares in the company, valued at $2,504,629.52. The trade was a 8.62 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Kavita Patel sold 1,500 shares of the stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $64.57, for a total transaction of $96,855.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 64,370 shares of company stock valued at $4,181,646. Corporate insiders own 6.24% of the company’s stock.

Institutional Trading of Arcellx

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ACLX. Gilead Sciences Inc. acquired a new stake in Arcellx in the fourth quarter valued at approximately $515,418,000. FMR LLC grew its position in Arcellx by 22.8% in the 4th 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 during the period. RA Capital Management L.P. increased its stake in Arcellx by 50.5% during the 4th 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. raised its holdings in Arcellx by 35.3% during the fourth quarter. Vanguard Group Inc. now owns 3,330,092 shares of the company’s stock worth $255,385,000 after buying an additional 867,996 shares during the last quarter. Finally, Capital World Investors bought a new position in shares of Arcellx in the fourth quarter valued at $19,393,000. 96.03% of the stock is owned by institutional investors.

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).