Arcellx (NASDAQ:ACLX) Stock Price Up 7.2%

Arcellx, Inc. (NASDAQ:ACLX)’s share price rose 7.2% during trading on Tuesday . The company traded as high as $55.74 and last traded at $55.74. Approximately 148,573 shares traded hands during trading, a decline of 67% from the average daily volume of 449,739 shares. The stock had previously closed at $52.00.

Analyst Ratings Changes

ACLX has been the subject of a number of analyst reports. Truist Financial lifted their price objective on Arcellx from $57.00 to $87.00 and gave the stock a “buy” rating in a research note on Tuesday, March 5th. Canaccord Genuity Group lifted their price objective on Arcellx from $66.00 to $85.00 and gave the stock a “buy” rating in a research note on Thursday, February 29th. Needham & Company LLC reaffirmed a “buy” rating and set a $81.00 price objective on shares of Arcellx in a research note on Thursday, April 11th. Barclays lifted their price objective on Arcellx from $62.00 to $73.00 and gave the stock an “overweight” rating in a research note on Thursday, February 29th. Finally, Robert W. Baird boosted their target price on Arcellx from $63.00 to $77.00 and gave the company an “outperform” rating in a research note on Thursday, February 29th. Twelve equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Arcellx presently has a consensus rating of “Buy” and a consensus price target of $74.17.

Arcellx Stock Up 5.7 %

The company has a market capitalization of $2.93 billion, a P/E ratio of -37.71 and a beta of 0.02. The business has a fifty day moving average price of $64.71 and a 200 day moving average price of $55.37.

Arcellx (NASDAQ:ACLX) last issued its quarterly earnings results on Wednesday, February 28th. The company reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of ($0.53) by $0.95. The company had revenue of $63.15 million for the quarter, compared to analyst estimates of $20.07 million. Arcellx had a negative return on equity of 20.96% and a negative net margin of 64.08%. During the same period in the previous year, the company posted ($0.76) earnings per share. As a group, equities analysts forecast that Arcellx, Inc. will post -1.69 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Olivia C. Ware sold 9,402 shares of the company’s stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $55.55, for a total transaction of $522,281.10. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Arcellx news, insider Christopher Heery sold 3,456 shares of the business’s stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $62.29, for a total transaction of $215,274.24. Following the transaction, the insider now owns 36,958 shares of the company’s stock, valued at $2,302,113.82. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Olivia C. Ware sold 9,402 shares of the business’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $55.55, for a total value of $522,281.10. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 605,814 shares of company stock worth $42,439,893. Corporate insiders own 6.24% of the company’s stock.

Hedge Funds Weigh In On Arcellx

A number of institutional investors have recently bought and sold shares of the business. Amalgamated Bank increased its position in Arcellx by 5.6% during the third quarter. Amalgamated Bank now owns 5,772 shares of the company’s stock worth $207,000 after buying an additional 308 shares during the last quarter. E Fund Management Co. Ltd. increased its position in Arcellx by 5.3% during the third quarter. E Fund Management Co. Ltd. now owns 8,156 shares of the company’s stock worth $293,000 after buying an additional 407 shares during the last quarter. Alps Advisors Inc. increased its position in Arcellx by 1.2% during the third quarter. Alps Advisors Inc. now owns 35,710 shares of the company’s stock worth $1,281,000 after buying an additional 432 shares during the last quarter. High Net Worth Advisory Group LLC increased its position in Arcellx by 7.7% during the fourth quarter. High Net Worth Advisory Group LLC now owns 7,000 shares of the company’s stock worth $388,000 after buying an additional 500 shares during the last quarter. Finally, Profund Advisors LLC increased its position in Arcellx by 2.0% during the third quarter. Profund Advisors LLC now owns 26,872 shares of the company’s stock worth $964,000 after buying an additional 527 shares during the last quarter. Institutional investors and hedge funds own 96.03% of the company’s stock.

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).