Arcellx (NASDAQ:ACLX) Reaches New 52-Week High – Time to Buy?

Arcellx, Inc. (NASDAQ:ACLX) hit a new 52-week high during trading on Tuesday . The company traded as high as $114.38 and last traded at $114.06, with a volume of 709590 shares changing hands. The stock had previously closed at $114.05.

Wall Street Analysts Forecast Growth

Several analysts recently commented on ACLX shares. Weiss Ratings restated a “sell (d-)” rating on shares of Arcellx in a research report on Wednesday, January 21st. William Blair lowered Arcellx from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 23rd. TD Cowen cut shares of Arcellx from a “strong-buy” rating to a “hold” rating in a research note on Monday. Wells Fargo & Company lowered Arcellx from an “overweight” rating to an “equal weight” rating and set a $115.00 price target on the stock. in a research note on Monday, February 23rd. Finally, Robert W. Baird reissued a “neutral” rating and issued a $115.00 target price (up from $106.00) on shares of Arcellx in a report on Monday, February 23rd. One analyst has rated the stock with a Buy rating, seventeen have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $111.87.

Arcellx Stock Up 0.2%

The company has a fifty day moving average of $74.73 and a two-hundred day moving average of $77.12. The stock has a market capitalization of $6.68 billion, a price-to-earnings ratio of -28.08 and a beta of 0.23.

Arcellx (NASDAQ:ACLX) last released its quarterly earnings data on Thursday, February 26th. The company reported ($1.01) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($1.01). Arcellx had a negative return on equity of 55.42% and a negative net margin of 1,027.26%.The firm had revenue of $1.65 million during the quarter, compared to analysts’ expectations of $13.40 million. Equities analysts anticipate that Arcellx, Inc. will post -1.58 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Rami Elghandour sold 89,916 shares of Arcellx stock in a transaction on Friday, February 27th. The stock was sold at an average price of $113.92, for a total transaction of $10,243,230.72. Following the completion of the transaction, the insider owned 276,051 shares of the company’s stock, valued at $31,447,729.92. The trade was a 24.57% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Christopher Heery sold 7,437 shares of Arcellx stock in a transaction dated Tuesday, January 13th. The stock was sold at an average price of $65.51, for a total transaction of $487,197.87. Following the transaction, the insider owned 29,631 shares of the company’s stock, valued at approximately $1,941,126.81. The trade was a 20.06% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 109,366 shares of company stock valued at $11,526,708. Company insiders own 8.35% of the company’s stock.

Institutional Investors Weigh In On Arcellx

Several hedge funds have recently made changes to their positions in the business. T. Rowe Price Investment Management Inc. boosted its position in shares of Arcellx by 66.2% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 10,560,425 shares of the company’s stock worth $688,540,000 after acquiring an additional 4,208,069 shares during the last quarter. Paradigm Biocapital Advisors LP increased its holdings in shares of Arcellx by 23.1% during the 4th quarter. Paradigm Biocapital Advisors LP now owns 5,724,016 shares of the company’s stock worth $373,206,000 after buying an additional 1,075,000 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Arcellx by 4.5% in the 4th quarter. Vanguard Group Inc. now owns 4,081,519 shares of the company’s stock worth $266,115,000 after buying an additional 174,432 shares during the period. Vestal Point Capital LP increased its stake in Arcellx by 134.0% during the fourth quarter. Vestal Point Capital LP now owns 2,925,000 shares of the company’s stock worth $190,710,000 after acquiring an additional 1,675,000 shares during the last quarter. Finally, State Street Corp raised its holdings in Arcellx by 31.0% in the fourth quarter. State Street Corp now owns 1,998,503 shares of the company’s stock valued at $130,302,000 after buying an additional 472,476 shares during the period. Institutional investors and hedge funds own 96.03% of the company’s stock.

About Arcellx

Arcellx, Inc (NASDAQ: ACLX) is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of next-generation cell therapies for oncology and autoimmune diseases. The company’s proprietary ARC-SparX™ platform is designed to enable precise control over cell-surface receptor activation and to improve the safety, efficacy and durability of adoptive cell therapies. Leveraging this technology, Arcellx engineers immune cells with modular antigen-binding domains that can be exchanged to target a variety of disease-associated markers.

The company’s pipeline comprises multiple wholly owned programs in hematologic malignancies and solid tumors at various stages of preclinical and clinical development.