Arcellx (NASDAQ:ACLX) Sets New 1-Year High – Still a Buy?

Arcellx, Inc. (NASDAQ:ACLX)’s stock price hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $114.91 and last traded at $114.77, with a volume of 3131310 shares. The stock had previously closed at $114.33.

Wall Street Analyst Weigh In

ACLX has been the topic of a number of recent research reports. Evercore set a $115.00 target price on Arcellx in a research report on Monday, February 23rd. Guggenheim lowered shares of Arcellx from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $120.00 to $115.00 in a research report on Wednesday, February 25th. Citigroup cut shares of Arcellx from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $110.00 to $115.00 in a research note on Tuesday, February 24th. HC Wainwright downgraded shares of Arcellx from a “buy” rating to a “neutral” rating and set a $115.00 price objective on the stock. in a report on Monday, February 23rd. Finally, Wells Fargo & Company lowered shares of Arcellx from an “overweight” rating to an “equal weight” rating and set a $115.00 price objective on the stock. in a research note on Monday, February 23rd. One analyst has rated the stock with a Buy rating, seventeen have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $111.87.

Arcellx Price Performance

The company has a market capitalization of $6.71 billion, a price-to-earnings ratio of -28.20 and a beta of 0.23. The stock has a fifty day simple moving average of $85.75 and a 200-day simple moving average of $80.42.

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

Insiders Place Their Bets

In other Arcellx news, insider Christopher Heery sold 5,882 shares of the company’s stock in a transaction dated Wednesday, January 14th. The shares were sold at an average price of $68.51, for a total value of $402,975.82. Following the completion of the transaction, the insider owned 23,749 shares in the company, valued at approximately $1,627,043.99. This represents a 19.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Rami Elghandour sold 89,916 shares of the firm’s stock in a transaction dated Friday, February 27th. The shares were sold at an average price of $113.92, for a total value of $10,243,230.72. Following the sale, the insider owned 276,051 shares in the company, valued at $31,447,729.92. This trade represents a 24.57% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 109,366 shares of company stock worth $11,526,708 over the last three months. 8.35% of the stock is currently owned by insiders.

Institutional Trading of Arcellx

A number of institutional investors and hedge funds have recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Arcellx by 5.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,753 shares of the company’s stock worth $1,893,000 after buying an additional 1,390 shares during the period. Empowered Funds LLC purchased a new stake in Arcellx in the 1st quarter worth $1,768,000. Intech Investment Management LLC increased its holdings in Arcellx by 27.7% in the 1st quarter. Intech Investment Management LLC now owns 21,967 shares of the company’s stock worth $1,441,000 after acquiring an additional 4,760 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Arcellx during the second quarter worth $563,000. Finally, PNC Financial Services Group Inc. lifted its holdings in Arcellx by 183.4% during the second quarter. PNC Financial Services Group Inc. now owns 751 shares of the company’s stock valued at $49,000 after purchasing an additional 486 shares in the last quarter. 96.03% of the stock is currently owned by hedge funds and other institutional investors.

Arcellx Company Profile

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.