Arcellx (NASDAQ:ACLX) Shares Up 7.2%

Arcellx, Inc. (NASDAQ:ACLX)’s stock price shot up 7.2% during trading on Tuesday . The stock traded as high as $55.74 and last traded at $55.74. 148,573 shares changed hands during mid-day trading, a decline of 67% from the average session volume of 449,739 shares. The stock had previously closed at $52.00.

Analyst Upgrades and Downgrades

Several research firms recently commented on ACLX. Scotiabank reaffirmed an “outperform” rating and issued a $82.00 price target on shares of Arcellx in a report on Thursday, April 4th. Stifel Nicolaus reiterated a “buy” rating and issued a $82.00 price objective on shares of Arcellx in a research report on Thursday, March 14th. Barclays increased their price objective on Arcellx from $62.00 to $73.00 and gave the stock an “overweight” rating in a research report on Thursday, February 29th. Canaccord Genuity Group increased their price objective on Arcellx from $66.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, February 29th. Finally, Robert W. Baird increased their price objective on Arcellx from $63.00 to $77.00 and gave the stock an “outperform” rating in a research report on Thursday, February 29th. Twelve investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Arcellx currently has a consensus rating of “Buy” and an average target price of $75.64.

Arcellx Stock Down 2.7 %

The stock has a market capitalization of $2.74 billion, a PE ratio of -35.93 and a beta of 0.02. The stock has a fifty day moving average of $64.35 and a 200-day moving average of $55.48.

Arcellx (NASDAQ:ACLX) last released its earnings results on Wednesday, February 28th. The company reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.53) by $0.95. The firm had revenue of $63.15 million during 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 last year, the business posted ($0.76) earnings per share. Equities research analysts expect that Arcellx, Inc. will post -1.69 EPS for the current year.

Insider Activity at Arcellx

In other Arcellx news, Director Jill Carroll sold 504,263 shares of the firm’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $70.55, for a total value of $35,575,754.65. Following the sale, the director now directly owns 1,479,148 shares in the company, valued at $104,353,891.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Arcellx news, Director Olivia C. Ware sold 9,402 shares of the firm’s stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $55.55, for a total value of $522,281.10. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Jill Carroll sold 504,263 shares of Arcellx stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $70.55, for a total value of $35,575,754.65. Following the sale, the director now owns 1,479,148 shares in the company, valued at approximately $104,353,891.40. The disclosure for this sale can be found here. Over the last three months, insiders sold 605,814 shares of company stock worth $42,439,893. Company insiders own 6.24% of the company’s stock.

Institutional Trading of Arcellx

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Perceptive Advisors LLC increased its position in shares of Arcellx by 14.6% during the fourth quarter. Perceptive Advisors LLC now owns 4,544,809 shares of the company’s stock worth $252,237,000 after purchasing an additional 578,831 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Arcellx by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 2,061,819 shares of the company’s stock worth $114,431,000 after purchasing an additional 23,262 shares in the last quarter. Vivo Capital LLC increased its position in Arcellx by 16.1% in the 3rd quarter. Vivo Capital LLC now owns 503,565 shares of the company’s stock valued at $18,068,000 after acquiring an additional 69,780 shares during the period. Affinity Asset Advisors LLC increased its position in Arcellx by 76.8% in the 3rd quarter. Affinity Asset Advisors LLC now owns 400,000 shares of the company’s stock valued at $14,352,000 after acquiring an additional 173,725 shares during the period. Finally, Adage Capital Partners GP L.L.C. increased its position in Arcellx by 5.4% in the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 392,904 shares of the company’s stock valued at $14,097,000 after acquiring an additional 20,000 shares during the period. Institutional investors and hedge funds own 96.03% of the company’s stock.

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).