Arcellx (NASDAQ:ACLX) Stock Price Down 6.2% – Here’s Why

Arcellx, Inc. (NASDAQ:ACLX) traded down 6.2% on Thursday . The stock traded as low as $68.57 and last traded at $68.4050. 919,670 shares were traded during mid-day trading, an increase of 40% from the average session volume of 656,541 shares. The stock had previously closed at $72.94.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on ACLX. Citigroup reiterated a “buy” rating on shares of Arcellx in a research note on Monday, November 24th. Weiss Ratings restated a “sell (d-)” rating on shares of Arcellx in a report on Wednesday, October 8th. Wolfe Research initiated coverage on Arcellx in a report on Tuesday, November 18th. They set a “peer perform” rating for the company. Guggenheim reissued a “buy” rating on shares of Arcellx in a research report on Monday, November 24th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and set a $88.00 price objective on shares of Arcellx in a report on Thursday, October 9th. Eight investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Arcellx currently has a consensus rating of “Moderate Buy” and a consensus price target of $115.50.

Arcellx Stock Down 4.6%

The company has a market capitalization of $4.02 billion, a PE ratio of -17.38 and a beta of 0.34. The stock has a 50-day moving average of $84.30 and a 200 day moving average of $74.35.

Arcellx (NASDAQ:ACLX) last posted its quarterly earnings data on Wednesday, November 5th. The company reported ($0.99) earnings per share for the quarter, missing the consensus estimate of ($0.96) by ($0.03). The business had revenue of $4.95 million during the quarter, compared to analysts’ expectations of $11.24 million. Arcellx had a negative return on equity of 51.13% and a negative net margin of 607.01%. Equities analysts forecast that Arcellx, Inc. will post -1.58 EPS for the current fiscal year.

Insider Buying and Selling at Arcellx

In related news, insider Christopher Heery sold 21,034 shares of the stock in a transaction dated Tuesday, September 30th. The shares were sold at an average price of $81.28, for a total transaction of $1,709,643.52. Following the completion of the transaction, the insider owned 624 shares in the company, valued at approximately $50,718.72. This represents a 97.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Over the last quarter, insiders have sold 37,486 shares of company stock valued at $3,030,736. 8.35% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in shares of Arcellx by 19.7% during the 1st quarter. Vanguard Group Inc. now owns 3,985,156 shares of the company’s stock valued at $261,426,000 after acquiring an additional 655,064 shares during the period. Covestor Ltd lifted its stake in Arcellx by 47.6% in the first quarter. Covestor Ltd now owns 2,137 shares of the company’s stock valued at $140,000 after purchasing an additional 689 shares during the last quarter. Invesco Ltd. lifted its stake in Arcellx by 13.9% in the first quarter. Invesco Ltd. now owns 30,242 shares of the company’s stock valued at $1,984,000 after purchasing an additional 3,692 shares during the last quarter. Nuveen LLC bought a new position in Arcellx during the first quarter valued at $7,333,000. Finally, Knott David M Jr purchased a new stake in Arcellx in the first quarter worth $984,000. 96.03% of the stock is currently owned by hedge funds and other institutional investors.

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).