Arcellx (NASDAQ:ACLX) Shares Down 6.4% - What's Next?

Arcellx, Inc. (NASDAQ:ACLX - Get Free Report) shares dropped 6.4% on Friday . The stock traded as low as $89.01 and last traded at $89.01. Approximately 106,066 shares were traded during mid-day trading, a decline of 78% from the average daily volume of 478,475 shares. The stock had previously closed at $95.08.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Morgan Stanley increased their price objective on shares of Arcellx from $81.00 to $106.00 and gave the company an "overweight" rating in a research report on Wednesday, November 6th. Canaccord Genuity Group increased their price target on shares of Arcellx from $85.00 to $115.00 and gave the company a "buy" rating in a report on Thursday, October 17th. HC Wainwright upped their price objective on Arcellx from $80.00 to $95.00 and gave the company a "buy" rating in a research report on Wednesday, November 6th. Stifel Nicolaus lifted their target price on Arcellx from $83.00 to $122.00 and gave the stock a "buy" rating in a report on Friday, October 18th. Finally, Piper Sandler increased their price target on Arcellx from $91.00 to $115.00 and gave the company an "overweight" rating in a report on Friday, November 8th. Thirteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $103.08.

Arcellx Price Performance

The business has a fifty day moving average of $85.14 and a 200-day moving average of $67.07. The stock has a market cap of $4.76 billion, a PE ratio of -125.36 and a beta of 0.27.

Arcellx (NASDAQ:ACLX - Get Free Report) last issued its earnings results on Thursday, November 7th. The company reported ($0.48) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.54) by $0.06. Arcellx had a negative net margin of 25.94% and a negative return on equity of 8.28%. The company had revenue of $26.03 million for the quarter, compared to analysts' expectations of $35.21 million. As a group, equities research analysts predict that Arcellx, Inc. will post -1.49 EPS for the current year.

Insider Buying and Selling at Arcellx

In related news, CFO Michelle Gilson sold 15,000 shares of the stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $77.73, for a total transaction of $1,165,950.00. Following the completion of the sale, the chief financial officer now owns 6,915 shares of the company's stock, valued at $537,502.95. This represents a 68.45 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Christopher Heery sold 21,684 shares of the firm's stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $71.12, for a total transaction of $1,542,166.08. Following the completion of the sale, the insider now owns 9,278 shares of the company's stock, valued at approximately $659,851.36. This trade represents a 70.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 119,557 shares of company stock valued at $10,163,933. 6.24% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Arcellx

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Quest Partners LLC acquired a new position in Arcellx during the 2nd quarter valued at approximately $27,000. Plato Investment Management Ltd acquired a new position in shares of Arcellx in the 1st quarter valued at $51,000. Decheng Capital LLC purchased a new position in Arcellx in the 2nd quarter worth $65,000. National Bank of Canada FI lifted its position in Arcellx by 50.0% during the 2nd quarter. National Bank of Canada FI now owns 1,500 shares of the company's stock worth $80,000 after acquiring an additional 500 shares during the period. Finally, Covestor Ltd grew its stake in Arcellx by 53,766.7% during the 3rd quarter. Covestor Ltd now owns 1,616 shares of the company's stock valued at $135,000 after purchasing an additional 1,613 shares during the last quarter. 96.03% of the stock is owned by hedge funds and other institutional investors.

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).

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