Arcellx (NASDAQ:ACLX) Shares Gap Down - Time to Sell?

Arcellx, Inc. (NASDAQ:ACLX - Get Free Report) shares gapped down prior to trading on Tuesday . The stock had previously closed at $86.44, but opened at $80.22. Arcellx shares last traded at $82.57, with a volume of 638,900 shares traded.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Redburn Atlantic started coverage on shares of Arcellx in a research note on Tuesday, October 8th. They set a "buy" rating and a $109.00 price objective for the company. Needham & Company LLC reissued a "buy" rating and set a $96.00 price target on shares of Arcellx in a report on Thursday, October 31st. Cantor Fitzgerald reissued an "overweight" rating on shares of Arcellx in a report on Monday, September 9th. Stifel Nicolaus increased their price target on shares of Arcellx from $83.00 to $122.00 and gave the stock a "buy" rating in a report on Friday, October 18th. Finally, Canaccord Genuity Group increased their price target on shares of Arcellx from $85.00 to $115.00 and gave the stock a "buy" rating in a report on Thursday, October 17th. Twelve investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Arcellx currently has a consensus rating of "Buy" and an average price target of $89.75.

Arcellx Stock Up 0.8 %

The stock has a market capitalization of $4.68 billion, a price-to-earnings ratio of -78.49 and a beta of 0.27. The company's 50-day moving average is $80.90 and its 200-day moving average is $64.90.

Arcellx (NASDAQ:ACLX - Get Free Report) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.51) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.52) by $0.01. The business had revenue of $27.38 million for the quarter, compared to the consensus estimate of $22.04 million. Arcellx had a negative net margin of 37.23% and a negative return on equity of 12.42%. Arcellx's revenue for the quarter was up 91.5% compared to the same quarter last year. Sell-side analysts anticipate that Arcellx, Inc. will post -1.65 EPS for the current year.

Insiders Place Their Bets

In other news, Director Kavita Patel sold 1,500 shares of the company's stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $89.69, for a total value of $134,535.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Kavita Patel sold 1,500 shares of the company's stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $89.69, for a total value of $134,535.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Christopher Heery sold 27,451 shares of the company's stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $67.03, for a total transaction of $1,840,040.53. Following the completion of the sale, the insider now owns 9,278 shares of the company's stock, valued at approximately $621,904.34. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 70,556 shares of company stock worth $5,033,845 in the last 90 days. Corporate insiders own 6.24% of the company's stock.

Hedge Funds Weigh In On Arcellx

A number of institutional investors and hedge funds have recently made changes to their positions in ACLX. Mirae Asset Global Investments Co. Ltd. grew its stake in Arcellx by 21.7% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,944 shares of the company's stock valued at $161,000 after acquiring an additional 347 shares during the last quarter. Quest Partners LLC acquired a new stake in shares of Arcellx during the 2nd quarter worth about $27,000. National Bank of Canada FI boosted its stake in shares of 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 purchasing an additional 500 shares during the last quarter. High Net Worth Advisory Group LLC boosted its stake in shares of Arcellx by 6.3% during the 3rd quarter. High Net Worth Advisory Group LLC now owns 8,500 shares of the company's stock worth $710,000 after purchasing an additional 500 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its stake in shares of Arcellx by 1.4% during the 2nd quarter. Principal Financial Group Inc. now owns 37,352 shares of the company's stock worth $2,061,000 after purchasing an additional 517 shares during the last quarter. 96.03% of the stock is owned by institutional investors and hedge funds.

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).