Arcellx (NASDAQ:ACLX) Shares Down 4.6% - Here's Why

Arcellx, Inc. (NASDAQ:ACLX - Get Free Report) dropped 4.6% during trading on Wednesday . The stock traded as low as $78.00 and last traded at $78.25. Approximately 155,374 shares traded hands during mid-day trading, a decline of 68% from the average daily volume of 481,551 shares. The stock had previously closed at $82.03.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on ACLX shares. Truist Financial boosted their price objective on Arcellx from $87.00 to $136.00 and gave the company a "buy" rating in a research note on Tuesday, November 12th. Piper Sandler lifted their price target on shares of Arcellx from $91.00 to $115.00 and gave the company an "overweight" rating in a report on Friday, November 8th. UBS Group increased their price objective on shares of Arcellx from $106.00 to $114.00 and gave the stock a "buy" rating in a research note on Tuesday, December 10th. Redburn Atlantic started coverage on shares of Arcellx in a research report on Tuesday, October 8th. They set a "buy" rating and a $109.00 price objective on the stock. Finally, Stifel Nicolaus upped their target price on shares of Arcellx from $83.00 to $122.00 and gave the stock a "buy" rating in a report on Friday, October 18th. Thirteen equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Arcellx currently has an average rating of "Buy" and a consensus price target of $105.93.

Arcellx Stock Down 8.0 %

The company has a market capitalization of $4.08 billion, a P/E ratio of -106.24 and a beta of 0.25. The business has a 50 day moving average of $89.10 and a 200 day moving average of $73.16.

Arcellx (NASDAQ:ACLX - Get Free Report) last posted its earnings results on Thursday, November 7th. The company reported ($0.48) EPS for the quarter, beating analysts' consensus estimates of ($0.54) by $0.06. Arcellx had a negative return on equity of 8.28% and a negative net margin of 25.94%. The firm had revenue of $26.03 million during the quarter, compared to the consensus estimate of $35.21 million. On average, research analysts anticipate that Arcellx, Inc. will post -1.49 EPS for the current year.

Insiders Place Their Bets

In other news, Director Kavita Patel sold 15,238 shares of the business's stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $105.92, for a total transaction of $1,614,008.96. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders sold 52,001 shares of company stock valued at $5,402,443 in the last three months. Corporate insiders own 6.24% of the company's stock.

Institutional Trading of Arcellx

A number of institutional investors have recently bought and sold shares of the stock. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Arcellx by 21.7% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,944 shares of the company's stock worth $161,000 after acquiring an additional 347 shares during the last quarter. Quest Partners LLC purchased a new stake in Arcellx in the 2nd quarter worth about $27,000. National Bank of Canada FI lifted its stake in Arcellx by 50.0% in the second 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 position in shares of Arcellx by 6.3% during the third quarter. High Net Worth Advisory Group LLC now owns 8,500 shares of the company's stock valued at $710,000 after buying an additional 500 shares during the period. Finally, Principal Financial Group Inc. grew its stake in shares of Arcellx by 1.4% during the second quarter. Principal Financial Group Inc. now owns 37,352 shares of the company's stock valued at $2,061,000 after buying an additional 517 shares during the last quarter. 96.03% of the stock is currently owned by 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).