Arcellx (NASDAQ:ACLX) Shares Down 5.4% - What's Next?

Arcellx, Inc. (NASDAQ:ACLX - Get Free Report) shares traded down 5.4% during trading on Monday . The stock traded as low as $63.38 and last traded at $64.44. 119,455 shares traded hands during mid-day trading, a decline of 82% from the average session volume of 677,085 shares. The stock had previously closed at $68.13.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on ACLX shares. Needham & Company LLC reissued a "buy" rating and set a $105.00 price target on shares of Arcellx in a research report on Monday, December 9th. Morgan Stanley raised their price target on Arcellx from $81.00 to $106.00 and gave the stock an "overweight" rating in a report on Wednesday, November 6th. Stifel Nicolaus increased their target price on Arcellx from $83.00 to $122.00 and gave the stock a "buy" rating in a research report on Friday, October 18th. HC Wainwright reissued a "buy" rating and set a $115.00 price target on shares of Arcellx in a report on Tuesday, December 10th. Finally, 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 report on Tuesday, December 10th. Thirteen equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $105.93.

Arcellx Stock Down 0.5 %

The stock's 50 day moving average price is $75.27 and its two-hundred day moving average price is $76.84. The firm has a market capitalization of $3.69 billion, a price-to-earnings ratio of -96.11 and a beta of 0.29.

Arcellx (NASDAQ:ACLX - Get Free Report) last issued 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 for the quarter, compared to the consensus estimate of $35.21 million. On average, equities analysts expect that Arcellx, Inc. will post -1.58 EPS for the current fiscal year.

Insider Activity at Arcellx

In other news, insider Christopher Heery sold 3,301 shares of the company's stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $79.55, for a total transaction of $262,594.55. Following the completion of the sale, the insider now owns 35,517 shares in the company, valued at approximately $2,825,377.35. This represents a 8.50 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Kavita Patel sold 15,238 shares of Arcellx stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $105.92, for a total transaction of $1,614,008.96. The disclosure for this sale can be found here. In the last quarter, insiders sold 64,916 shares of company stock valued at $6,339,655. 6.24% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Arcellx

Several large investors have recently made changes to their positions in the business. RA Capital Management L.P. grew its holdings in Arcellx by 15.4% in the 3rd quarter. RA Capital Management L.P. now owns 1,851,479 shares of the company's stock valued at $154,617,000 after buying an additional 247,465 shares during the last quarter. First Turn Management LLC bought a new stake in shares of Arcellx in the third quarter valued at approximately $17,896,000. Raymond James Financial Inc. acquired a new stake in shares of Arcellx in the fourth quarter worth $10,016,000. Janus Henderson Group PLC increased its position in Arcellx by 5.7% during the third quarter. Janus Henderson Group PLC now owns 2,011,950 shares of the company's stock worth $168,026,000 after acquiring an additional 109,332 shares during the period. Finally, abrdn plc bought a new stake in Arcellx in the 3rd quarter valued at $4,242,000. 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).