Arcellx (NASDAQ:ACLX) Trading Up 4.6% - Should You Buy?

Arcellx, Inc. (NASDAQ:ACLX - Get Free Report) rose 4.6% during mid-day trading on Wednesday . The company traded as high as $63.03 and last traded at $63.51. Approximately 112,855 shares were traded during trading, a decline of 79% from the average daily volume of 537,935 shares. The stock had previously closed at $60.70.

Analysts Set New Price Targets

ACLX has been the subject of several research reports. UBS Group boosted their price objective on shares of Arcellx from $106.00 to $114.00 and gave the company a "buy" rating in a research note on Tuesday, December 10th. Needham & Company LLC reaffirmed a "buy" rating and set a $105.00 price objective on shares of Arcellx in a research report on Monday, December 9th. Finally, HC Wainwright restated a "buy" rating and issued a $115.00 target price on shares of Arcellx in a research report on Tuesday, December 10th. Twelve analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, Arcellx has an average rating of "Buy" and an average target price of $110.67.

Arcellx Stock Down 3.9 %

The stock has a market capitalization of $3.09 billion, a P/E ratio of -79.77 and a beta of 0.33. The stock has a 50 day simple moving average of $66.67 and a two-hundred day simple moving average of $77.23.

Arcellx (NASDAQ:ACLX - Get Free Report) last posted its quarterly earnings data on Thursday, February 27th. The company reported ($0.87) earnings per share for the quarter, missing the consensus estimate of ($0.63) by ($0.24). The firm had revenue of $15.27 million for the quarter, compared to the consensus estimate of $27.42 million. Arcellx had a negative return on equity of 8.28% and a negative net margin of 25.94%. Sell-side analysts predict that Arcellx, Inc. will post -1.58 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Rami Elghandour sold 38,300 shares of the stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $62.02, for a total transaction of $2,375,366.00. Following the transaction, the insider now owns 149,186 shares of the company's stock, valued at $9,252,515.72. This represents a 20.43 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Christopher Heery sold 10,155 shares of the company's stock in a transaction on Monday, February 24th. The stock was sold at an average price of $63.79, for a total transaction of $647,787.45. Following the completion of the sale, the insider now owns 37,486 shares of the company's stock, valued at approximately $2,391,231.94. The trade was a 21.32 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 58,008 shares of company stock worth $3,682,834. Corporate insiders own 6.24% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Wellington Management Group LLP raised its stake in Arcellx by 15.2% during the third quarter. Wellington Management Group LLP now owns 20,968 shares of the company's stock valued at $1,751,000 after buying an additional 2,768 shares during the last quarter. Geode Capital Management LLC lifted its stake in Arcellx by 4.3% in the 3rd quarter. Geode Capital Management LLC now owns 974,967 shares of the company's stock worth $81,434,000 after purchasing an additional 39,781 shares in the last quarter. Lord Abbett & CO. LLC grew its holdings in shares of Arcellx by 2.1% in the third quarter. Lord Abbett & CO. LLC now owns 891,848 shares of the company's stock valued at $74,478,000 after purchasing an additional 18,004 shares in the last quarter. Avanza Fonder AB purchased a new position in shares of Arcellx in the 4th quarter worth approximately $184,000. Finally, KBC Group NV raised its position in Arcellx by 37.3% in the 4th quarter. KBC Group NV now owns 1,388 shares of the company's stock worth $106,000 after purchasing an additional 377 shares during the period. 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).