Leerink Partnrs Reduces Earnings Estimates for Arcellx

Arcellx, Inc. (NASDAQ:ACLX - Free Report) - Leerink Partnrs cut their FY2024 earnings per share estimates for Arcellx in a report issued on Wednesday, December 4th. Leerink Partnrs analyst D. Graybosch now forecasts that the company will post earnings of ($1.84) per share for the year, down from their prior forecast of ($1.82). The consensus estimate for Arcellx's current full-year earnings is ($1.49) per share. Leerink Partnrs also issued estimates for Arcellx's Q4 2024 earnings at ($0.71) EPS and FY2025 earnings at ($3.02) EPS.

Arcellx (NASDAQ:ACLX - Get Free Report) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.48) earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $35.21 million.

Several other brokerages also recently issued reports on ACLX. Piper Sandler lifted their price objective on Arcellx from $91.00 to $115.00 and gave the stock an "overweight" rating in a research report on Friday, November 8th. Barclays upgraded shares of Arcellx to a "strong-buy" rating in a research report on Friday, November 29th. Stifel Nicolaus boosted their price target on Arcellx from $83.00 to $122.00 and gave the company a "buy" rating in a report on Friday, October 18th. Robert W. Baird increased their target price on Arcellx from $77.00 to $106.00 and gave the stock an "outperform" rating in a research report on Wednesday, November 6th. Finally, Bank of America increased their price objective on shares of Arcellx from $84.00 to $100.00 and gave the stock a "buy" rating in a report on Wednesday, November 6th. Twelve investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $103.08.

Arcellx Stock Down 2.2 %

Shares of Arcellx stock traded down $1.87 on Friday, hitting $84.55. The company's stock had a trading volume of 286,285 shares, compared to its average volume of 476,820. The firm has a fifty day moving average price of $88.42 and a 200-day moving average price of $71.12. Arcellx has a 52-week low of $46.42 and a 52-week high of $107.37. The company has a market capitalization of $4.57 billion, a P/E ratio of -121.72 and a beta of 0.25.

Insider Activity

In other Arcellx news, CFO Michelle Gilson sold 15,000 shares of the firm's stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $77.73, for a total value of $1,165,950.00. Following the sale, the chief financial officer now directly owns 6,915 shares in the company, valued at approximately $537,502.95. This trade represents a 68.45 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Kavita Patel sold 1,500 shares of the stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $74.41, for a total transaction of $111,615.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 68,501 shares of company stock worth $6,680,008. 6.24% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Arcellx

Several institutional investors have recently bought and sold shares of the stock. Quest Partners LLC bought a new position in shares of Arcellx in the second quarter valued at approximately $27,000. Decheng Capital LLC bought a new stake in shares of Arcellx in the 2nd quarter worth approximately $65,000. National Bank of Canada FI lifted its stake in Arcellx by 50.0% during the second quarter. National Bank of Canada FI now owns 1,500 shares of the company's stock valued at $80,000 after purchasing an additional 500 shares during the last quarter. Quarry LP bought a new position in shares of Arcellx in the third quarter valued at $125,000. Finally, Covestor Ltd grew its holdings in shares of Arcellx by 53,766.7% in the 3rd quarter. Covestor Ltd now owns 1,616 shares of the company's stock worth $135,000 after acquiring an additional 1,613 shares during the last quarter. Institutional investors and hedge funds own 96.03% of the company's stock.

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).