Arcellx (NASDAQ:ACLX) Sets New 12-Month High at $78.67

Arcellx, Inc. (NASDAQ:ACLX)’s share price reached a new 52-week high during trading on Monday . The stock traded as high as $78.67 and last traded at $78.67, with a volume of 3147 shares. The stock had previously closed at $76.89.

Analyst Ratings Changes

ACLX has been the subject of several recent analyst reports. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Arcellx in a report on Monday, September 9th. Canaccord Genuity Group reissued a “buy” rating and issued a $85.00 price target on shares of Arcellx in a report on Monday, July 22nd. Piper Sandler assumed coverage on shares of Arcellx in a report on Friday, May 31st. They set an “overweight” rating and a $70.00 price objective for the company. Truist Financial reaffirmed a “buy” rating and issued a $87.00 price objective on shares of Arcellx in a research report on Tuesday, June 18th. Finally, Needham & Company LLC reissued a “buy” rating and set a $81.00 target price on shares of Arcellx in a research report on Friday, August 9th. Fourteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of $78.00.

Arcellx Stock Performance

The business has a 50 day moving average of $64.88 and a 200-day moving average of $60.32. The company has a market capitalization of $4.17 billion, a P/E ratio of -75.72 and a beta of 0.23.

Arcellx (NASDAQ:ACLX) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.51) earnings per share for the quarter, beating the consensus estimate of ($0.52) by $0.01. The firm had revenue of $27.38 million for the quarter, compared to analysts’ expectations of $22.04 million. Arcellx had a negative return on equity of 12.42% and a negative net margin of 37.23%. The firm’s quarterly revenue was up 91.5% on a year-over-year basis. As a group, equities analysts forecast that Arcellx, Inc. will post -1.65 EPS for the current fiscal year.

Insider Buying and Selling at Arcellx

In other news, CFO Michelle Gilson sold 12,877 shares of the business’s stock in a transaction on Wednesday, June 26th. The shares were sold at an average price of $53.70, for a total transaction of $691,494.90. Following the completion of the transaction, the chief financial officer now directly owns 6,915 shares in the company, valued at approximately $371,335.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Kavita Patel sold 10,000 shares of Arcellx stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $54.27, for a total transaction of $542,700.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Michelle Gilson sold 12,877 shares of the business’s stock in a transaction dated Wednesday, June 26th. The stock was sold at an average price of $53.70, for a total value of $691,494.90. Following the transaction, the chief financial officer now directly owns 6,915 shares of the company’s stock, valued at approximately $371,335.50. The disclosure for this sale can be found here. Insiders sold a total of 129,505 shares of company stock valued at $8,351,337 in the last three months. Company insiders own 6.24% of the company’s stock.

Institutional Investors Weigh In On Arcellx

Hedge funds have recently bought and sold shares of the stock. Quest Partners LLC purchased a new stake in shares of Arcellx during the 2nd quarter valued at $27,000. 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 worth $80,000 after purchasing an additional 500 shares during the last quarter. Principal Financial Group Inc. lifted its stake in Arcellx by 1.4% during the second 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. Plato Investment Management Ltd purchased a new position in shares of Arcellx in the 1st quarter worth about $51,000. Finally, High Net Worth Advisory Group LLC increased its position in shares of Arcellx by 14.3% during the 1st quarter. High Net Worth Advisory Group LLC now owns 8,000 shares of the company’s stock valued at $556,000 after purchasing an additional 1,000 shares during the last quarter. 96.03% of the stock is currently owned by institutional investors.

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).