Arcellx (NASDAQ:ACLX) Trading Down 4.6% – Here’s Why

Shares of Arcellx, Inc. (NASDAQ:ACLX) were down 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.

Wall Street Analysts Forecast Growth

ACLX has been the topic of a number of recent research reports. Bank of America upped their target price on Arcellx from $84.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Redburn Atlantic initiated coverage on Arcellx in a research report on Tuesday, October 8th. They set a “buy” rating and a $109.00 price objective for the company. HC Wainwright restated a “buy” rating and issued a $115.00 target price on shares of Arcellx in a report on Tuesday, December 10th. UBS Group upped 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. Finally, Robert W. Baird lifted their target price on shares of Arcellx from $77.00 to $106.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 6th. Thirteen research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $105.93.

Arcellx Price Performance

The firm has a market capitalization of $4.08 billion, a price-to-earnings ratio of -106.24 and a beta of 0.25. The business’s 50-day moving average price is $89.10 and its 200 day moving average price is $73.16.

Arcellx (NASDAQ:ACLX) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.48) EPS for the quarter, topping analysts’ consensus estimates of ($0.54) by $0.06. The firm had revenue of $26.03 million for the quarter, compared to analyst estimates of $35.21 million. Arcellx had a negative net margin of 25.94% and a negative return on equity of 8.28%. As a group, sell-side analysts expect that Arcellx, Inc. will post -1.49 earnings per share for the current year.

Insider Activity at Arcellx

In related news, Director Kavita Patel sold 1,500 shares of the company’s stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $89.69, for a total transaction of $134,535.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Over the last 90 days, insiders sold 52,001 shares of company stock valued at $5,402,443. Insiders own 6.24% of the company’s stock.

Institutional Trading of Arcellx

Institutional investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp grew its position in shares of Arcellx by 21.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 147,198 shares of the company’s stock valued at $8,124,000 after buying an additional 26,134 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its position in Arcellx by 37.8% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 15,928 shares of the company’s stock valued at $879,000 after purchasing an additional 4,372 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Arcellx by 34.3% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,811 shares of the company’s stock worth $376,000 after buying an additional 1,740 shares during the last quarter. Principal Financial Group Inc. grew its stake in Arcellx by 1.4% during the 2nd quarter. Principal Financial Group Inc. now owns 37,352 shares of the company’s stock worth $2,061,000 after buying an additional 517 shares during the last quarter. Finally, Rhumbline Advisers increased its position in Arcellx by 14.3% in the second quarter. Rhumbline Advisers now owns 60,570 shares of the company’s stock worth $3,343,000 after buying an additional 7,568 shares during the period. Institutional investors 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).