Arcellx (NASDAQ:ACLX) Reaches New 52-Week High – Here’s What Happened

Arcellx, Inc. (NASDAQ:ACLX)’s stock price hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $88.87 and last traded at $88.67, with a volume of 391984 shares. The stock had previously closed at $86.81.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Redburn Atlantic started coverage on Arcellx in a research report on Tuesday, October 8th. They set a “buy” rating and a $109.00 target price for the company. Canaccord Genuity Group lifted their price objective on Arcellx from $85.00 to $115.00 and gave the company a “buy” rating in a report on Thursday. Needham & Company LLC reaffirmed a “buy” rating and issued a $81.00 price objective on shares of Arcellx in a research note on Friday, August 9th. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Arcellx in a research report on Monday, September 9th. Fourteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Arcellx currently has an average rating of “Buy” and an average target price of $82.69.

Arcellx Price Performance

The stock’s 50-day moving average is $74.51 and its 200 day moving average is $62.28. The company has a market cap of $5.10 billion, a PE ratio of -88.83 and a beta of 0.25.

Arcellx (NASDAQ:ACLX) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.51) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.52) by $0.01. Arcellx had a negative return on equity of 12.42% and a negative net margin of 37.23%. The firm had revenue of $27.38 million during the quarter, compared to analysts’ expectations of $22.04 million. The company’s revenue was up 91.5% compared to the same quarter last year. On average, analysts expect that Arcellx, Inc. will post -1.65 EPS for the current year.

Insider Transactions at Arcellx

In related news, insider Christopher Heery sold 21,684 shares of the stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $71.12, for a total value of $1,542,166.08. Following the completion of the transaction, the insider now directly owns 9,278 shares of the company’s stock, valued at $659,851.36. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CFO Michelle Gilson sold 15,000 shares of Arcellx stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $77.73, for a total transaction of $1,165,950.00. Following the completion of the sale, the chief financial officer now owns 6,915 shares of the company’s stock, valued at $537,502.95. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Christopher Heery sold 21,684 shares of the stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $71.12, for a total transaction of $1,542,166.08. Following the completion of the transaction, the insider now owns 9,278 shares in the company, valued at approximately $659,851.36. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 70,556 shares of company stock worth $4,992,265. Insiders own 6.24% of the company’s stock.

Institutional Trading of Arcellx

Several large investors have recently made changes to their positions in ACLX. Quest Partners LLC acquired a new position in Arcellx during the second quarter valued at $27,000. Plato Investment Management Ltd acquired a new position in shares of Arcellx in the 1st quarter valued at about $51,000. Decheng Capital LLC acquired a new position in shares of Arcellx in the 2nd quarter valued at about $65,000. National Bank of Canada FI boosted its stake in shares of Arcellx by 50.0% in the second quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock worth $80,000 after buying an additional 500 shares during the last quarter. Finally, Advisory Alpha LLC acquired a new stake in Arcellx during the first quarter worth about $209,000. 96.03% of the stock is owned by hedge funds and other 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).