Arcellx (NASDAQ:ACLX) Sees Unusually-High Trading Volume – Should You Buy?

Shares of Arcellx, Inc. (NASDAQ:ACLX) saw strong trading volume on Monday . 636,156 shares traded hands during mid-day trading, an increase of 56% from the previous session’s volume of 409,059 shares.The stock last traded at $74.60 and had previously closed at $79.13.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on ACLX shares. Needham & Company LLC reissued a “buy” rating and set a $105.00 price objective on shares of Arcellx in a research note on Monday, December 9th. Morgan Stanley increased their target price on shares of Arcellx from $81.00 to $106.00 and gave the stock an “overweight” rating in a report on Wednesday, November 6th. UBS Group boosted their price target on shares of Arcellx from $106.00 to $114.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Canaccord Genuity Group upped their price objective on shares of Arcellx from $85.00 to $115.00 and gave the company a “buy” rating in a research report on Thursday, October 17th. Finally, Barclays upgraded Arcellx to a “strong-buy” rating in a report on Friday, November 29th. Thirteen investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Arcellx presently has an average rating of “Buy” and a consensus target price of $105.93.

Arcellx Trading Down 6.2 %

The company has a market capitalization of $3.91 billion, a P/E ratio of -101.77 and a beta of 0.33. The firm’s 50 day moving average price is $85.75 and its two-hundred day moving average price is $75.64.

Arcellx (NASDAQ:ACLX) last released its earnings results on Thursday, November 7th. The company reported ($0.48) earnings per share 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 business had revenue of $26.03 million during the quarter, compared to the consensus estimate of $35.21 million. Analysts anticipate that Arcellx, Inc. will post -1.49 earnings per share for the current fiscal year.

Insider Activity at Arcellx

In other Arcellx news, Director Kavita Patel sold 15,238 shares of the stock in a transaction on Monday, November 11th. The shares were sold at an average price of $105.92, for a total value of $1,614,008.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Christopher Heery sold 3,061 shares of Arcellx stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $77.17, for a total transaction of $236,217.37. Following the completion of the transaction, the insider now directly owns 32,456 shares of the company’s stock, valued at approximately $2,504,629.52. This trade represents a 8.62 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 59,863 shares of company stock valued at $6,016,710. 6.24% of the stock is owned by insiders.

Institutional Investors Weigh In On Arcellx

Hedge funds have recently bought and sold shares of the company. Lord Abbett & CO. LLC increased its position in Arcellx by 2.1% during the third quarter. Lord Abbett & CO. LLC now owns 891,848 shares of the company’s stock worth $74,478,000 after buying an additional 18,004 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Arcellx by 4.3% during the 3rd quarter. Geode Capital Management LLC now owns 974,967 shares of the company’s stock worth $81,434,000 after acquiring an additional 39,781 shares during the period. Wellington Management Group LLP increased its holdings in shares of Arcellx by 15.2% during the 3rd quarter. Wellington Management Group LLP now owns 20,968 shares of the company’s stock worth $1,751,000 after acquiring an additional 2,768 shares during the last quarter. Quarry LP bought a new stake in Arcellx in the 3rd quarter valued at $125,000. Finally, RA Capital Management L.P. lifted its holdings in Arcellx by 15.4% during the 3rd quarter. RA Capital Management L.P. now owns 1,851,479 shares of the company’s stock valued at $154,617,000 after purchasing an additional 247,465 shares during the last quarter. 96.03% of the stock is currently owned by institutional investors and hedge funds.

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).