Arcellx (NASDAQ:ACLX) Trading Down 5.4% – Here’s What Happened

Arcellx, Inc. (NASDAQ:ACLX)’s share price dropped 5.4% during trading on Monday . The company traded as low as $63.38 and last traded at $64.44. Approximately 119,455 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 677,085 shares. The stock had previously closed at $68.13.

Wall Street Analyst Weigh In

ACLX has been the subject of a number of research reports. HC Wainwright reiterated a “buy” rating and set a $115.00 price objective on shares of Arcellx in a report on Tuesday, December 10th. UBS Group boosted their price objective on shares of Arcellx from $106.00 to $114.00 and gave the stock a “buy” rating in a research report on Tuesday, December 10th. Needham & Company LLC reaffirmed a “buy” rating and issued a $105.00 target price on shares of Arcellx in a research report on Monday, December 9th. Canaccord Genuity Group boosted their price target on shares of Arcellx from $85.00 to $115.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. Finally, Barclays upgraded Arcellx to a “strong-buy” rating in a research note on Friday, November 29th. Thirteen equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $105.93.

Arcellx Trading Down 5.1 %

The firm has a 50-day simple moving average of $76.64 and a two-hundred day simple moving average of $76.84. The stock has a market cap of $3.50 billion, a P/E ratio of -91.33 and a beta of 0.29.

Arcellx (NASDAQ:ACLX) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.48) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.54) by $0.06. Arcellx had a negative return on equity of 8.28% and a negative net margin of 25.94%. The business had revenue of $26.03 million for the quarter, compared to the consensus estimate of $35.21 million. Sell-side analysts predict that Arcellx, Inc. will post -1.58 earnings per share for the current year.

Insider Buying and Selling

In other Arcellx news, insider Christopher Heery sold 3,061 shares of the business’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $77.17, for a total transaction of $236,217.37. Following the sale, the insider now owns 32,456 shares of the company’s stock, valued at approximately $2,504,629.52. The trade was a 8.62 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Kavita Patel sold 33,763 shares of the stock in a transaction on Friday, November 8th. The shares were sold at an average price of $104.14, for a total value of $3,516,078.82. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 63,416 shares of company stock worth $6,242,800. Corporate insiders own 6.24% of the company’s stock.

Hedge Funds Weigh In On Arcellx

A number of institutional investors and hedge funds have recently bought and sold shares of ACLX. AQR Capital Management LLC raised its holdings in Arcellx by 38.9% in the 2nd quarter. AQR Capital Management LLC now owns 16,852 shares of the company’s stock valued at $930,000 after buying an additional 4,718 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in Arcellx by 55.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 73,332 shares of the company’s stock worth $4,047,000 after purchasing an additional 26,134 shares during the last quarter. SG Americas Securities LLC bought a new position in Arcellx during the 3rd quarter worth $1,005,000. Handelsbanken Fonder AB lifted its holdings in Arcellx by 22.3% during the 3rd quarter. Handelsbanken Fonder AB now owns 12,600 shares of the company’s stock worth $1,052,000 after buying an additional 2,300 shares during the period. Finally, High Net Worth Advisory Group LLC grew its position in shares of Arcellx by 6.3% in the 3rd quarter. High Net Worth Advisory Group LLC now owns 8,500 shares of the company’s stock valued at $710,000 after buying an additional 500 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).