Arcellx (NASDAQ:ACLX) Trading 6.6% Higher – Time to Buy?

Arcellx, Inc. (NASDAQ:ACLX) shares shot up 6.6% on Friday . The stock traded as high as $64.76 and last traded at $65.42. 429,122 shares changed hands during trading, a decline of 32% from the average session volume of 634,584 shares. The stock had previously closed at $61.39.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on ACLX shares. Robert W. Baird boosted their price objective on Arcellx from $77.00 to $106.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 6th. UBS Group boosted their price target on Arcellx from $106.00 to $114.00 and gave the stock a “buy” rating in a research report on Tuesday, December 10th. Morgan Stanley raised their price objective on Arcellx from $81.00 to $106.00 and gave the company an “overweight” rating in a report on Wednesday, November 6th. Bank of America lifted their target price on shares of Arcellx from $84.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. Finally, HC Wainwright reiterated a “buy” rating and issued a $115.00 target price on shares of Arcellx in a research report on Tuesday, December 10th. Thirteen investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $108.46.

Arcellx Price Performance

The company has a market cap of $3.51 billion, a price-to-earnings ratio of -91.29 and a beta of 0.29. The firm has a 50 day simple moving average of $68.52 and a 200-day simple moving average of $77.36.

Arcellx (NASDAQ:ACLX) last released its quarterly earnings results on Thursday, February 27th. The company reported ($0.87) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.63) by ($0.24). The business had revenue of $15.27 million for the quarter, compared to analysts’ expectations of $27.42 million. Arcellx had a negative return on equity of 8.28% and a negative net margin of 25.94%. Research analysts anticipate that Arcellx, Inc. will post -1.58 EPS for the current fiscal year.

Insider Buying and Selling at Arcellx

In other news, insider Christopher Heery sold 3,301 shares of the firm’s stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $79.55, for a total transaction of $262,594.55. Following the completion of the transaction, the insider now directly owns 35,517 shares in the company, valued at $2,825,377.35. This trade represents a 8.50 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Rami Elghandour sold 38,300 shares of the business’s stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $62.02, for a total value of $2,375,366.00. Following the completion of the sale, the insider now owns 149,186 shares in the company, valued at $9,252,515.72. This represents a 20.43 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 65,870 shares of company stock worth $4,327,461 over the last three months. Insiders own 6.24% of the company’s stock.

Institutional Trading of Arcellx

Hedge funds have recently made changes to their positions in the business. First Turn Management LLC purchased a new stake in Arcellx during the 3rd quarter worth approximately $17,896,000. Charles Schwab Investment Management Inc. increased its position in shares of Arcellx by 4.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 328,093 shares of the company’s stock worth $27,399,000 after acquiring an additional 14,200 shares during the period. Harbor Capital Advisors Inc. raised its stake in shares of Arcellx by 37.0% in the third quarter. Harbor Capital Advisors Inc. now owns 27,896 shares of the company’s stock valued at $2,330,000 after acquiring an additional 7,534 shares in the last quarter. Lord Abbett & CO. LLC raised its stake in shares of Arcellx by 2.1% in the third quarter. Lord Abbett & CO. LLC now owns 891,848 shares of the company’s stock valued at $74,478,000 after acquiring an additional 18,004 shares in the last quarter. Finally, Intech Investment Management LLC purchased a new position in Arcellx in the third quarter valued at $800,000. Institutional investors and hedge funds own 96.03% of the company’s stock.

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).