Arcellx (NASDAQ:ACLX) Stock Price Up 7.2%

Arcellx, Inc. (NASDAQ:ACLX)’s share price traded up 7.2% on Tuesday . The company traded as high as $55.74 and last traded at $55.74. 148,573 shares were traded during mid-day trading, a decline of 67% from the average session volume of 449,739 shares. The stock had previously closed at $52.00.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. HC Wainwright lifted their price objective on shares of Arcellx from $60.00 to $82.00 and gave the company a “buy” rating in a research note on Thursday, February 29th. Morgan Stanley assumed coverage on shares of Arcellx in a research note on Thursday, March 7th. They issued an “overweight” rating and a $81.00 price objective for the company. Barclays lifted their price objective on shares of Arcellx from $62.00 to $73.00 and gave the company an “overweight” rating in a research note on Thursday, February 29th. Scotiabank reiterated an “outperform” rating and issued a $82.00 price objective on shares of Arcellx in a research note on Thursday, April 4th. Finally, Canaccord Genuity Group lifted their price objective on shares of Arcellx from $66.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday, February 29th. Twelve analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $74.17.

Arcellx Price Performance

The firm has a market cap of $2.93 billion, a P/E ratio of -37.71 and a beta of 0.02. The stock has a 50 day moving average of $64.71 and a 200 day moving average of $55.37.

Arcellx (NASDAQ:ACLX) last posted its quarterly earnings results on Wednesday, February 28th. The company reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.53) by $0.95. Arcellx had a negative net margin of 64.08% and a negative return on equity of 20.96%. The business had revenue of $63.15 million during the quarter, compared to analyst estimates of $20.07 million. During the same period in the prior year, the business posted ($0.76) earnings per share. On average, research analysts predict that Arcellx, Inc. will post -1.69 EPS for the current fiscal year.

Insider Buying and Selling at Arcellx

In other Arcellx news, insider Rami Elghandour sold 23,086 shares of the company’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $67.09, for a total transaction of $1,548,839.74. Following the completion of the sale, the insider now directly owns 69,253 shares in the company, valued at $4,646,183.77. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other Arcellx news, insider Rami Elghandour sold 23,086 shares of the company’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $67.09, for a total transaction of $1,548,839.74. Following the completion of the sale, the insider now directly owns 69,253 shares in the company, valued at $4,646,183.77. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Christopher Heery sold 3,456 shares of the stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $62.29, for a total transaction of $215,274.24. Following the sale, the insider now owns 36,958 shares of the company’s stock, valued at $2,302,113.82. The disclosure for this sale can be found here. Insiders sold a total of 605,814 shares of company stock worth $42,439,893 over the last three months. Company insiders own 6.24% of the company’s stock.

Institutional Trading of Arcellx

A number of institutional investors have recently modified their holdings of the company. Allspring Global Investments Holdings LLC purchased a new stake in shares of Arcellx during the first quarter worth about $804,000. High Net Worth Advisory Group LLC boosted its holdings in shares of Arcellx by 14.3% during the first quarter. High Net Worth Advisory Group LLC now owns 8,000 shares of the company’s stock worth $556,000 after purchasing an additional 1,000 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Arcellx by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 2,061,819 shares of the company’s stock worth $114,431,000 after purchasing an additional 23,262 shares during the period. Perceptive Advisors LLC boosted its holdings in shares of Arcellx by 14.6% during the fourth quarter. Perceptive Advisors LLC now owns 4,544,809 shares of the company’s stock worth $252,237,000 after purchasing an additional 578,831 shares during the period. Finally, PFM Health Sciences LP boosted its holdings in shares of Arcellx by 39.5% during the fourth quarter. PFM Health Sciences LP now owns 335,198 shares of the company’s stock worth $18,603,000 after purchasing an additional 94,860 shares during the period. 96.03% of the stock is currently owned by hedge funds and other institutional investors.

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).