Arcellx (NASDAQ:ACLX) Announces Quarterly Earnings Results

Arcellx (NASDAQ:ACLX) announced its earnings results on Thursday. The company reported ($0.14) earnings per share for the quarter, topping the consensus estimate of ($0.51) by $0.37, Briefing.com reports. Arcellx had a negative net margin of 64.08% and a negative return on equity of 20.96%. The company had revenue of $39.26 million during the quarter, compared to analyst estimates of $20.67 million. During the same quarter last year, the firm posted ($0.58) earnings per share. Arcellx’s revenue was up 119.2% compared to the same quarter last year.

Arcellx Price Performance

Shares of ACLX traded down $4.61 during mid-day trading on Friday, reaching $48.12. 355,031 shares of the company’s stock were exchanged, compared to its average volume of 445,991. The stock has a market capitalization of $2.56 billion, a PE ratio of -33.82 and a beta of 0.24. The business’s fifty day simple moving average is $61.92 and its 200-day simple moving average is $56.69. Arcellx has a 52-week low of $30.74 and a 52-week high of $75.10.

Wall Street Analyst Weigh In

Several research firms have recently commented on ACLX. HC Wainwright raised 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. Barclays raised 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. Stifel Nicolaus reissued a “buy” rating and issued a $82.00 price objective on shares of Arcellx in a research note on Thursday, March 14th. Needham & Company LLC reaffirmed a “buy” rating and issued a $81.00 target price on shares of Arcellx in a report on Tuesday. Finally, Canaccord Genuity Group raised their target price on shares of Arcellx from $66.00 to $85.00 and gave the company a “buy” rating in a report on Thursday, February 29th. Twelve research analysts have rated the stock with a buy rating, According to MarketBeat, Arcellx has a consensus rating of “Buy” and a consensus target price of $75.64.

Insider Transactions at Arcellx

In other news, insider Christopher Heery sold 18,168 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $51.33, for a total transaction of $932,563.44. Following the transaction, the insider now directly owns 8,938 shares in the company, valued at $458,787.54. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, insider Christopher Heery sold 18,168 shares of Arcellx stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $51.33, for a total value of $932,563.44. Following the transaction, the insider now directly owns 8,938 shares in the company, valued at approximately $458,787.54. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Rami Elghandour sold 23,086 shares of Arcellx stock in a transaction on 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 transaction, the insider now owns 69,253 shares in the company, valued at $4,646,183.77. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 620,526 shares of company stock worth $43,157,182. Insiders own 6.24% 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).