Arcellx (ACLX) Expected to Announce Quarterly Earnings on Wednesday

Arcellx (NASDAQ:ACLX) is anticipated to issue its quarterly earnings data before the market opens on Wednesday, February 26th. Analysts expect the company to announce earnings of ($0.63) per share for the quarter.

Arcellx Stock Down 2.8 %

Arcellx stock opened at $63.75 on Monday. The firm has a 50-day moving average price of $70.11 and a two-hundred day moving average price of $77.46. The firm has a market capitalization of $3.45 billion, a price-to-earnings ratio of -89.79 and a beta of 0.29. Arcellx has a 52-week low of $47.88 and a 52-week high of $107.37.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on ACLX shares. Robert W. Baird upped their price target on shares of Arcellx from $77.00 to $106.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 6th. Morgan Stanley raised their target price on Arcellx from $81.00 to $106.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 6th. Needham & Company LLC reiterated a “buy” rating and issued a $105.00 price objective on shares of Arcellx in a research note on Monday, December 9th. UBS Group boosted their price target on Arcellx from $106.00 to $114.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $115.00 price objective on shares of Arcellx in a research report on Tuesday, December 10th. Thirteen analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $105.93.

Insider Activity

In other news, Director Kavita Patel sold 1,500 shares of the firm’s stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $64.57, for a total value of $96,855.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Christopher Heery sold 3,553 shares of the firm’s stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $73.69, for a total transaction of $261,820.57. Following the completion of the sale, the insider now owns 25,085 shares in the company, valued at approximately $1,848,513.65. The trade was a 12.41 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 15,915 shares of company stock valued at $1,209,567 over the last 90 days. 6.24% of the stock is currently owned by company insiders.

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).