Arcellx (NASDAQ:ACLX) Hits New 1-Year High – Still a Buy?

Arcellx, Inc. (NASDAQ:ACLX)’s stock price hit a new 52-week high during trading on Wednesday . The stock traded as high as $115.04 and last traded at $114.9950, with a volume of 298277 shares traded. The stock had previously closed at $114.89.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. UBS Group lowered Arcellx from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $100.00 to $115.00 in a research note on Tuesday, February 24th. Citigroup lowered shares of Arcellx from a “buy” rating to a “neutral” rating and raised their price target for the company from $110.00 to $115.00 in a report on Tuesday, February 24th. Needham & Company LLC cut shares of Arcellx from a “buy” rating to a “hold” rating in a research report on Monday, February 23rd. William Blair downgraded shares of Arcellx from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 23rd. Finally, Wells Fargo & Company lowered shares of Arcellx from an “overweight” rating to an “equal weight” rating and set a $115.00 price objective for the company. in a research report on Monday, February 23rd. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, sixteen have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $111.87.

Arcellx Stock Up 0.1%

The firm has a market cap of $6.73 billion, a price-to-earnings ratio of -28.28 and a beta of 0.25. The business has a 50 day moving average price of $104.30 and a 200-day moving average price of $85.91.

Arcellx (NASDAQ:ACLX) last released its quarterly earnings results on Thursday, February 26th. The company reported ($1.01) EPS for the quarter, hitting the consensus estimate of ($1.01). Arcellx had a negative return on equity of 55.42% and a negative net margin of 1,027.26%.The firm had revenue of $1.65 million for the quarter, compared to analyst estimates of $13.40 million. Research analysts anticipate that Arcellx, Inc. will post -1.58 earnings per share for the current fiscal year.

Insider Activity at Arcellx

In other news, insider Rami Elghandour sold 89,916 shares of the company’s stock in a transaction on Friday, February 27th. The shares were sold at an average price of $113.92, for a total value of $10,243,230.72. Following the completion of the transaction, the insider directly owned 276,051 shares in the company, valued at approximately $31,447,729.92. This represents a 24.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 8.35% of the company’s stock.

Hedge Funds Weigh In On Arcellx

A number of institutional investors have recently added to or reduced their stakes in ACLX. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Arcellx by 5.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,753 shares of the company’s stock valued at $1,893,000 after buying an additional 1,390 shares during the last quarter. Empowered Funds LLC acquired a new position in shares of Arcellx in the first quarter worth about $1,768,000. Intech Investment Management LLC lifted its stake in shares of Arcellx by 27.7% in the first quarter. Intech Investment Management LLC now owns 21,967 shares of the company’s stock worth $1,441,000 after acquiring an additional 4,760 shares in the last quarter. Prudential Financial Inc. boosted its holdings in Arcellx by 49.2% in the second quarter. Prudential Financial Inc. now owns 4,900 shares of the company’s stock valued at $323,000 after purchasing an additional 1,615 shares during the last quarter. Finally, Norges Bank purchased a new position in Arcellx in the second quarter valued at about $739,000. Institutional investors and hedge funds own 96.03% of the company’s stock.

Arcellx Company Profile

Arcellx, Inc (NASDAQ: ACLX) is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of next-generation cell therapies for oncology and autoimmune diseases. The company’s proprietary ARC-SparX™ platform is designed to enable precise control over cell-surface receptor activation and to improve the safety, efficacy and durability of adoptive cell therapies. Leveraging this technology, Arcellx engineers immune cells with modular antigen-binding domains that can be exchanged to target a variety of disease-associated markers.

The company’s pipeline comprises multiple wholly owned programs in hematologic malignancies and solid tumors at various stages of preclinical and clinical development.