Arcellx (NASDAQ:ACLX) Issues Quarterly Earnings Results

Arcellx (NASDAQ:ACLX) announced its quarterly earnings results on Wednesday. The company reported ($0.99) earnings per share for the quarter, missing the consensus estimate of ($0.96) by ($0.03), Zacks reports. The company had revenue of $4.95 million for the quarter, compared to analyst estimates of $11.24 million. Arcellx had a negative return on equity of 43.04% and a negative net margin of 329.93%.

Arcellx Trading Up 0.7%

Arcellx stock traded up $0.61 during trading hours on Thursday, reaching $88.12. 69,375 shares of the stock were exchanged, compared to its average volume of 618,018. The company has a market cap of $4.89 billion, a P/E ratio of -25.77 and a beta of 0.31. Arcellx has a twelve month low of $47.86 and a twelve month high of $107.37. The stock has a 50 day moving average of $81.11 and a two-hundred day moving average of $71.35.

Insider Transactions at Arcellx

In other Arcellx news, insider Christopher Heery sold 21,034 shares of the stock in a transaction dated Tuesday, September 30th. The shares were sold at an average price of $81.28, for a total transaction of $1,709,643.52. Following the sale, the insider directly owned 624 shares in the company, valued at $50,718.72. This represents a 97.12% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders have sold 37,146 shares of company stock worth $3,000,136 in the last 90 days. Corporate insiders own 8.35% of the company’s stock.

Institutional Investors Weigh In On Arcellx

A number of large investors have recently bought and sold shares of ACLX. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Arcellx by 5.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,753 shares of the company’s stock worth $1,893,000 after buying an additional 1,390 shares in the last quarter. Empowered Funds LLC acquired a new stake in Arcellx during the first quarter worth about $1,768,000. Intech Investment Management LLC grew its stake in Arcellx by 27.7% during the first quarter. Intech Investment Management LLC now owns 21,967 shares of the company’s stock worth $1,441,000 after buying an additional 4,760 shares in the last quarter. Prudential Financial Inc. grew its stake in Arcellx by 49.2% during the second quarter. Prudential Financial Inc. now owns 4,900 shares of the company’s stock worth $323,000 after buying an additional 1,615 shares in the last quarter. Finally, Norges Bank acquired a new stake in Arcellx during the second quarter worth about $739,000. 96.03% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $88.00 price target on shares of Arcellx in a research report on Thursday, October 9th. Stifel Nicolaus set a $129.00 price target on shares of Arcellx and gave the stock a “buy” rating in a research note on Thursday, October 16th. Weiss Ratings restated a “sell (d-)” rating on shares of Arcellx in a research report on Wednesday, October 8th. Scotiabank lifted their target price on shares of Arcellx from $93.00 to $133.00 and gave the stock a “sector outperform” rating in a research report on Thursday, July 31st. Finally, Canaccord Genuity Group upped their price objective on shares of Arcellx from $121.00 to $130.00 and gave the stock a “buy” rating in a report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $117.50.

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).