Arcellx (NASDAQ:ACLX) Shares Down 6.4% – Here’s What Happened

Arcellx, Inc. (NASDAQ:ACLX) fell 6.4% during trading on Friday . The company traded as low as $89.01 and last traded at $89.01. 106,066 shares traded hands during trading, a decline of 78% from the average session volume of 478,475 shares. The stock had previously closed at $95.08.

Analyst Ratings Changes

ACLX has been the subject of several research reports. Cantor Fitzgerald restated an “overweight” rating on shares of Arcellx in a research report on Monday, September 9th. HC Wainwright increased their target price on shares of Arcellx from $80.00 to $95.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Morgan Stanley raised their price target on shares of Arcellx from $81.00 to $106.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 6th. Canaccord Genuity Group upped their price objective on Arcellx from $85.00 to $115.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. Finally, Piper Sandler raised their target price on Arcellx from $91.00 to $115.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Thirteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Arcellx currently has an average rating of “Buy” and a consensus target price of $103.08.

Arcellx Stock Down 7.6 %

The company has a 50-day moving average price of $85.97 and a two-hundred day moving average price of $67.65. The company has a market capitalization of $4.75 billion, a PE ratio of -123.70 and a beta of 0.27.

Arcellx (NASDAQ:ACLX) last posted its earnings results on Thursday, November 7th. The company reported ($0.48) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.54) by $0.06. Arcellx had a negative return on equity of 8.28% and a negative net margin of 25.94%. The business had revenue of $26.03 million during the quarter, compared to analyst estimates of $35.21 million. As a group, equities analysts anticipate that Arcellx, Inc. will post -1.49 EPS for the current fiscal year.

Insider Activity at Arcellx

In other Arcellx news, insider Christopher Heery sold 27,451 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $67.03, for a total value of $1,840,040.53. Following the sale, the insider now owns 9,278 shares of the company’s stock, valued at $621,904.34. This trade represents a 74.74 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Michelle Gilson sold 15,000 shares of the business’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $77.73, for a total value of $1,165,950.00. Following the transaction, the chief financial officer now directly owns 6,915 shares of the company’s stock, valued at $537,502.95. The trade was a 68.45 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 119,557 shares of company stock valued at $10,163,933. Corporate insiders own 6.24% of the company’s stock.

Institutional Investors Weigh In On Arcellx

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD raised its position in shares of Arcellx by 6.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,344,553 shares of the company’s stock valued at $93,514,000 after buying an additional 84,373 shares in the last quarter. Seven Eight Capital LP bought a new position in shares of Arcellx during the 1st quarter valued at $1,207,000. Bamco Inc. NY raised its position in Arcellx by 292.1% in the 1st quarter. Bamco Inc. NY now owns 248,993 shares of the company’s stock worth $17,317,000 after purchasing an additional 185,493 shares during the period. Harbor Capital Advisors Inc. lifted its stake in Arcellx by 37.0% in the third quarter. Harbor Capital Advisors Inc. now owns 27,896 shares of the company’s stock worth $2,330,000 after purchasing an additional 7,534 shares during the last quarter. Finally, Renaissance Technologies LLC purchased a new stake in Arcellx during the second quarter valued at about $1,494,000. 96.03% of the stock is 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).