Arcellx (NASDAQ:ACLX) Stock Price Down 4.6% – Here’s What Happened

Shares of Arcellx, Inc. (NASDAQ:ACLX) were down 4.6% on Wednesday . The stock traded as low as $78.00 and last traded at $78.25. Approximately 155,374 shares traded hands during mid-day trading, a decline of 68% from the average daily volume of 481,551 shares. The stock had previously closed at $82.03.

Wall Street Analyst Weigh In

Several research firms have recently commented on ACLX. Truist Financial upped their price target on Arcellx from $87.00 to $136.00 and gave the stock a “buy” rating in a research note on Tuesday, November 12th. HC Wainwright restated a “buy” rating and set a $115.00 price objective on shares of Arcellx in a research report on Tuesday, December 10th. Morgan Stanley lifted their target price on shares of Arcellx from $81.00 to $106.00 and gave the company an “overweight” rating in a report on Wednesday, November 6th. Stifel Nicolaus lifted their price objective on Arcellx from $83.00 to $122.00 and gave the company a “buy” rating in a report on Friday, October 18th. Finally, Barclays raised Arcellx to a “strong-buy” rating in a research note on Friday, November 29th. Thirteen investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Arcellx presently has a consensus rating of “Buy” and an average price target of $105.93.

Arcellx Trading Up 0.1 %

The stock’s 50 day moving average is $88.80 and its 200 day moving average is $73.19. The stock has a market capitalization of $4.07 billion, a price-to-earnings ratio of -106.03 and a beta of 0.25.

Arcellx (NASDAQ:ACLX) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.48) EPS for the quarter, beating the consensus estimate of ($0.54) by $0.06. Arcellx had a negative net margin of 25.94% and a negative return on equity of 8.28%. The business had revenue of $26.03 million for the quarter, compared to analyst estimates of $35.21 million. On average, sell-side analysts anticipate that Arcellx, Inc. will post -1.49 EPS for the current year.

Insiders Place Their Bets

In related news, Director Kavita Patel sold 1,500 shares of the company’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $91.88, for a total transaction of $137,820.00. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Over the last 90 days, insiders sold 52,001 shares of company stock valued at $5,402,443. Corporate insiders own 6.24% of the company’s stock.

Institutional Trading of Arcellx

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of New York Mellon Corp grew its holdings in Arcellx by 21.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 147,198 shares of the company’s stock valued at $8,124,000 after buying an additional 26,134 shares during the period. Allspring Global Investments Holdings LLC raised its stake in Arcellx by 37.8% during the second quarter. Allspring Global Investments Holdings LLC now owns 15,928 shares of the company’s stock worth $879,000 after purchasing an additional 4,372 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Arcellx by 34.3% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,811 shares of the company’s stock valued at $376,000 after purchasing an additional 1,740 shares during the last quarter. Principal Financial Group Inc. grew its stake in shares of Arcellx by 1.4% during the 2nd quarter. Principal Financial Group Inc. now owns 37,352 shares of the company’s stock valued at $2,061,000 after buying an additional 517 shares during the period. Finally, Rhumbline Advisers increased its holdings in shares of Arcellx by 14.3% during the 2nd quarter. Rhumbline Advisers now owns 60,570 shares of the company’s stock worth $3,343,000 after buying an additional 7,568 shares during the last quarter. 96.03% of the stock is owned by hedge funds and other institutional investors.

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).