Arcellx (NASDAQ:ACLX) Releases Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Arcellx (NASDAQ:ACLX) issued its quarterly earnings results on Thursday. The company reported ($0.51) earnings per share for the quarter, topping the consensus estimate of ($0.52) by $0.01, Briefing.com reports. Arcellx had a negative return on equity of 13.11% and a negative net margin of 38.39%. The firm had revenue of $27.38 million during the quarter, compared to the consensus estimate of $22.04 million. Arcellx’s quarterly revenue was up 91.5% on a year-over-year basis.

Arcellx Stock Up 12.3 %

NASDAQ:ACLX opened at $59.05 on Friday. The company has a market capitalization of $3.16 billion, a PE ratio of -57.33 and a beta of 0.23. Arcellx has a 52-week low of $30.88 and a 52-week high of $75.10. The stock has a fifty day simple moving average of $56.81 and a 200-day simple moving average of $59.23.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on ACLX shares. Truist Financial reaffirmed a “buy” rating and set a $87.00 price target on shares of Arcellx in a report on Tuesday, June 18th. Needham & Company LLC reaffirmed a “buy” rating and set a $81.00 price target on shares of Arcellx in a report on Friday. HC Wainwright decreased their price target on Arcellx from $82.00 to $80.00 and set a “buy” rating for the company in a report on Monday, May 13th. Stifel Nicolaus increased their price target on Arcellx from $82.00 to $83.00 and gave the stock a “buy” rating in a report on Wednesday, May 15th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $85.00 price target on shares of Arcellx in a report on Monday, July 22nd. Thirteen equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $78.00.

Insider Transactions at Arcellx

In other news, Director Kavita Patel sold 1,500 shares of Arcellx stock in a transaction on Tuesday, July 30th. The stock was sold at an average price of $61.97, for a total transaction of $92,955.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Christopher Heery sold 20,000 shares of Arcellx stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $55.13, for a total transaction of $1,102,600.00. Following the completion of the transaction, the insider now owns 9,278 shares of the company’s stock, valued at approximately $511,496.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Kavita Patel sold 1,500 shares of Arcellx stock in a transaction dated Tuesday, July 30th. The stock was sold at an average price of $61.97, for a total value of $92,955.00. The disclosure for this sale can be found here. Insiders sold 92,570 shares of company stock valued at $5,169,283 in the last 90 days. 6.24% of the stock is currently owned by insiders.

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).