Arcellx (NASDAQ:ACLX) Reaches New 52-Week High at $78.67

Arcellx, Inc. (NASDAQ:ACLX) shares reached a new 52-week high during trading on Monday . The stock traded as high as $78.67 and last traded at $78.67, with a volume of 3147 shares. The stock had previously closed at $76.89.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on ACLX. Truist Financial reiterated a “buy” rating and issued a $87.00 target price on shares of Arcellx in a report on Tuesday, June 18th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Arcellx in a research report on Monday, September 9th. Canaccord Genuity Group reissued a “buy” rating and issued a $85.00 price objective on shares of Arcellx in a research report on Monday, July 22nd. Piper Sandler initiated coverage on Arcellx in a research note on Friday, May 31st. They set an “overweight” rating and a $70.00 target price on the stock. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $81.00 target price on shares of Arcellx in a research report on Friday, August 9th. Fourteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $78.00.

Arcellx Trading Up 1.2 %

The stock has a market cap of $4.16 billion, a PE ratio of -74.65 and a beta of 0.23. The business has a 50-day moving average price of $64.04 and a 200-day moving average price of $60.16.

Arcellx (NASDAQ:ACLX) last announced its earnings results on Thursday, August 8th. The company reported ($0.51) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.52) by $0.01. The business had revenue of $27.38 million for the quarter, compared to analyst estimates of $22.04 million. Arcellx had a negative net margin of 37.23% and a negative return on equity of 12.42%. The business’s revenue for the quarter was up 91.5% on a year-over-year basis. Equities analysts expect that Arcellx, Inc. will post -1.65 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Christopher Heery sold 27,451 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $67.03, for a total value of $1,840,040.53. Following the completion of the sale, the insider now owns 9,278 shares of the company’s stock, valued at approximately $621,904.34. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Arcellx news, insider Christopher Heery sold 27,451 shares of Arcellx stock in a transaction on 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 in the company, valued at $621,904.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Michelle Gilson sold 12,877 shares of the firm’s stock in a transaction dated Wednesday, June 26th. The stock was sold at an average price of $53.70, for a total value of $691,494.90. Following the sale, the chief financial officer now directly owns 6,915 shares of the company’s stock, valued at $371,335.50. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 114,505 shares of company stock worth $7,185,387. Insiders own 6.24% of the company’s stock.

Institutional Trading of Arcellx

A number of large investors have recently modified their holdings of ACLX. Principal Financial Group Inc. grew its stake in Arcellx by 246.3% during the 1st quarter. Principal Financial Group Inc. now owns 36,835 shares of the company’s stock worth $2,562,000 after purchasing an additional 26,197 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Arcellx by 6.7% in 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 during the period. Seven Eight Capital LP acquired a new position in shares of Arcellx during the first quarter worth about $1,207,000. Bamco Inc. NY increased its stake in shares of Arcellx by 292.1% during the first quarter. Bamco Inc. NY now owns 248,993 shares of the company’s stock worth $17,317,000 after buying an additional 185,493 shares during the period. Finally, Advisory Alpha LLC purchased a new position in Arcellx in the first quarter worth approximately $209,000. Hedge funds and other institutional investors own 96.03% of the company’s stock.

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).