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

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

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Needham & Company LLC reissued a “buy” rating and issued a $96.00 price target on shares of Arcellx in a report on Wednesday, November 6th. Piper Sandler increased their price target on shares of Arcellx from $91.00 to $115.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. HC Wainwright lifted their price objective on shares of Arcellx from $80.00 to $95.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Truist Financial upped their price objective on shares of Arcellx from $87.00 to $136.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, Bank of America raised their target price on Arcellx from $84.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. 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 data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $103.08.

Arcellx Stock Down 7.5 %

The stock has a 50-day moving average of $85.14 and a 200 day moving average of $67.07. The stock has a market cap of $4.76 billion, a PE ratio of -125.36 and a beta of 0.27.

Arcellx (NASDAQ:ACLX) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.48) earnings per share 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 firm had revenue of $26.03 million for the quarter, compared to analysts’ expectations of $35.21 million. Research analysts forecast that Arcellx, Inc. will post -1.49 EPS for the current fiscal year.

Insider Transactions at Arcellx

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in Arcellx by 8.1% in the first quarter. Vanguard Group Inc. now owns 2,228,856 shares of the company’s stock valued at $155,017,000 after acquiring an additional 167,037 shares in the last quarter. Janus Henderson Group PLC increased its holdings in Arcellx by 5.7% in the third quarter. Janus Henderson Group PLC now owns 2,011,950 shares of the company’s stock valued at $168,026,000 after buying an additional 109,332 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in Arcellx by 6.7% in the first 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. Great Point Partners LLC lifted its holdings in Arcellx by 64.0% during the 2nd quarter. Great Point Partners LLC now owns 492,000 shares of the company’s stock worth $27,153,000 after buying an additional 192,000 shares during the last quarter. Finally, Affinity Asset Advisors LLC boosted its position in shares of Arcellx by 53.3% during the 2nd quarter. Affinity Asset Advisors LLC now owns 460,000 shares of the company’s stock worth $25,387,000 after acquiring an additional 160,000 shares in the last quarter. 96.03% of the stock is currently 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).