Arcellx (NASDAQ:ACLX) Reaches New 52-Week High - Should You Buy?

Key Points

• New 52-week high: Arcellx shares reached $115.04 (last traded $114.995) on heavy volume (~298,277 shares) and trade above their 50-day ($102.42) and 200-day ($85.50) moving averages, with a market cap of $6.73B.
• Analyst coverage is mixed — the consensus is an average "Hold" rating with a mean price target of $111.87, which is below the recent trading level.
• The company remains unprofitable (quarterly EPS -$1.01) and reported a large revenue miss ($1.65M vs. $13.4M est.); an insider sold 89,916 shares for about $10.24M, and institutional investors own roughly 96% of the stock.

Arcellx, Inc. (NASDAQ:ACLX - Get Free Report) shares hit a new 52-week high during trading on Wednesday . The company traded as high as $115.04 and last traded at $114.9950, with a volume of 298277 shares trading hands. The stock had previously closed at $114.89.

Wall Street Analyst Weigh In

ACLX has been the topic of a number of research analyst reports. Truist Financial raised Arcellx from a "hold" rating to a "strong-buy" rating in a report on Friday, March 20th. Weiss Ratings restated a "sell (d-)" rating on shares of Arcellx in a research report on Wednesday, January 21st. Needham & Company LLC lowered Arcellx from a "buy" rating to a "hold" rating in a research report on Monday, February 23rd. Citigroup lowered Arcellx from a "buy" rating to a "neutral" rating and raised their price objective for the stock from $110.00 to $115.00 in a research report on Tuesday, February 24th. Finally, Robert W. Baird restated a "neutral" rating and set a $115.00 price objective (up from $106.00) on shares of Arcellx in a research report on Monday, February 23rd. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, sixteen have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $111.87.

Arcellx Trading Up 0.2%

The company has a fifty day moving average of $102.42 and a two-hundred day moving average of $85.50. The stock has a market capitalization of $6.73 billion, a price-to-earnings ratio of -28.28 and a beta of 0.25.

Arcellx (NASDAQ:ACLX - Get Free Report) last issued its quarterly earnings results on Thursday, February 26th. The company reported ($1.01) EPS for the quarter, hitting analysts' consensus estimates of ($1.01). Arcellx had a negative return on equity of 55.42% and a negative net margin of 1,027.26%.The company had revenue of $1.65 million during the quarter, compared to analyst estimates of $13.40 million. As a group, sell-side analysts predict that Arcellx, Inc. will post -1.58 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Rami Elghandour sold 89,916 shares of the firm's stock in a transaction that occurred on Friday, February 27th. The stock was sold at an average price of $113.92, for a total transaction of $10,243,230.72. Following the completion of the transaction, the insider owned 276,051 shares in the company, valued at $31,447,729.92. This trade represents a 24.57% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 8.35% of the company's stock.

Institutional Investors Weigh In On Arcellx

A number of large investors have recently bought and sold shares of the business. MAI Capital Management acquired a new position in shares of Arcellx during the third quarter worth approximately $26,000. CWM LLC lifted its position in shares of Arcellx by 267.0% during the third quarter. CWM LLC now owns 345 shares of the company's stock worth $28,000 after purchasing an additional 251 shares in the last quarter. State of Wyoming acquired a new position in shares of Arcellx during the second quarter worth approximately $28,000. Ramirez Asset Management Inc. acquired a new position in shares of Arcellx during the third quarter worth approximately $41,000. Finally, Abich Financial Wealth Management LLC acquired a new position in shares of Arcellx during the third quarter worth approximately $62,000. 96.03% of the stock is currently owned by institutional investors.

About Arcellx

Arcellx, Inc NASDAQ: ACLX is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of next-generation cell therapies for oncology and autoimmune diseases. The company's proprietary ARC-SparX™ platform is designed to enable precise control over cell-surface receptor activation and to improve the safety, efficacy and durability of adoptive cell therapies. Leveraging this technology, Arcellx engineers immune cells with modular antigen-binding domains that can be exchanged to target a variety of disease-associated markers.

The company's pipeline comprises multiple wholly owned programs in hematologic malignancies and solid tumors at various stages of preclinical and clinical development.

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