Arcellx (NASDAQ:ACLX) Sets New 52-Week High - Here's What Happened

Key Points

• Shares of Arcellx hit a new 52-week high of $114.91 (last $114.77) on Friday with about 3.13 million shares traded, giving the company a market cap near $6.71 billion.
• Despite the rally, analysts are largely cautious — the consensus rating is Hold (17 Holds, 1 Buy, 1 Sell) with an average target of $111.87 and several recent downgrades or lowered targets.
• Arcellx remains unprofitable (Q EPS −$1.01, revenue $1.65M vs. $13.4M expected) and insiders have sold roughly 109,366 shares (~$11.5M) in the past 90 days.

Shares of Arcellx, Inc. (NASDAQ:ACLX - Get Free Report) hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $114.91 and last traded at $114.77, with a volume of 3131310 shares trading hands. The stock had previously closed at $114.33.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Guggenheim lowered Arcellx from a "buy" rating to a "neutral" rating and lowered their target price for the stock from $120.00 to $115.00 in a report on Wednesday, February 25th. Leerink Partners reiterated a "market perform" rating and issued a $115.00 price target on shares of Arcellx in a report on Tuesday, February 24th. Robert W. Baird reissued a "neutral" rating and issued a $115.00 price target (up from $106.00) on shares of Arcellx in a research report on Monday, February 23rd. Truist Financial cut Arcellx from a "buy" rating to a "hold" rating and decreased their price objective for the stock from $134.00 to $120.00 in a research note on Monday, February 23rd. Finally, William Blair downgraded Arcellx from a "strong-buy" rating to a "hold" rating in a research report on Monday, February 23rd. One research analyst has rated the stock with a Buy rating, seventeen have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $111.87.

Arcellx Trading Up 0.4%

The stock has a market cap of $6.71 billion, a price-to-earnings ratio of -28.20 and a beta of 0.23. The stock has a 50-day moving average price of $85.75 and a two-hundred day moving average price of $80.42.

Arcellx (NASDAQ:ACLX - Get Free Report) last announced its earnings results on Thursday, February 26th. The company reported ($1.01) earnings per share (EPS) for the quarter, meeting the consensus estimate 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 for the quarter, compared to analyst estimates of $13.40 million. Research analysts predict that Arcellx, Inc. will post -1.58 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Christopher Heery sold 7,437 shares of Arcellx stock in a transaction that occurred on Tuesday, January 13th. The shares were sold at an average price of $65.51, for a total value of $487,197.87. Following the completion of the sale, the insider directly owned 29,631 shares in the company, valued at $1,941,126.81. This trade represents a 20.06% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Rami Elghandour sold 89,916 shares of the business'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 sale, the insider directly owned 276,051 shares in the company, valued at approximately $31,447,729.92. This represents a 24.57% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 109,366 shares of company stock worth $11,526,708. Corporate insiders own 8.35% of the company's stock.

Institutional Investors Weigh In On Arcellx

Institutional investors and hedge funds have recently made changes to their positions in the stock. MAI Capital Management acquired a new position in shares of Arcellx in the 3rd quarter valued at $26,000. CWM LLC lifted its position in Arcellx by 267.0% during the 3rd quarter. CWM LLC now owns 345 shares of the company's stock worth $28,000 after acquiring an additional 251 shares during the period. State of Wyoming acquired a new stake in Arcellx during the 2nd quarter worth about $28,000. Ramirez Asset Management Inc. purchased a new stake in Arcellx during the 3rd quarter valued at about $41,000. Finally, PNC Financial Services Group Inc. grew its stake in Arcellx by 183.4% during the 2nd quarter. PNC Financial Services Group Inc. now owns 751 shares of the company's stock valued at $49,000 after purchasing an additional 486 shares during the last quarter. 96.03% of the stock is currently owned by institutional investors and hedge funds.

Arcellx Company Profile

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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