Arcellx (NASDAQ:ACLX) Shares Up 4.3% - Here's What Happened

Key Points

• Arcellx's share price increased by 4.3% on Tuesday, with the stock trading between $82.42 and $82.48, although this came with a significant drop in trading volume by 79%.
• Analysts have set an average price target of $114.31 for Arcellx shares, with ratings including two Strong Buy and thirteen Buy ratings from various research firms.
• The company reported an earnings per share of ($0.94) for the last quarter, surpassing the consensus estimate of ($1.03), despite revenue falling short at $7.55 million compared to an expected $16.76 million.

Arcellx, Inc. (NASDAQ:ACLX - Get Free Report) rose 4.3% during trading on Tuesday . The company traded as high as $82.42 and last traded at $82.48. Approximately 134,450 shares were traded during trading, a decline of 79% from the average daily volume of 633,248 shares. The stock had previously closed at $79.11.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Cantor Fitzgerald upgraded shares of Arcellx to a "strong-buy" rating in a research report on Monday, August 4th. Scotiabank lifted their price target on shares of Arcellx from $93.00 to $133.00 and gave the stock a "sector outperform" rating in a report on Thursday, July 31st. HC Wainwright reissued a "buy" rating and set a $115.00 price objective on shares of Arcellx in a report on Monday, June 16th. Finally, Citigroup started coverage on Arcellx in a research note on Tuesday, June 17th. They issued a "buy" rating and a $110.00 target price on the stock. Two research analysts have rated the stock with a Strong Buy rating and thirteen have given a Buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $114.31.

Arcellx Price Performance

The business has a 50 day moving average price of $72.82 and a two-hundred day moving average price of $67.12. The stock has a market cap of $4.56 billion, a PE ratio of -23.91 and a beta of 0.28.

Arcellx (NASDAQ:ACLX - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported ($0.94) EPS for the quarter, topping the consensus estimate of ($1.03) by $0.09. The company had revenue of $7.55 million for the quarter, compared to the consensus estimate of $16.76 million. Arcellx had a negative net margin of 329.93% and a negative return on equity of 43.04%. On average, sell-side analysts forecast that Arcellx, Inc. will post -1.58 earnings per share for the current fiscal year.

Insider Transactions at Arcellx

In other Arcellx news, insider Christopher Heery sold 12,396 shares of the business's stock in a transaction on Friday, September 26th. The shares were sold at an average price of $80.12, for a total transaction of $993,167.52. Following the transaction, the insider directly owned 21,731 shares of the company's stock, valued at approximately $1,741,087.72. The trade was a 36.32% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last quarter, insiders have sold 16,112 shares of company stock worth $1,290,493. 8.35% of the stock is currently owned by insiders.

Institutional Trading of Arcellx

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Squarepoint Ops LLC grew its position in shares of Arcellx by 371.9% in the 2nd quarter. Squarepoint Ops LLC now owns 16,044 shares of the company's stock worth $1,056,000 after buying an additional 12,644 shares during the period. State of Wyoming purchased a new position in Arcellx in the 2nd quarter worth approximately $28,000. Tower Research Capital LLC TRC boosted its stake in Arcellx by 105.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 6,143 shares of the company's stock valued at $405,000 after purchasing an additional 3,147 shares during the last quarter. E Fund Management Co. Ltd. increased its holdings in shares of Arcellx by 15.1% in the 2nd quarter. E Fund Management Co. Ltd. now owns 6,293 shares of the company's stock worth $414,000 after purchasing an additional 825 shares in the last quarter. Finally, Vestal Point Capital LP raised its stake in shares of Arcellx by 15.2% in the second quarter. Vestal Point Capital LP now owns 2,750,000 shares of the company's stock worth $181,088,000 after purchasing an additional 362,280 shares during the last quarter. 96.03% of the stock is 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).

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