Arcellx (NASDAQ:ACLX) Stock Price Down 3.7% - Here's Why

Arcellx, Inc. (NASDAQ:ACLX - Get Free Report) shares fell 3.7% during trading on Monday . The stock traded as low as $63.36 and last traded at $63.53. 260,741 shares changed hands during trading, a decline of 57% from the average session volume of 605,143 shares. The stock had previously closed at $66.00.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on ACLX. HC Wainwright reiterated a "buy" rating and issued a $115.00 price objective on shares of Arcellx in a research report on Monday. Scotiabank decreased their price target on Arcellx from $133.00 to $93.00 and set a "sector outperform" rating on the stock in a report on Friday, May 9th. Thirteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $111.33.

Arcellx Stock Performance

The firm's fifty day simple moving average is $62.01 and its 200 day simple moving average is $67.76. The stock has a market capitalization of $3.53 billion, a price-to-earnings ratio of -90.27 and a beta of 0.28.

Arcellx (NASDAQ:ACLX - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($1.13) EPS for the quarter, missing the consensus estimate of ($0.84) by ($0.29). Arcellx had a negative net margin of 25.94% and a negative return on equity of 8.28%. The company had revenue of $8.13 million during the quarter, compared to the consensus estimate of $19.51 million. Analysts forecast that Arcellx, Inc. will post -1.58 earnings per share for the current year.

Insider Buying and Selling at Arcellx

In related news, Director Kavita Patel sold 1,500 shares of the firm's stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $67.36, for a total value of $101,040.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last quarter, insiders have sold 7,500 shares of company stock worth $478,695. Corporate insiders own 8.35% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. GAMMA Investing LLC raised its stake in shares of Arcellx by 104.1% during the 1st quarter. GAMMA Investing LLC now owns 494 shares of the company's stock worth $32,000 after purchasing an additional 252 shares in the last quarter. Headlands Technologies LLC bought a new stake in Arcellx during the fourth quarter worth $41,000. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in Arcellx in the first quarter valued at $50,000. GF Fund Management CO. LTD. bought a new position in shares of Arcellx in the 4th quarter valued at about $87,000. Finally, Amalgamated Bank grew its position in shares of Arcellx by 12.0% in the 1st quarter. Amalgamated Bank now owns 1,508 shares of the company's stock valued at $99,000 after acquiring an additional 161 shares during the period. 96.03% of the stock is owned by institutional investors and hedge funds.

Arcellx Company Profile

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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