Arcellx (NASDAQ:ACLX) Stock Price Up 6% - Here's Why

Shares of Arcellx, Inc. (NASDAQ:ACLX - Get Free Report) were up 6% during trading on Wednesday . The stock traded as high as $69.84 and last traded at $64.20. Approximately 395,155 shares traded hands during trading, a decline of 33% from the average daily volume of 587,073 shares. The stock had previously closed at $60.54.

Wall Street Analysts Forecast Growth

Separately, Scotiabank dropped their price target on shares of Arcellx from $133.00 to $93.00 and set a "sector outperform" rating on the stock in a research report on Friday, May 9th. Thirteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Arcellx currently has a consensus rating of "Buy" and an average target price of $111.33.

Arcellx Price Performance

The company has a market capitalization of $3.62 billion, a price-to-earnings ratio of -92.21 and a beta of 0.34. The business has a fifty day moving average price of $62.70 and a 200 day moving average price of $71.39.

Arcellx (NASDAQ:ACLX - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported ($1.13) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.84) by ($0.29). Arcellx had a negative return on equity of 8.28% and a negative net margin of 25.94%. The company had revenue of $8.13 million for the quarter, compared to the consensus estimate of $19.51 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 other Arcellx news, insider Rami Elghandour sold 38,300 shares of Arcellx stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $62.02, for a total transaction of $2,375,366.00. Following the sale, the insider now owns 149,186 shares in the company, valued at $9,252,515.72. The trade was a 20.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Kavita Patel sold 1,500 shares of the business's stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $63.16, for a total transaction of $94,740.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 55,955 shares of company stock valued at $3,495,548. Insiders own 6.24% of the company's stock.

Hedge Funds Weigh In On Arcellx

A number of hedge funds and other institutional investors have recently made changes to their positions in ACLX. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Arcellx by 9.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,836 shares of the company's stock valued at $754,000 after acquiring an additional 858 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Arcellx by 156.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 305,088 shares of the company's stock valued at $23,400,000 after purchasing an additional 186,013 shares in the last quarter. Gilead Sciences Inc. acquired a new stake in Arcellx during the fourth quarter valued at approximately $515,418,000. Invesco Ltd. grew its stake in shares of Arcellx by 15.7% in the 4th quarter. Invesco Ltd. now owns 26,550 shares of the company's stock valued at $2,036,000 after purchasing an additional 3,610 shares during the period. Finally, Swiss National Bank raised its holdings in shares of Arcellx by 0.8% in the 4th quarter. Swiss National Bank now owns 63,400 shares of the company's stock worth $4,862,000 after buying an additional 500 shares in the last quarter. 96.03% of the stock is owned by institutional investors.

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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