Arcellx (NASDAQ:ACLX) Trading Up 6% - Here's What Happened

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

Analysts Set New Price Targets

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

Arcellx Price Performance

The stock has a market capitalization of $3.52 billion, a P/E ratio of -90.03 and a beta of 0.34. The stock's fifty day moving average is $62.31 and its two-hundred day moving average is $70.69.

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 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 firm had revenue of $8.13 million during the quarter, compared to analyst estimates of $19.51 million. Analysts expect that Arcellx, Inc. will post -1.58 EPS for the current year.

Insider Buying and Selling

In other Arcellx news, insider Rami Elghandour sold 38,300 shares of the stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $62.02, for a total value of $2,375,366.00. Following the completion of the sale, the insider now owns 149,186 shares in the company, valued at $9,252,515.72. This represents a 20.43% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kavita Patel sold 1,500 shares of the stock in a transaction that occurred on Tuesday, March 18th. The stock was sold at an average price of $71.64, for a total transaction of $107,460.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 45,800 shares of company stock valued at $2,847,761. Company insiders own 8.35% of the company's stock.

Institutional Investors Weigh In On Arcellx

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. GAMMA Investing LLC lifted its position in Arcellx by 104.1% in the 1st quarter. GAMMA Investing LLC now owns 494 shares of the company's stock worth $32,000 after buying an additional 252 shares in the last quarter. Headlands Technologies LLC purchased a new stake in Arcellx in the 4th quarter worth approximately $41,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in Arcellx in the 1st quarter worth approximately $50,000. GF Fund Management CO. LTD. bought a new position in shares of Arcellx during the 4th quarter valued at $87,000. Finally, KBC Group NV raised its holdings in shares of Arcellx by 37.3% during the 4th quarter. KBC Group NV now owns 1,388 shares of the company's stock valued at $106,000 after purchasing an additional 377 shares in the last quarter. Hedge funds and other institutional investors own 96.03% of the company's stock.

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).