Arcellx's (ACLX) "Sell (D-)" Rating Reaffirmed at Weiss Ratings

Key Points

• Arcellx (ACLX) received a reaffirmed "Sell (D-)" rating from Weiss Ratings, amidst a mix of ratings from other analysts, including multiple "Buy" and "Strong Buy" ratings.
• The company's stock price recently increased to $88.29, while its average price target remains at $114.75 according to MarketBeat.com.
• Arcellx reported a greater than expected loss of $0.94 per share with revenue significantly below analysts' expectations, at $7.55 million versus a forecast of $16.76 million.

Arcellx (NASDAQ:ACLX - Get Free Report)'s stock had its "sell (d-)" rating reaffirmed by analysts at Weiss Ratings in a note issued to investors on Wednesday,Weiss Ratings reports.

ACLX has been the topic of a number of other reports. HC Wainwright restated a "buy" rating and set a $115.00 price objective on shares of Arcellx in a research report on Monday, June 16th. Scotiabank raised their price objective 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. Citigroup began coverage on shares of Arcellx in a report on Tuesday, June 17th. They set a "buy" rating and a $110.00 price objective for the company. Finally, Cantor Fitzgerald upgraded Arcellx to a "strong-buy" rating in a research note on Monday, August 4th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $114.75.

Arcellx Stock Performance

Shares of ACLX traded up $3.08 during mid-day trading on Wednesday, hitting $88.29. The company's stock had a trading volume of 528,280 shares, compared to its average volume of 635,808. The firm has a market capitalization of $4.90 billion, a PE ratio of -25.82 and a beta of 0.31. The stock's 50-day moving average is $74.43 and its two-hundred day moving average is $67.67. Arcellx has a one year low of $47.86 and a one year high of $107.37.

Arcellx (NASDAQ:ACLX - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported ($0.94) earnings per share for the quarter, beating the consensus estimate of ($1.03) by $0.09. Arcellx had a negative net margin of 329.93% and a negative return on equity of 43.04%. The business had revenue of $7.55 million during the quarter, compared to analysts' expectations of $16.76 million. Analysts expect that Arcellx will post -1.58 EPS for the current fiscal year.

Insider Transactions at Arcellx

In related news, insider Christopher Heery sold 21,034 shares of the firm's stock in a transaction dated Tuesday, September 30th. The stock was sold at an average price of $81.28, for a total value of $1,709,643.52. Following the transaction, the insider owned 624 shares in the company, valued at $50,718.72. This trade represents a 97.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 37,146 shares of company stock valued at $3,000,136 in the last quarter. 8.35% of the stock is owned by company insiders.

Institutional Investors Weigh In On Arcellx

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