Arcellx (NASDAQ:ACLX) Trading 7.2% Higher

Shares of Arcellx, Inc. (NASDAQ:ACLX - Get Free Report) traded up 7.2% during trading on Tuesday . The company traded as high as $55.74 and last traded at $55.74. 148,573 shares were traded during trading, a decline of 67% from the average session volume of 449,739 shares. The stock had previously closed at $52.00.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Robert W. Baird boosted their price target on shares of Arcellx from $63.00 to $77.00 and gave the stock an "outperform" rating in a research report on Thursday, February 29th. Needham & Company LLC reiterated a "buy" rating and issued a $81.00 target price on shares of Arcellx in a report on Thursday, April 11th. Morgan Stanley assumed coverage on shares of Arcellx in a report on Thursday, March 7th. They issued an "overweight" rating and a $81.00 target price on the stock. Stifel Nicolaus reiterated a "buy" rating and issued a $82.00 target price on shares of Arcellx in a report on Thursday, March 14th. Finally, Truist Financial boosted their target price on shares of Arcellx from $57.00 to $87.00 and gave the stock a "buy" rating in a report on Tuesday, March 5th. Twelve research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $74.17.

Arcellx Price Performance

The stock's fifty day moving average price is $64.71 and its 200-day moving average price is $55.37. The firm has a market cap of $2.90 billion, a price-to-earnings ratio of -37.03 and a beta of 0.02.

Arcellx (NASDAQ:ACLX - Get Free Report) last released its quarterly earnings results on Wednesday, February 28th. The company reported $0.42 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.53) by $0.95. The business had revenue of $63.15 million for the quarter, compared to analyst estimates of $20.07 million. Arcellx had a negative net margin of 64.08% and a negative return on equity of 20.96%. During the same quarter in the previous year, the business earned ($0.76) earnings per share. As a group, equities research analysts predict that Arcellx, Inc. will post -1.69 EPS for the current fiscal year.

Insider Buying and Selling at Arcellx

In other Arcellx news, insider Christopher Heery sold 2,967 shares of the company's stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $64.46, for a total value of $191,252.82. Following the transaction, the insider now owns 30,303 shares in the company, valued at approximately $1,953,331.38. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, CFO Michelle Gilson sold 6,825 shares of the stock in a transaction on Monday, March 18th. The shares were sold at an average price of $69.34, for a total transaction of $473,245.50. Following the transaction, the chief financial officer now owns 9,485 shares in the company, valued at approximately $657,689.90. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Christopher Heery sold 2,967 shares of the stock in a transaction on Monday, February 12th. The stock was sold at an average price of $64.46, for a total transaction of $191,252.82. Following the transaction, the insider now owns 30,303 shares in the company, valued at approximately $1,953,331.38. The disclosure for this sale can be found here. In the last quarter, insiders have sold 605,814 shares of company stock worth $42,439,893. 6.24% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Perceptive Advisors LLC boosted its holdings in shares of Arcellx by 14.6% during the 4th quarter. Perceptive Advisors LLC now owns 4,544,809 shares of the company's stock worth $252,237,000 after buying an additional 578,831 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Arcellx by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 2,061,819 shares of the company's stock worth $114,431,000 after buying an additional 23,262 shares during the period. Vivo Capital LLC boosted its holdings in Arcellx by 16.1% in the 3rd quarter. Vivo Capital LLC now owns 503,565 shares of the company's stock valued at $18,068,000 after purchasing an additional 69,780 shares during the period. Affinity Asset Advisors LLC boosted its holdings in Arcellx by 76.8% in the 3rd quarter. Affinity Asset Advisors LLC now owns 400,000 shares of the company's stock valued at $14,352,000 after purchasing an additional 173,725 shares during the period. Finally, Adage Capital Partners GP L.L.C. boosted its holdings in Arcellx by 5.4% in the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 392,904 shares of the company's stock valued at $14,097,000 after purchasing an additional 20,000 shares during the period. Institutional investors and hedge funds 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).