Arcellx (NASDAQ:ACLX) Shares Up 6.6% After Analyst Upgrade

Arcellx, Inc. (NASDAQ:ACLX - Get Free Report)'s stock price traded up 6.6% on Wednesday after Stifel Nicolaus raised their price target on the stock from $82.00 to $83.00. Stifel Nicolaus currently has a buy rating on the stock. Arcellx traded as high as $54.31 and last traded at $53.94. 27,188 shares changed hands during trading, a decline of 94% from the average session volume of 448,155 shares. The stock had previously closed at $50.62.

Other equities analysts also recently issued reports about the company. Canaccord Genuity Group raised their price target on Arcellx from $66.00 to $85.00 and gave the company a "buy" rating in a report on Thursday, February 29th. Barclays boosted their price objective on Arcellx from $62.00 to $73.00 and gave the company an "overweight" rating in a research note on Thursday, February 29th. HC Wainwright lowered their price target on Arcellx from $82.00 to $80.00 and set a "buy" rating on the stock in a report on Monday. Needham & Company LLC reissued a "buy" rating and issued a $81.00 price target on shares of Arcellx in a report on Tuesday, May 7th. Finally, Robert W. Baird upped their price objective on Arcellx from $63.00 to $77.00 and gave the stock an "outperform" rating in a report on Thursday, February 29th. Thirteen analysts have rated the stock with a buy rating, According to MarketBeat, Arcellx has a consensus rating of "Buy" and an average target price of $78.73.

Insider Buying and Selling at Arcellx

In related news, insider Christopher Heery sold 18,168 shares of the business's stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $51.33, for a total value of $932,563.44. Following the sale, the insider now owns 8,938 shares in the company, valued at approximately $458,787.54. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Arcellx news, insider Christopher Heery sold 18,168 shares of the company's stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $51.33, for a total transaction of $932,563.44. Following the completion of the sale, the insider now directly owns 8,938 shares of the company's stock, valued at approximately $458,787.54. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Jill Carroll sold 504,263 shares of the business's stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $70.55, for a total transaction of $35,575,754.65. Following the sale, the director now owns 1,479,148 shares in the company, valued at $104,353,891.40. The disclosure for this sale can be found here. Insiders have sold 617,559 shares of company stock worth $42,965,930 over the last quarter. 6.24% of the stock is currently owned by company insiders.

Institutional Trading of Arcellx

Several hedge funds and other institutional investors have recently bought and sold shares of ACLX. Perceptive Advisors LLC raised its holdings in Arcellx by 14.6% in the 4th quarter. Perceptive Advisors LLC now owns 4,544,809 shares of the company's stock valued at $252,237,000 after acquiring an additional 578,831 shares during the last quarter. Vanguard Group Inc. raised its holdings in Arcellx by 8.1% in the 1st quarter. Vanguard Group Inc. now owns 2,228,856 shares of the company's stock valued at $155,017,000 after acquiring an additional 167,037 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Arcellx by 6.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,344,553 shares of the company's stock valued at $93,514,000 after acquiring an additional 84,373 shares during the last quarter. Vivo Capital LLC raised 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 acquiring an additional 69,780 shares during the last quarter. Finally, Affinity Asset Advisors LLC increased its holdings in shares of Arcellx by 76.8% during the 3rd quarter. Affinity Asset Advisors LLC now owns 400,000 shares of the company's stock worth $14,352,000 after buying an additional 173,725 shares during the last quarter. 96.03% of the stock is owned by hedge funds and other institutional investors.

Arcellx Stock Performance

The firm has a market capitalization of $2.77 billion, a price-to-earnings ratio of -50.21 and a beta of 0.24. The business has a fifty day moving average price of $60.41 and a 200 day moving average price of $57.36.

Arcellx (NASDAQ:ACLX - Get Free Report) last released its quarterly earnings data on Thursday, May 9th. The company reported ($0.14) EPS for the quarter, topping analysts' consensus estimates of ($0.51) by $0.37. The business had revenue of $39.26 million during the quarter, compared to the consensus estimate of $20.67 million. Arcellx had a negative return on equity of 13.11% and a negative net margin of 38.39%. The business's revenue for the quarter was up 119.2% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.58) EPS. On average, analysts expect that Arcellx, Inc. will post -1.68 earnings per share for the current year.

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).