Arcellx (NASDAQ:ACLX) Shares Down 6.4% – Here’s What Happened

Arcellx, Inc. (NASDAQ:ACLX)’s stock price fell 6.4% during mid-day trading on Friday . The stock traded as low as $89.01 and last traded at $89.01. 106,066 shares traded hands during trading, a decline of 78% from the average session volume of 478,475 shares. The stock had previously closed at $95.08.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on ACLX. Cantor Fitzgerald reissued an “overweight” rating on shares of Arcellx in a research note on Monday, September 9th. Robert W. Baird increased their target price on shares of Arcellx from $77.00 to $106.00 and gave the company an “outperform” rating in a research report on Wednesday, November 6th. Stifel Nicolaus boosted their price target on shares of Arcellx from $83.00 to $122.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. Bank of America upped their price objective on shares of Arcellx from $84.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Finally, Canaccord Genuity Group lifted their target price on shares of Arcellx from $85.00 to $115.00 and gave the stock a “buy” rating in a research note on Thursday, October 17th. Thirteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Arcellx presently has a consensus rating of “Buy” and an average price target of $103.08.

Arcellx Trading Down 7.6 %

The business has a 50-day moving average of $85.97 and a 200 day moving average of $67.65. The firm has a market capitalization of $4.75 billion, a P/E ratio of -123.70 and a beta of 0.27.

Arcellx (NASDAQ:ACLX) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.48) EPS for the quarter, beating the consensus estimate of ($0.54) by $0.06. Arcellx had a negative return on equity of 8.28% and a negative net margin of 25.94%. The firm had revenue of $26.03 million during the quarter, compared to the consensus estimate of $35.21 million. As a group, research analysts forecast that Arcellx, Inc. will post -1.49 EPS for the current year.

Insiders Place Their Bets

In other Arcellx news, CFO Michelle Gilson sold 15,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $77.73, for a total transaction of $1,165,950.00. Following the completion of the sale, the chief financial officer now directly owns 6,915 shares of the company’s stock, valued at approximately $537,502.95. The trade was a 68.45 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Christopher Heery sold 27,451 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $67.03, for a total value of $1,840,040.53. Following the completion of the transaction, the insider now owns 9,278 shares in the company, valued at $621,904.34. This represents a 74.74 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 119,557 shares of company stock worth $10,163,933. Insiders own 6.24% of the company’s stock.

Hedge Funds Weigh In On Arcellx

Large investors have recently bought and sold shares of the stock. Quest Partners LLC purchased a new stake in shares of Arcellx in the second quarter valued at about $27,000. Plato Investment Management Ltd purchased a new stake in Arcellx in the 1st quarter valued at about $51,000. Decheng Capital LLC bought a new position in shares of Arcellx during the 2nd quarter worth approximately $65,000. National Bank of Canada FI boosted its stake in shares of Arcellx by 50.0% in the 2nd quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock worth $80,000 after buying an additional 500 shares during the last quarter. Finally, Quarry LP bought a new position in shares of Arcellx in the third quarter valued at approximately $125,000. 96.03% of the stock is currently 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).