Arcellx (NASDAQ:ACLX) Shares Gap Up – Here’s What Happened

Arcellx, Inc. (NASDAQ:ACLX)’s stock price gapped up prior to trading on Friday . The stock had previously closed at $68.60, but opened at $74.66. Arcellx shares last traded at $68.88, with a volume of 13,632 shares trading hands.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on ACLX shares. Barclays raised Arcellx to a “strong-buy” rating in a report on Friday, November 29th. Needham & Company LLC reissued a “buy” rating and set a $105.00 price objective on shares of Arcellx in a report on Monday, December 9th. Piper Sandler lifted their target price on Arcellx from $91.00 to $115.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. HC Wainwright reissued a “buy” rating and set a $115.00 price target on shares of Arcellx in a research note on Tuesday, December 10th. Finally, UBS Group increased their target price on Arcellx from $106.00 to $114.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. Thirteen research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $108.46.

Arcellx Price Performance

The firm’s fifty day moving average price is $67.61 and its 200-day moving average price is $77.47. The company has a market capitalization of $3.76 billion, a price-to-earnings ratio of -96.21 and a beta of 0.32.

Arcellx (NASDAQ:ACLX) last issued its quarterly earnings results on Thursday, February 27th. The company reported ($0.87) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.63) by ($0.24). The business had revenue of $15.27 million for the quarter, compared to analyst estimates of $27.42 million. Arcellx had a negative return on equity of 8.28% and a negative net margin of 25.94%. On average, research analysts predict that Arcellx, Inc. will post -1.58 earnings per share for the current year.

Insider Buying and Selling at Arcellx

In other Arcellx news, insider Rami Elghandour sold 38,300 shares of the firm’s stock in a transaction on Wednesday, February 26th. The stock was 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 directly owns 149,186 shares of the company’s stock, valued at $9,252,515.72. This trade represents a 20.43 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Kavita Patel sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $63.16, for a total transaction of $94,740.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 64,370 shares of company stock worth $4,189,641. Insiders own 6.24% of the company’s stock.

Hedge Funds Weigh In On Arcellx

Hedge funds and other institutional investors have recently modified their holdings of the company. US Bancorp DE increased its position in shares of Arcellx by 60.0% in the third quarter. US Bancorp DE now owns 7,603 shares of the company’s stock valued at $635,000 after acquiring an additional 2,851 shares during the period. Covestor Ltd grew its holdings in shares of Arcellx by 53,766.7% during the 3rd quarter. Covestor Ltd now owns 1,616 shares of the company’s stock worth $135,000 after acquiring an additional 1,613 shares during the period. Entropy Technologies LP bought a new position in shares of Arcellx in the 3rd quarter worth approximately $293,000. Quest Partners LLC lifted its stake in shares of Arcellx by 210.1% in the 3rd quarter. Quest Partners LLC now owns 1,532 shares of the company’s stock valued at $128,000 after purchasing an additional 1,038 shares during the period. Finally, First Turn Management LLC purchased a new position in Arcellx during the third quarter valued at $17,896,000. 96.03% of the stock is currently owned by hedge funds and other 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).