Arcellx (NASDAQ:ACLX) Sets New 52-Week High – Here’s What Happened

by · The Cerbat Gem

Arcellx, Inc. (NASDAQ:ACLX – Get Free Report)’s share price hit a new 52-week high on Tuesday . The stock traded as high as $88.87 and last traded at $88.67, with a volume of 391984 shares changing hands. The stock had previously closed at $86.81.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Truist Financial reissued a “buy” rating and issued a $87.00 price target on shares of Arcellx in a research note on Tuesday, June 18th. Redburn Atlantic assumed coverage on shares of Arcellx in a research note on Tuesday, October 8th. They set a “buy” rating and a $109.00 target price on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $81.00 price target on shares of Arcellx in a research note on Friday, August 9th. Canaccord Genuity Group reiterated a “buy” rating and issued a $85.00 price objective on shares of Arcellx in a report on Monday, July 22nd. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Arcellx in a research note on Monday, September 9th. Fourteen equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $80.38.

Check Out Our Latest Research Report on ACLX

Arcellx Trading Up 3.6 %

The stock has a 50-day moving average of $72.90 and a two-hundred day moving average of $61.92. The firm has a market cap of $4.81 billion, a price-to-earnings ratio of -84.68 and a beta of 0.25.

Arcellx (NASDAQ:ACLX – Get Free Report) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.51) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.52) by $0.01. Arcellx had a negative net margin of 37.23% and a negative return on equity of 12.42%. The business had revenue of $27.38 million for the quarter, compared to analyst estimates of $22.04 million. The business’s quarterly revenue was up 91.5% compared to the same quarter last year. Sell-side analysts expect that Arcellx, Inc. will post -1.65 EPS for the current fiscal year.

Insider Activity

In other news, CFO Michelle Gilson sold 15,000 shares of Arcellx stock in a transaction 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 transaction, the chief financial officer now owns 6,915 shares in the company, valued at approximately $537,502.95. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Arcellx news, Director Kavita Patel sold 1,500 shares of the stock in a transaction that occurred on Tuesday, July 30th. The shares were sold at an average price of $61.97, for a total value of $92,955.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Michelle Gilson sold 15,000 shares of the business’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $77.73, for a total transaction of $1,165,950.00. Following the transaction, the chief financial officer now owns 6,915 shares in the company, valued at approximately $537,502.95. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 70,556 shares of company stock worth $4,992,265 over the last quarter. Corporate insiders own 6.24% of the company’s stock.

Institutional Trading of Arcellx

A number of institutional investors have recently bought and sold shares of the company. Great Point Partners LLC raised its stake in shares of Arcellx by 64.0% during the 2nd quarter. Great Point Partners LLC now owns 492,000 shares of the company’s stock worth $27,153,000 after purchasing an additional 192,000 shares in the last quarter. Bamco Inc. NY grew its position in Arcellx by 292.1% in the first quarter. Bamco Inc. NY now owns 248,993 shares of the company’s stock worth $17,317,000 after acquiring an additional 185,493 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Arcellx by 8.1% during the 1st quarter. Vanguard Group Inc. now owns 2,228,856 shares of the company’s stock worth $155,017,000 after purchasing an additional 167,037 shares during the last quarter. Affinity Asset Advisors LLC increased its stake in shares of Arcellx by 53.3% during the 2nd quarter. Affinity Asset Advisors LLC now owns 460,000 shares of the company’s stock worth $25,387,000 after purchasing an additional 160,000 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its holdings in shares of Arcellx by 6.7% during 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 purchasing an additional 84,373 shares in the last quarter. Institutional investors and hedge funds own 96.03% of the company’s stock.

Arcellx Company Profile

(Get Free Report)

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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