Arcellx (NASDAQ:ACLX) Reaches New 1-Year High – Time to Buy?

Shares of Arcellx, Inc. (NASDAQ:ACLX) hit a new 52-week high during trading on Tuesday . The stock traded as high as $88.87 and last traded at $88.67, with a volume of 391984 shares traded. The stock had previously closed at $86.81.

Wall Street Analyst Weigh In

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

Arcellx Trading Up 3.6 %

The company’s 50 day moving average is $72.90 and its 200-day moving average is $61.92. The stock has a market cap of $4.81 billion, a PE ratio of -84.68 and a beta of 0.25.

Arcellx (NASDAQ:ACLX) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.51) earnings per share for the quarter, topping 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 during the quarter, compared to the consensus estimate of $22.04 million. The company’s revenue was up 91.5% compared to the same quarter last year. As a group, analysts forecast that Arcellx, Inc. will post -1.65 EPS for the current year.

Insider Activity

In other Arcellx news, Director Kavita Patel sold 1,500 shares of the company’s stock in a transaction that occurred on Tuesday, July 30th. The stock was sold at an average price of $61.97, for a total transaction of $92,955.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, CFO Michelle Gilson sold 15,000 shares of the stock in a transaction dated 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 sale, the chief financial officer now owns 6,915 shares in the company, valued at $537,502.95. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kavita Patel sold 1,500 shares of Arcellx 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 disclosure for this sale can be found here. In the last 90 days, insiders have sold 70,556 shares of company stock worth $4,992,265. 6.24% of the stock is currently owned by corporate insiders.

Institutional Trading of Arcellx

Hedge funds have recently made changes to their positions in the stock. High Net Worth Advisory Group LLC increased its position in Arcellx by 6.3% in the third quarter. High Net Worth Advisory Group LLC now owns 8,500 shares of the company’s stock worth $710,000 after buying an additional 500 shares during the period. Handelsbanken Fonder AB increased its holdings in shares of Arcellx by 22.3% in the 3rd quarter. Handelsbanken Fonder AB now owns 12,600 shares of the company’s stock worth $1,052,000 after acquiring an additional 2,300 shares during the period. SG Americas Securities LLC bought a new stake in Arcellx in the 3rd quarter valued at about $1,005,000. Algert Global LLC boosted its stake in Arcellx by 24.4% during the 2nd quarter. Algert Global LLC now owns 35,211 shares of the company’s stock valued at $1,943,000 after purchasing an additional 6,901 shares during the period. Finally, The Manufacturers Life Insurance Company grew its position in Arcellx by 55.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 73,332 shares of the company’s stock worth $4,047,000 after purchasing an additional 26,134 shares during the last quarter. Institutional investors 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).