Arcellx (NASDAQ:ACLX) Posts Quarterly Earnings Results, Misses Estimates By $0.24 EPS

Arcellx (NASDAQ:ACLX) issued its earnings results on Thursday. The company reported ($0.87) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.63) by ($0.24), Zacks reports. Arcellx had a negative return on equity of 8.28% and a negative net margin of 25.94%.

Arcellx Price Performance

Shares of Arcellx stock opened at $61.39 on Friday. The business has a 50 day simple moving average of $69.01 and a two-hundred day simple moving average of $77.44. The stock has a market capitalization of $3.32 billion, a P/E ratio of -86.46 and a beta of 0.29. Arcellx has a 12 month low of $47.88 and a 12 month high of $107.37.

Insider Buying and Selling

In related news, insider Christopher Heery sold 3,301 shares of the business’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $79.55, for a total transaction of $262,594.55. Following the transaction, the insider now directly owns 35,517 shares in the company, valued at approximately $2,825,377.35. The trade was a 8.50 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Kavita Patel sold 1,500 shares of the company’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $91.88, for a total transaction of $137,820.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 65,870 shares of company stock worth $4,327,461. 6.24% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Needham & Company LLC reiterated a “buy” rating and set a $105.00 price objective on shares of Arcellx in a research note on Monday, December 9th. Truist Financial lifted their price target on Arcellx from $87.00 to $136.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. Piper Sandler upped their price objective on Arcellx from $91.00 to $115.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Morgan Stanley lifted their target price on shares of Arcellx from $81.00 to $106.00 and gave the company an “overweight” rating in a report on Wednesday, November 6th. Finally, UBS Group increased their price target on shares of Arcellx from $106.00 to $114.00 and gave the stock a “buy” rating in a report on Tuesday, December 10th. Thirteen equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $105.93.

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).