Arcellx (NASDAQ:ACLX) Hits New 1-Year High Following Analyst Upgrade

Arcellx, Inc. (NASDAQ:ACLX)’s share price hit a new 52-week high during trading on Friday after Truist Financial upgraded the stock from a hold rating to a strong-buy rating. The stock traded as high as $114.91 and last traded at $114.77, with a volume of 3131310 shares trading hands. The stock had previously closed at $114.33.

Several other equities analysts have also recently weighed in on ACLX. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Arcellx in a research note on Wednesday, January 21st. Canaccord Genuity Group set a $115.00 price objective on shares of Arcellx in a research report on Monday, February 23rd. Stifel Nicolaus restated a “hold” rating and set a $115.00 target price (down from $127.00) on shares of Arcellx in a report on Monday, February 23rd. Wells Fargo & Company downgraded shares of Arcellx from an “overweight” rating to an “equal weight” rating and set a $115.00 target price for the company. in a research report on Monday, February 23rd. Finally, Leerink Partners reiterated a “market perform” rating and issued a $115.00 price target on shares of Arcellx in a research note on Tuesday, February 24th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, sixteen have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $111.87.

Insider Buying and Selling

In other news, insider Rami Elghandour sold 89,916 shares of the stock in a transaction that occurred on Friday, February 27th. The stock was sold at an average price of $113.92, for a total value of $10,243,230.72. Following the completion of the sale, the insider owned 276,051 shares of the company’s stock, valued at approximately $31,447,729.92. This represents a 24.57% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Christopher Heery sold 5,882 shares of the firm’s stock in a transaction on Wednesday, January 14th. The shares were sold at an average price of $68.51, for a total transaction of $402,975.82. Following the completion of the transaction, the insider directly owned 23,749 shares of the company’s stock, valued at $1,627,043.99. This represents a 19.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 109,366 shares of company stock worth $11,526,708. Company insiders own 8.35% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Schroder Investment Management Group bought a new position in Arcellx during the second quarter worth about $3,951,000. Monaco Asset Management SAM acquired a new position in Arcellx during the third quarter worth approximately $6,452,000. Pathway Capital Management LP bought a new stake in Arcellx in the third quarter valued at approximately $4,191,000. HighVista Strategies LLC raised its stake in Arcellx by 169.3% in the third quarter. HighVista Strategies LLC now owns 96,177 shares of the company’s stock valued at $7,896,000 after buying an additional 60,463 shares during the period. Finally, Y Intercept Hong Kong Ltd acquired a new stake in shares of Arcellx in the third quarter valued at approximately $1,273,000. 96.03% of the stock is currently owned by institutional investors and hedge funds.

Arcellx Price Performance

The stock has a 50-day moving average price of $86.72 and a 200-day moving average price of $80.82. The company has a market capitalization of $6.71 billion, a price-to-earnings ratio of -28.20 and a beta of 0.23.

Arcellx (NASDAQ:ACLX) last posted its earnings results on Thursday, February 26th. The company reported ($1.01) earnings per share for the quarter, hitting analysts’ consensus estimates of ($1.01). Arcellx had a negative return on equity of 55.42% and a negative net margin of 1,027.26%.The business had revenue of $1.65 million for the quarter, compared to analyst estimates of $13.40 million. Equities analysts forecast that Arcellx, Inc. will post -1.58 earnings per share for the current year.

Arcellx Company Profile

Arcellx, Inc (NASDAQ: ACLX) is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of next-generation cell therapies for oncology and autoimmune diseases. The company’s proprietary ARC-SparX™ platform is designed to enable precise control over cell-surface receptor activation and to improve the safety, efficacy and durability of adoptive cell therapies. Leveraging this technology, Arcellx engineers immune cells with modular antigen-binding domains that can be exchanged to target a variety of disease-associated markers.

The company’s pipeline comprises multiple wholly owned programs in hematologic malignancies and solid tumors at various stages of preclinical and clinical development.