Arcellx (NASDAQ:ACLX) Trading Down 3.7% – Should You Sell?

Arcellx, Inc. (NASDAQ:ACLX)’s stock price traded down 3.7% during mid-day trading on Monday . The company traded as low as $63.36 and last traded at $63.53. 260,741 shares changed hands during trading, a decline of 57% from the average session volume of 605,143 shares. The stock had previously closed at $66.00.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Scotiabank dropped their price target on Arcellx from $133.00 to $93.00 and set a “sector outperform” rating for the company in a report on Friday, May 9th. HC Wainwright reissued a “buy” rating and set a $115.00 target price on shares of Arcellx in a report on Monday. Thirteen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Buy” and a consensus target price of $111.33.

Arcellx Stock Performance

The stock has a fifty day simple moving average of $62.01 and a two-hundred day simple moving average of $67.76. The stock has a market cap of $3.53 billion, a price-to-earnings ratio of -90.27 and a beta of 0.28.

Arcellx (NASDAQ:ACLX) last released its earnings results on Thursday, May 8th. The company reported ($1.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.84) by ($0.29). The business had revenue of $8.13 million during the quarter, compared to the consensus estimate of $19.51 million. Arcellx had a negative net margin of 25.94% and a negative return on equity of 8.28%. Equities analysts expect that Arcellx, Inc. will post -1.58 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Arcellx news, Director Kavita Patel sold 1,500 shares of the company’s stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $67.36, for a total value of $101,040.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last quarter, insiders have sold 7,500 shares of company stock valued at $478,695. 8.35% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Rhumbline Advisers grew its holdings in Arcellx by 1.9% during the 4th quarter. Rhumbline Advisers now owns 59,903 shares of the company’s stock worth $4,594,000 after acquiring an additional 1,125 shares during the last quarter. Congress Asset Management Co. raised its position in Arcellx by 11.4% during the 4th quarter. Congress Asset Management Co. now owns 25,321 shares of the company’s stock worth $1,942,000 after purchasing an additional 2,586 shares during the last quarter. State of New Jersey Common Pension Fund D acquired a new position in Arcellx during the 4th quarter worth about $1,838,000. New York State Common Retirement Fund grew its position in shares of Arcellx by 7.5% in the 4th quarter. New York State Common Retirement Fund now owns 20,243 shares of the company’s stock valued at $1,552,000 after buying an additional 1,415 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd raised its position in shares of Arcellx by 98.1% during the fourth quarter. Y Intercept Hong Kong Ltd now owns 7,735 shares of the company’s stock worth $593,000 after acquiring an additional 3,831 shares during the last quarter. Institutional investors own 96.03% of the company’s stock.

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).