Arcellx (NASDAQ:ACLX) Reaches New 1-Year High – Here’s What Happened

Shares of Arcellx, Inc. (NASDAQ:ACLX) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $115.04 and last traded at $114.9950, with a volume of 298277 shares. The stock had previously closed at $114.89.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on ACLX shares. UBS Group lowered shares of Arcellx from a “buy” rating to a “neutral” rating and upped their target price for the stock from $100.00 to $115.00 in a research report on Tuesday, February 24th. Citigroup downgraded shares of Arcellx from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $110.00 to $115.00 in a research note on Tuesday, February 24th. TD Cowen downgraded shares of Arcellx from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 2nd. HC Wainwright downgraded shares of Arcellx from a “buy” rating to a “neutral” rating and set a $115.00 price target for the company. in a research note on Monday, February 23rd. Finally, Rothschild & Co Redburn downgraded shares of Arcellx from a “buy” rating to a “neutral” rating and set a $82.00 price target for the company. in a research note on Thursday, February 12th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, sixteen have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Arcellx has an average rating of “Hold” and an average target price of $111.87.

Arcellx Price Performance

The company’s 50 day simple moving average is $102.42 and its 200 day simple moving average is $85.50. The stock has a market cap of $6.73 billion, a P/E ratio of -28.28 and a beta of 0.25.

Arcellx (NASDAQ:ACLX) last issued its quarterly earnings data on Thursday, February 26th. The company reported ($1.01) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($1.01). Arcellx had a negative net margin of 1,027.26% and a negative return on equity of 55.42%. The company had revenue of $1.65 million during the quarter, compared to the consensus estimate of $13.40 million. On average, equities research analysts predict that Arcellx, Inc. will post -1.58 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Rami Elghandour sold 89,916 shares of the business’s stock in a transaction dated Friday, February 27th. The shares were sold at an average price of $113.92, for a total transaction of $10,243,230.72. Following the transaction, the insider directly owned 276,051 shares in the company, valued at $31,447,729.92. The trade was a 24.57% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 8.35% of the company’s stock.

Institutional Trading of Arcellx

A number of hedge funds have recently modified their holdings of ACLX. MAI Capital Management bought a new stake in shares of Arcellx during the third quarter worth approximately $26,000. CWM LLC increased its stake in shares of Arcellx by 267.0% during the third quarter. CWM LLC now owns 345 shares of the company’s stock worth $28,000 after purchasing an additional 251 shares during the period. State of Wyoming acquired a new stake in Arcellx during the 2nd quarter worth approximately $28,000. Ramirez Asset Management Inc. acquired a new stake in Arcellx during the 3rd quarter worth approximately $41,000. Finally, Abich Financial Wealth Management LLC bought a new stake in Arcellx in the 3rd quarter valued at $62,000. Institutional investors and hedge funds own 96.03% of the company’s stock.

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.