Arcellx (NASDAQ:ACLX) Sees Large Volume Increase – Here’s What Happened

Arcellx, Inc. (NASDAQ:ACLX) shares saw unusually-high trading volume on Monday . Approximately 636,156 shares changed hands during trading, an increase of 56% from the previous session’s volume of 409,059 shares.The stock last traded at $74.60 and had previously closed at $79.13.

Wall Street Analyst Weigh In

Several research analysts have weighed in on ACLX shares. Truist Financial upped their target price on Arcellx from $87.00 to $136.00 and gave the stock a “buy” rating in a research report on Tuesday, November 12th. Barclays upgraded shares of Arcellx to a “strong-buy” rating in a report on Friday, November 29th. Stifel Nicolaus raised their target price on Arcellx from $83.00 to $122.00 and gave the company a “buy” rating in a report on Friday, October 18th. HC Wainwright reiterated a “buy” rating and set a $115.00 price target on shares of Arcellx in a research note on Tuesday, December 10th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $105.00 price objective on shares of Arcellx in a research note on Monday, December 9th. Thirteen analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $105.93.

Arcellx Trading Down 6.2 %

The company has a market cap of $3.91 billion, a price-to-earnings ratio of -101.77 and a beta of 0.33. The company has a fifty day moving average price of $85.75 and a two-hundred day moving average price of $75.64.

Arcellx (NASDAQ:ACLX) last issued its earnings results on Thursday, November 7th. The company reported ($0.48) EPS for the quarter, topping the consensus estimate of ($0.54) by $0.06. The firm had revenue of $26.03 million during the quarter, compared to analysts’ expectations of $35.21 million. Arcellx had a negative return on equity of 8.28% and a negative net margin of 25.94%. Sell-side analysts anticipate that Arcellx, Inc. will post -1.49 EPS for the current fiscal year.

Insider Activity

In related news, Director Kavita Patel sold 1,500 shares of the business’s stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $89.69, for a total value of $134,535.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Christopher Heery sold 3,061 shares of Arcellx stock in a transaction on Monday, January 6th. The shares were sold at an average price of $77.17, for a total value of $236,217.37. Following the transaction, the insider now directly owns 32,456 shares of the company’s stock, valued at approximately $2,504,629.52. The trade was a 8.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 59,863 shares of company stock worth $6,016,710. Corporate insiders own 6.24% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in ACLX. Bank of New York Mellon Corp lifted its holdings in Arcellx by 21.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 147,198 shares of the company’s stock worth $8,124,000 after buying an additional 26,134 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of Arcellx by 1.4% in the 2nd quarter. Principal Financial Group Inc. now owns 37,352 shares of the company’s stock valued at $2,061,000 after purchasing an additional 517 shares during the last quarter. Rhumbline Advisers raised its stake in shares of Arcellx by 14.3% during the second quarter. Rhumbline Advisers now owns 60,570 shares of the company’s stock worth $3,343,000 after buying an additional 7,568 shares during the last quarter. TD Asset Management Inc raised its stake in shares of Arcellx by 36.9% during the second quarter. TD Asset Management Inc now owns 123,118 shares of the company’s stock worth $6,795,000 after buying an additional 33,200 shares during the last quarter. Finally, National Bank of Canada FI boosted its stake in Arcellx by 50.0% in the second quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock valued at $80,000 after acquiring an additional 500 shares during the last quarter. 96.03% of the stock is owned by institutional investors.

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).