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

Shares of Arcellx, Inc. (NASDAQ:ACLX) saw unusually-strong 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 firms have commented on ACLX. Piper Sandler boosted their target price on Arcellx from $91.00 to $115.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. Robert W. Baird increased their price objective on shares of Arcellx from $77.00 to $106.00 and gave the company an “outperform” rating in a research report on Wednesday, November 6th. Canaccord Genuity Group lifted their target price on shares of Arcellx from $85.00 to $115.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Barclays upgraded shares of Arcellx to a “strong-buy” rating in a report on Friday, November 29th. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Arcellx in a report on Monday, September 9th. Thirteen analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $105.93.

Arcellx Stock Performance

The company has a market capitalization of $4.06 billion, a PE ratio of -105.65 and a beta of 0.25. The company’s fifty day moving average is $86.15 and its 200-day moving average is $75.19.

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

Insider Buying and Selling at Arcellx

In other Arcellx news, Director Kavita Patel sold 15,238 shares of the stock in a transaction on Monday, November 11th. The shares were sold at an average price of $105.92, for a total transaction of $1,614,008.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold 53,501 shares of company stock valued at $5,517,898 in the last 90 days. Insiders own 6.24% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Quest Partners LLC bought a new stake in shares of Arcellx in the 2nd quarter valued at approximately $27,000. Decheng Capital LLC bought a new stake in Arcellx in the second quarter worth $65,000. National Bank of Canada FI increased its position in Arcellx by 50.0% during 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. Quarry LP purchased a new stake in shares of Arcellx in the third quarter valued at $125,000. Finally, Covestor Ltd lifted its holdings in shares of Arcellx by 53,766.7% in the 3rd quarter. Covestor Ltd now owns 1,616 shares of the company’s stock worth $135,000 after acquiring an additional 1,613 shares during the last quarter. Institutional investors own 96.03% of the company’s stock.

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).