Arcellx (NASDAQ:ACLX) Shares Down 6.6% – Time to Sell?

Shares of Arcellx, Inc. (NASDAQ:ACLX) fell 6.6% during mid-day trading on Tuesday . The company traded as low as $89.03 and last traded at $89.42. 293,446 shares traded hands during trading, a decline of 39% from the average session volume of 477,640 shares. The stock had previously closed at $95.72.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on ACLX. Morgan Stanley increased their price objective on shares of Arcellx from $81.00 to $106.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 6th. HC Wainwright raised their price target on shares of Arcellx from $80.00 to $95.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Needham & Company LLC reaffirmed a “buy” rating and issued a $96.00 price target on shares of Arcellx in a research report on Wednesday, November 6th. Robert W. Baird raised their price target 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. Finally, Canaccord Genuity Group raised their price target on shares of Arcellx from $85.00 to $115.00 and gave the company a “buy” rating in a research report on Thursday, October 17th. Thirteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Arcellx has an average rating of “Buy” and an average target price of $103.08.

Arcellx Stock Performance

The company’s 50 day moving average price is $88.27 and its 200-day moving average price is $70.66.

Arcellx (NASDAQ:ACLX) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.48) earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $26.03 million during the quarter, compared to analyst estimates of $35.21 million. As a group, research analysts expect that Arcellx, Inc. will post -1.49 earnings per share for the current year.

Insider Transactions at Arcellx

In related news, insider Christopher Heery sold 3,421 shares of the firm’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $70.02, for a total value of $239,538.42. Following the completion of the transaction, the insider now directly owns 9,278 shares of the company’s stock, valued at approximately $649,645.56. This trade represents a 26.94 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kavita Patel sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $74.41, for a total transaction of $111,615.00. The disclosure for this sale can be found here. Insiders sold a total of 70,422 shares of company stock worth $6,781,726 in the last quarter. Insiders own 6.24% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Quest Partners LLC purchased a new position in shares of Arcellx during the 2nd quarter valued at $27,000. Decheng Capital LLC purchased a new position in shares of Arcellx during the 2nd quarter valued at $65,000. National Bank of Canada FI grew its position in shares of Arcellx by 50.0% during the 2nd quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock valued at $80,000 after purchasing an additional 500 shares in the last quarter. Quarry LP purchased a new position in shares of Arcellx during the 3rd quarter valued at $125,000. Finally, Covestor Ltd grew its position in shares of Arcellx by 53,766.7% during the 3rd quarter. Covestor Ltd now owns 1,616 shares of the company’s stock valued at $135,000 after purchasing an additional 1,613 shares in the last quarter. 96.03% of the stock is currently owned by hedge funds and other 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).