Arcellx (NASDAQ:ACLX) Announces Quarterly Earnings Results, Misses Expectations By $0.24 EPS

Arcellx (NASDAQ:ACLX) issued its earnings results on Thursday. The company reported ($0.87) EPS for the quarter, missing analysts’ consensus estimates of ($0.63) by ($0.24), Zacks reports. Arcellx had a negative return on equity of 8.28% and a negative net margin of 25.94%.

Arcellx Stock Up 1.9 %

Shares of ACLX opened at $61.39 on Friday. The company has a market cap of $3.32 billion, a P/E ratio of -86.46 and a beta of 0.29. Arcellx has a fifty-two week low of $47.88 and a fifty-two week high of $107.37. The firm’s 50 day moving average price is $69.01 and its 200 day moving average price is $77.44.

Insider Buying and Selling at Arcellx

In related news, insider Rami Elghandour sold 38,300 shares of the business’s stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $62.02, for a total transaction of $2,375,366.00. Following the completion of the transaction, the insider now directly owns 149,186 shares of the company’s stock, valued at $9,252,515.72. The trade was a 20.43 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Kavita Patel sold 1,500 shares of the stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $91.88, for a total value of $137,820.00. The disclosure for this sale can be found here. Insiders sold 65,870 shares of company stock valued at $4,327,461 in the last 90 days. Company insiders own 6.24% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on ACLX. HC Wainwright restated a “buy” rating and set a $115.00 price target on shares of Arcellx in a report on Tuesday, December 10th. Morgan Stanley raised their target price on Arcellx from $81.00 to $106.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 6th. Needham & Company LLC reaffirmed a “buy” rating and issued a $105.00 price target on shares of Arcellx in a research note on Monday, December 9th. UBS Group raised their price objective on Arcellx from $106.00 to $114.00 and gave the stock a “buy” rating in a research report on Tuesday, December 10th. Finally, Robert W. Baird upped their target price 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. Thirteen research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of $105.93.

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).