Arcellx (NASDAQ:ACLX) Trading Down 7.2%

Shares of Arcellx, Inc. (NASDAQ:ACLXGet Rating) dropped 7.2% on Friday . The company traded as low as $19.22 and last traded at $19.27. Approximately 17,914 shares were traded during mid-day trading, a decline of 95% from the average daily volume of 372,413 shares. The stock had previously closed at $20.76.

Wall Street Analyst Weigh In

ACLX has been the topic of a number of research reports. Canaccord Genuity Group initiated coverage on Arcellx in a report on Wednesday, July 20th. They issued a “buy” rating and a $32.00 price objective on the stock. Canaccord Genuity Group initiated coverage on Arcellx in a report on Wednesday, July 20th. They issued a “buy” rating and a $32.00 price objective on the stock. Finally, SVB Leerink cut their price objective on Arcellx from $47.00 to $38.00 and set an “outperform” rating on the stock in a report on Thursday, June 23rd. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Arcellx has a consensus rating of “Buy” and a consensus target price of $31.50.

Arcellx Trading Down 10.2 %

The firm has a fifty day moving average of $19.21 and a 200 day moving average of $15.87.

Arcellx (NASDAQ:ACLXGet Rating) last posted its earnings results on Monday, August 15th. The company reported ($0.88) EPS for the quarter, topping the consensus estimate of ($1.20) by $0.32. Analysts predict that Arcellx, Inc. will post -4.18 EPS for the current year.

Insiders Place Their Bets

In other Arcellx news, major shareholder Enterprise Associates 15 New purchased 312,500 shares of the stock in a transaction on Tuesday, June 21st. The shares were bought at an average price of $16.00 per share, for a total transaction of $5,000,000.00. Following the completion of the transaction, the insider now owns 6,745,262 shares of the company’s stock, valued at approximately $107,924,192. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Hedge Funds Weigh In On Arcellx

Several hedge funds and other institutional investors have recently made changes to their positions in ACLX. New York State Common Retirement Fund purchased a new position in shares of Arcellx in the first quarter valued at approximately $72,000. SR One Capital Management LP purchased a new position in shares of Arcellx in the first quarter valued at approximately $77,110,000. JPMorgan Chase & Co. purchased a new position in shares of Arcellx in the first quarter valued at approximately $60,000. Bank of New York Mellon Corp purchased a new position in shares of Arcellx in the first quarter valued at approximately $332,000. Finally, AJU IB Investment Co. Ltd. purchased a new position in shares of Arcellx in the first quarter valued at approximately $19,360,000. Hedge funds and other institutional investors own 92.30% of the company’s stock.

About Arcellx

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Arcellx, Inc, a clinical-stage biotechnology company, engages in the development of various immunotherapies for patients with cancer and other incurable diseases. The company's lead ddCAR product candidate is CART-ddBCMA, which is in phase 1 clinical trial for the treatment of patients with relapsed or refractory (r/r) multiple myeloma (MM).

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