Scotiabank Has Lowered Expectations for Arcellx (NASDAQ:ACLX) Stock Price

Arcellx (NASDAQ:ACLX) had its price target lowered by analysts at Scotiabank from $133.00 to $93.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a “sector outperform” rating on the stock. Scotiabank’s price objective indicates a potential upside of 60.98% from the stock’s current price.

Arcellx Trading Up 2.7 %

NASDAQ:ACLX opened at $57.77 on Friday. The company has a market capitalization of $3.18 billion, a P/E ratio of -81.37 and a beta of 0.34. The firm has a 50-day moving average price of $64.30 and a two-hundred day moving average price of $72.69. Arcellx has a twelve month low of $47.86 and a twelve month high of $107.37.

Arcellx (NASDAQ:ACLX) last issued its quarterly earnings data on Thursday, May 8th. The company reported ($1.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.84) by ($0.29). The company had revenue of $8.13 million for the quarter, compared to analyst estimates of $19.51 million. Arcellx had a negative return on equity of 8.28% and a negative net margin of 25.94%. On average, equities research analysts predict that Arcellx will post -1.58 earnings per share for the current year.

Insider Buying and Selling

In other Arcellx news, Director Kavita Patel sold 1,500 shares of Arcellx stock in a transaction that occurred on Tuesday, March 18th. The shares were sold at an average price of $71.64, for a total value of $107,460.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Rami Elghandour sold 38,300 shares of the company’s stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $62.02, for a total value of $2,375,366.00. Following the completion of the transaction, the insider now owns 149,186 shares of the company’s stock, valued at $9,252,515.72. The trade was a 20.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 54,455 shares of company stock worth $3,407,903. 6.24% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Arcellx

Several hedge funds have recently modified their holdings of ACLX. FMR LLC boosted its holdings in shares of Arcellx by 22.8% in the 4th quarter. FMR LLC now owns 7,956,633 shares of the company’s stock valued at $610,194,000 after purchasing an additional 1,477,360 shares during the last quarter. Gilead Sciences Inc. purchased a new stake in Arcellx during the fourth quarter valued at about $515,418,000. Vanguard Group Inc. increased its stake in Arcellx by 19.7% during the first quarter. Vanguard Group Inc. now owns 3,985,156 shares of the company’s stock worth $261,426,000 after acquiring an additional 655,064 shares during the last quarter. RA Capital Management L.P. increased its stake in Arcellx by 50.5% during the fourth quarter. RA Capital Management L.P. now owns 2,787,327 shares of the company’s stock worth $213,760,000 after acquiring an additional 935,848 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its holdings in shares of Arcellx by 11.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,121,322 shares of the company’s stock worth $162,685,000 after purchasing an additional 220,711 shares during the period. 96.03% of the stock is owned by institutional investors and hedge funds.

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).