Arcellx (NASDAQ:ACLX) Stock Price Down 7.2%

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

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on ACLX. Canaccord Genuity Group began coverage on Arcellx in a research note on Wednesday, July 20th. They issued a “buy” rating and a $32.00 price objective for the company. SVB Leerink decreased their target price on Arcellx from $47.00 to $38.00 and set an “outperform” rating for the company in a report on Thursday, June 23rd. Finally, Canaccord Genuity Group started coverage on Arcellx in a report on Wednesday, July 20th. They issued a “buy” rating and a $32.00 target price for the company. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $31.50.

Arcellx Stock Down 10.2 %

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

Arcellx (NASDAQ:ACLXGet Rating) last released its earnings results on Monday, August 15th. The company reported ($0.88) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.20) by $0.32. As a group, research analysts anticipate 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 firm’s stock in a transaction on Tuesday, June 21st. The stock was bought at an average cost of $16.00 per share, with a total value of $5,000,000.00. Following the acquisition, the insider now directly owns 6,745,262 shares of the company’s stock, valued at $107,924,192. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Institutional Trading of Arcellx

A number of institutional investors have recently bought and sold shares of ACLX. New York State Common Retirement Fund purchased a new stake in Arcellx during the 1st quarter worth about $72,000. SR One Capital Management LP purchased a new stake in shares of Arcellx in the 1st quarter valued at about $77,110,000. JPMorgan Chase & Co. purchased a new stake in shares of Arcellx in the 1st quarter valued at about $60,000. Bank of New York Mellon Corp purchased a new stake in shares of Arcellx in the 1st quarter valued at about $332,000. Finally, AJU IB Investment Co. Ltd. purchased a new stake in shares of Arcellx in the 1st quarter valued at about $19,360,000. 92.30% of the stock is owned by hedge funds and other institutional investors.

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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