Arcellx (NASDAQ:ACLX) Shares Gap Down to $18.97

Arcellx, Inc. (NASDAQ:ACLXGet Rating)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $18.97, but opened at $18.52. Arcellx shares last traded at $19.19, with a volume of 836 shares traded.

Wall Street Analysts Forecast Growth

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

Arcellx Trading Down 3.5 %

The stock’s fifty day moving average is $19.17 and its two-hundred day moving average is $15.90.

Arcellx (NASDAQ:ACLXGet Rating) last posted its quarterly earnings data on Monday, August 15th. The company reported ($0.88) EPS for the quarter, beating analysts’ consensus estimates of ($1.20) by $0.32. Equities analysts anticipate that Arcellx, Inc. will post -4.18 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Suvretta Capital Management LLC bought a new position in Arcellx during the 1st quarter valued at $21,493,000. SR One Capital Management LP bought a new position in Arcellx during the 1st quarter valued at $77,110,000. AJU IB Investment Co. Ltd. bought a new position in shares of Arcellx in the 1st quarter worth about $19,360,000. New York State Common Retirement Fund bought a new position in shares of Arcellx in the 1st quarter worth about $72,000. Finally, JPMorgan Chase & Co. bought a new position in shares of Arcellx in the 1st quarter worth about $60,000. 92.30% of the stock is currently owned by institutional investors.

Arcellx Company Profile

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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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