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

Arcellx (NASDAQ:ACLX) announced its earnings results on Thursday. The company reported ($0.87) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.63) by ($0.24), Zacks reports. The company had revenue of $15.27 million for the quarter, compared to analyst estimates of $27.42 million. Arcellx had a negative return on equity of 8.28% and a negative net margin of 25.94%.

Arcellx Trading Up 5.6 %

Shares of Arcellx stock opened at $64.82 on Friday. The company has a market capitalization of $3.51 billion, a PE ratio of -91.29 and a beta of 0.29. Arcellx has a 12 month low of $47.88 and a 12 month high of $107.37. The stock’s fifty day simple moving average is $68.52 and its 200 day simple moving average is $77.36.

Wall Street Analysts Forecast Growth

ACLX has been the topic of several recent analyst reports. HC Wainwright reissued a “buy” rating and set a $115.00 price target on shares of Arcellx in a research report on Tuesday, December 10th. Bank of America boosted their target price on Arcellx from $84.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Robert W. Baird boosted their target price on Arcellx from $77.00 to $106.00 and gave the company an “outperform” rating in a research note on Wednesday, November 6th. Needham & Company LLC restated a “buy” rating and issued a $105.00 target price on shares of Arcellx in a research note on Monday, December 9th. Finally, Truist Financial boosted their target price on Arcellx from $87.00 to $136.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. Thirteen investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, Arcellx has an average rating of “Buy” and a consensus price target of $108.46.

Insider Buying and Selling

In related news, Director Kavita Patel sold 1,500 shares of the firm’s stock in a transaction on Tuesday, December 24th. The stock was sold at an average price of $76.97, for a total transaction of $115,455.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Rami Elghandour sold 38,300 shares of Arcellx stock in a transaction dated 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 sale, the insider now directly owns 149,186 shares in the company, valued at $9,252,515.72. This represents a 20.43 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 65,870 shares of company stock valued at $4,327,461. 6.24% of the stock is owned by company insiders.

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).