Arcellx (NASDAQ:ACLX) Releases Quarterly Earnings Results, Beats Expectations By $0.37 EPS

Arcellx (NASDAQ:ACLX) released its quarterly earnings data on Thursday. The company reported ($0.14) earnings per share for the quarter, beating the consensus estimate of ($0.51) by $0.37, Briefing.com reports. Arcellx had a negative return on equity of 20.96% and a negative net margin of 64.08%. The company had revenue of $39.26 million for the quarter, compared to the consensus estimate of $20.67 million. During the same quarter last year, the business posted ($0.58) EPS. Arcellx’s revenue for the quarter was up 119.2% on a year-over-year basis.

Arcellx Price Performance

Shares of NASDAQ ACLX traded down $4.61 during midday trading on Friday, reaching $48.12. The company’s stock had a trading volume of 355,031 shares, compared to its average volume of 445,991. Arcellx has a 12-month low of $30.74 and a 12-month high of $75.10. The firm has a 50 day moving average price of $61.92 and a 200-day moving average price of $56.69. The stock has a market capitalization of $2.56 billion, a P/E ratio of -33.82 and a beta of 0.24.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on ACLX shares. Needham & Company LLC reissued a “buy” rating and set a $81.00 price objective on shares of Arcellx in a report on Tuesday. Truist Financial boosted their target price on Arcellx from $57.00 to $87.00 and gave the company a “buy” rating in a research report on Tuesday, March 5th. Canaccord Genuity Group boosted their target price on Arcellx from $66.00 to $85.00 and gave the company a “buy” rating in a research report on Thursday, February 29th. Stifel Nicolaus reissued a “buy” rating and set a $82.00 price objective on shares of Arcellx in a report on Thursday, March 14th. Finally, Barclays boosted their price objective on Arcellx from $62.00 to $73.00 and gave the stock an “overweight” rating in a report on Thursday, February 29th. Twelve research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Arcellx has an average rating of “Buy” and an average target price of $75.64.

Insider Transactions at Arcellx

In other news, insider Christopher Heery sold 18,168 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $51.33, for a total value of $932,563.44. Following the transaction, the insider now owns 8,938 shares in the company, valued at approximately $458,787.54. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, insider Christopher Heery sold 18,168 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $51.33, for a total value of $932,563.44. Following the transaction, the insider now owns 8,938 shares in the company, valued at $458,787.54. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Jill Carroll sold 504,263 shares of the company’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $70.55, for a total value of $35,575,754.65. Following the completion of the transaction, the director now owns 1,479,148 shares in the company, valued at approximately $104,353,891.40. The disclosure for this sale can be found here. Insiders have sold 620,526 shares of company stock worth $43,157,182 in the last 90 days. Insiders own 6.24% of the company’s stock.

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).