Arcellx (NASDAQ:ACLX) Announces Quarterly Earnings Results, Misses Expectations By $0.92 EPS

Arcellx (NASDAQ:ACLX – Get Rating) announced its quarterly earnings data on Thursday. The company reported ($1.56) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.64) by ($0.92), Yahoo Finance reports.

NASDAQ:ACLX traded up $0.11 during mid-day trading on Friday, hitting $8.91. 62,022 shares of the company’s stock traded hands, compared to its average volume of 53,129. The firm’s 50 day moving average price is $13.03. Arcellx has a 12 month low of $8.07 and a 12 month high of $19.92.

A number of large investors have recently made changes to their positions in the stock. Citigroup Inc. bought a new stake in shares of Arcellx in the 1st quarter worth approximately $26,000. JPMorgan Chase & Co. bought a new stake in shares of Arcellx in the 1st quarter worth approximately $60,000. American International Group Inc. bought a new stake in shares of Arcellx in the 1st quarter worth approximately $63,000. Bank of New York Mellon Corp bought a new stake in shares of Arcellx in the 1st quarter worth approximately $332,000. Finally, Charles Schwab Investment Management Inc. bought a new stake in shares of Arcellx in the 1st quarter worth approximately $935,000. Hedge funds and other institutional investors own 44.64% of the company’s stock.

Several equities research analysts recently issued reports on ACLX shares. Bank of America started coverage on Arcellx in a research note on Tuesday, March 1st. They issued a “buy” rating and a $24.00 price objective for the company. Barclays initiated coverage on Arcellx in a report on Wednesday, March 2nd. They set an “overweight” rating on the stock. William Blair reissued an “outperform” rating on shares of Arcellx in a report on Tuesday, March 1st. Finally, SVB Leerink decreased their target price on Arcellx from $47.00 to $44.00 and set an “outperform” rating for the company in a research note on Tuesday, March 29th.

About Arcellx (Get Rating)

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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