Insider Selling: Arcellx, Inc. (NASDAQ:ACLX) Director Sells 1,500 Shares of Stock

Arcellx, Inc. (NASDAQ:ACLX) Director Kavita Patel sold 1,500 shares of the company’s stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $89.69, for a total transaction of $134,535.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Kavita Patel also recently made the following trade(s):

• On Tuesday, September 10th, Kavita Patel sold 1,500 shares of Arcellx stock. The shares were sold at an average price of $74.41, for a total transaction of $111,615.00.
• On Tuesday, July 30th, Kavita Patel sold 1,500 shares of Arcellx stock. The shares were sold at an average price of $61.97, for a total value of $92,955.00.

Arcellx Price Performance

Arcellx stock opened at $86.48 on Friday. The firm has a market capitalization of $4.63 billion, a P/E ratio of -83.96 and a beta of 0.25. The stock has a fifty day moving average price of $78.33 and a two-hundred day moving average price of $63.44. Arcellx, Inc. has a 52-week low of $30.88 and a 52-week high of $97.54.

Arcellx (NASDAQ:ACLX) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.51) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.52) by $0.01. The firm had revenue of $27.38 million during the quarter, compared to the consensus estimate of $22.04 million. Arcellx had a negative net margin of 37.23% and a negative return on equity of 12.42%. The firm’s quarterly revenue was up 91.5% compared to the same quarter last year. On average, equities research analysts predict that Arcellx, Inc. will post -1.65 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in Arcellx by 8.1% in the first quarter. Vanguard Group Inc. now owns 2,228,856 shares of the company’s stock worth $155,017,000 after purchasing an additional 167,037 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Arcellx by 6.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,344,553 shares of the company’s stock valued at $93,514,000 after buying an additional 84,373 shares during the last quarter. Great Point Partners LLC lifted its position in Arcellx by 64.0% during the 2nd quarter. Great Point Partners LLC now owns 492,000 shares of the company’s stock worth $27,153,000 after buying an additional 192,000 shares in the last quarter. Affinity Asset Advisors LLC grew its holdings in Arcellx by 53.3% during the 2nd quarter. Affinity Asset Advisors LLC now owns 460,000 shares of the company’s stock worth $25,387,000 after acquiring an additional 160,000 shares during the last quarter. Finally, Victory Capital Management Inc. increased its position in Arcellx by 20.4% in the 2nd quarter. Victory Capital Management Inc. now owns 283,872 shares of the company’s stock valued at $15,667,000 after acquiring an additional 48,006 shares in the last quarter. 96.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ACLX has been the topic of several research analyst reports. Needham & Company LLC restated a “buy” rating and issued a $96.00 price objective (up previously from $81.00) on shares of Arcellx in a research note on Friday, October 18th. Stifel Nicolaus boosted their price objective on shares of Arcellx from $83.00 to $122.00 and gave the stock a “buy” rating in a report on Friday, October 18th. Redburn Atlantic assumed coverage on shares of Arcellx in a research note on Tuesday, October 8th. They issued a “buy” rating and a $109.00 target price for the company. Cantor Fitzgerald restated an “overweight” rating on shares of Arcellx in a research note on Monday, September 9th. Finally, Canaccord Genuity Group raised their price objective on Arcellx from $85.00 to $115.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. Thirteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Arcellx presently has a consensus rating of “Buy” and a consensus price target of $89.75.

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).