Arcellx, Inc. (NASDAQ:ACLX) Director Sells $3,516,078.82 in Stock

Arcellx, Inc. (NASDAQ:ACLX) Director Kavita Patel sold 33,763 shares of the company’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $104.14, for a total transaction of $3,516,078.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

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

• On Monday, November 11th, Kavita Patel sold 15,238 shares of Arcellx stock. The stock was sold at an average price of $105.92, for a total value of $1,614,008.96.
• On Tuesday, October 22nd, Kavita Patel sold 1,500 shares of Arcellx stock. The stock was sold at an average price of $89.69, for a total value of $134,535.00.
• 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 value of $111,615.00.

Arcellx Trading Down 5.1 %

Shares of ACLX opened at $95.08 on Friday. Arcellx, Inc. has a twelve month low of $46.42 and a twelve month high of $107.37. The firm has a market capitalization of $5.14 billion, a price-to-earnings ratio of -133.91 and a beta of 0.27. The firm’s fifty day simple moving average is $85.14 and its 200-day simple moving average is $67.07.

Arcellx (NASDAQ:ACLX) last announced its earnings results on Thursday, November 7th. The company reported ($0.48) earnings per share for the quarter, beating the consensus estimate of ($0.54) by $0.06. The company had revenue of $26.03 million for the quarter, compared to the consensus estimate of $35.21 million. Arcellx had a negative return on equity of 8.28% and a negative net margin of 25.94%. On average, analysts predict that Arcellx, Inc. will post -1.56 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Arcellx

Hedge funds and other institutional investors have recently modified their holdings of the company. Quest Partners LLC acquired a new position in shares of Arcellx during the second quarter valued at $27,000. Plato Investment Management Ltd bought a new stake in shares of Arcellx in the 1st quarter valued at approximately $51,000. Decheng Capital LLC acquired a new position in shares of Arcellx during the second quarter worth approximately $65,000. National Bank of Canada FI raised its stake in shares of Arcellx by 50.0% during the second quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock worth $80,000 after buying an additional 500 shares during the last quarter. Finally, Covestor Ltd increased its stake in Arcellx by 53,766.7% in the third quarter. Covestor Ltd now owns 1,616 shares of the company’s stock valued at $135,000 after purchasing an additional 1,613 shares in the last quarter. 96.03% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Stifel Nicolaus upped their target price on shares of Arcellx from $83.00 to $122.00 and gave the stock a “buy” rating in a report on Friday, October 18th. Canaccord Genuity Group upped their price objective on shares of Arcellx from $85.00 to $115.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. Truist Financial upped their price objective on shares of Arcellx from $87.00 to $136.00 and gave the company a “buy” rating in a research note on Tuesday. Needham & Company LLC restated a “buy” rating and set a $96.00 price target on shares of Arcellx in a report on Wednesday, November 6th. Finally, Morgan Stanley upped their price objective on shares of Arcellx from $81.00 to $106.00 and gave the stock an “overweight” rating in a report on Wednesday, November 6th. Thirteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Arcellx currently has a consensus rating of “Buy” and an average price target of $103.08.

Arcellx Company Profile

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).