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

Arcellx, Inc. (NASDAQ:ACLX - Get Free Report) Director Kavita Patel sold 1,500 shares of the stock in a transaction on Tuesday, March 18th. The stock was sold at an average price of $71.64, for a total transaction of $107,460.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

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

• On Tuesday, February 25th, Kavita Patel sold 1,500 shares of Arcellx stock. The stock was sold at an average price of $63.16, for a total transaction of $94,740.00.
• On Tuesday, February 4th, Kavita Patel sold 1,500 shares of Arcellx stock. The shares were sold at an average price of $64.57, for a total transaction of $96,855.00.
• On Tuesday, January 14th, Kavita Patel sold 1,500 shares of Arcellx stock. The shares were sold at an average price of $65.87, for a total transaction of $98,805.00.
• On Tuesday, December 24th, Kavita Patel sold 1,500 shares of Arcellx stock. The shares were sold at an average price of $76.97, for a total transaction of $115,455.00.

Arcellx Price Performance

NASDAQ ACLX traded down $2.06 during trading hours on Friday, reaching $69.33. 1,210,943 shares of the company's stock traded hands, compared to its average volume of 519,628. Arcellx, Inc. has a 52-week low of $47.88 and a 52-week high of $107.37. The firm has a market cap of $3.81 billion, a PE ratio of -97.65 and a beta of 0.32. The firm has a 50-day simple moving average of $66.56 and a 200 day simple moving average of $77.67.

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Arcellx (NASDAQ:ACLX - Get Free Report) last issued its quarterly earnings results on Thursday, February 27th. The company reported ($0.87) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.63) by ($0.24). The business had revenue of $15.27 million for the quarter, compared to analysts' expectations of $27.42 million. Arcellx had a negative net margin of 25.94% and a negative return on equity of 8.28%. Sell-side analysts forecast that Arcellx, Inc. will post -1.58 EPS for the current fiscal year.

Institutional Trading of Arcellx

A number of institutional investors and hedge funds have recently bought and sold shares of ACLX. Quest Partners LLC increased its stake in Arcellx by 210.1% during the 3rd quarter. Quest Partners LLC now owns 1,532 shares of the company's stock valued at $128,000 after purchasing an additional 1,038 shares in the last quarter. First Turn Management LLC bought a new stake in Arcellx during the 3rd quarter valued at about $17,896,000. Advisors Asset Management Inc. increased its stake in Arcellx by 13.1% during the 3rd quarter. Advisors Asset Management Inc. now owns 6,196 shares of the company's stock valued at $517,000 after purchasing an additional 720 shares in the last quarter. Intech Investment Management LLC bought a new stake in Arcellx during the 3rd quarter valued at about $800,000. Finally, HealthInvest Partners AB grew its stake in shares of Arcellx by 78.8% in the third quarter. HealthInvest Partners AB now owns 40,230 shares of the company's stock worth $3,360,000 after acquiring an additional 17,734 shares during the period. 96.03% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

ACLX has been the subject of several analyst reports. Needham & Company LLC reissued a "buy" rating and set a $105.00 price target on shares of Arcellx in a research report on Monday, December 9th. Barclays raised shares of Arcellx to a "strong-buy" rating in a research report on Friday, November 29th. UBS Group increased their price target on shares of Arcellx from $106.00 to $114.00 and gave the company a "buy" rating in a research report on Tuesday, December 10th. Finally, 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. Thirteen research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Arcellx presently has a consensus rating of "Buy" and a consensus price target of $108.46.

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).