Arcellx (NASDAQ:ACLX) Trading Down 6.8% After Insider Selling

Arcellx, Inc. (NASDAQ:ACLX - Get Free Report)'s share price was down 6.8% during mid-day trading on Wednesday following insider selling activity. The stock traded as low as $49.55 and last traded at $49.95. Approximately 248,582 shares changed hands during mid-day trading, a decline of 63% from the average daily volume of 668,721 shares. The stock had previously closed at $53.60.

Specifically, Director Kavita Patel sold 1,500 shares of Arcellx stock in a transaction dated Tuesday, April 8th. The shares were sold at an average price of $57.50, for a total value of $86,250.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Arcellx Stock Performance

The company has a market cap of $3.25 billion, a PE ratio of -83.42 and a beta of 0.33. The company's 50 day moving average price is $65.44 and its 200-day moving average price is $75.90.

Arcellx (NASDAQ:ACLX - Get Free Report) last released its 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 firm had revenue of $15.27 million during the quarter, compared to analysts' expectations of $27.42 million. Arcellx had a negative return on equity of 8.28% and a negative net margin of 25.94%. Equities research analysts expect that Arcellx, Inc. will post -1.58 EPS for the current year.

Hedge Funds Weigh In On Arcellx

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ACLX. Xponance Inc. lifted its stake in shares of Arcellx by 8.6% during the 4th quarter. Xponance Inc. now owns 3,088 shares of the company's stock valued at $237,000 after buying an additional 244 shares in the last quarter. KBC Group NV lifted its position in shares of Arcellx by 37.3% during the fourth quarter. KBC Group NV now owns 1,388 shares of the company's stock worth $106,000 after acquiring an additional 377 shares in the last quarter. Swiss National Bank boosted its holdings in shares of Arcellx by 0.8% in the fourth quarter. Swiss National Bank now owns 63,400 shares of the company's stock worth $4,862,000 after acquiring an additional 500 shares during the period. Headlands Technologies LLC bought a new position in shares of Arcellx in the fourth quarter worth $41,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Arcellx by 9.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,836 shares of the company's stock valued at $754,000 after purchasing an additional 858 shares in the last quarter. Institutional investors own 96.03% of the company's stock.

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).