Christopher Heery Sells 3,301 Shares of Arcellx, Inc. (NASDAQ:ACLX) Stock

Arcellx, Inc. (NASDAQ:ACLX - Get Free Report) insider Christopher Heery sold 3,301 shares of the company's stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $79.55, for a total transaction of $262,594.55. Following the completion of the sale, the insider now directly owns 35,517 shares of the company's stock, valued at $2,825,377.35. This represents a 8.50 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link.

Christopher Heery also recently made the following trade(s):

• On Monday, January 6th, Christopher Heery sold 3,061 shares of Arcellx stock. The shares were sold at an average price of $77.17, for a total transaction of $236,217.37.

Arcellx Stock Down 5.2 %

Arcellx stock traded down $4.12 during mid-day trading on Monday, reaching $75.01. 1,085,230 shares of the company's stock were exchanged, compared to its average volume of 606,243. The company has a fifty day moving average of $85.95 and a 200-day moving average of $75.49. The company has a market cap of $4.06 billion, a P/E ratio of -105.65 and a beta of 0.33. Arcellx, Inc. has a twelve month low of $47.88 and a twelve month high of $107.37.

Arcellx (NASDAQ:ACLX - Get Free Report) last released its earnings results on Thursday, November 7th. The company reported ($0.48) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.54) by $0.06. Arcellx had a negative return on equity of 8.28% and a negative net margin of 25.94%. The firm had revenue of $26.03 million during the quarter, compared to analyst estimates of $35.21 million. Equities research analysts expect that Arcellx, Inc. will post -1.49 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Cantor Fitzgerald reiterated an "overweight" rating on shares of Arcellx in a report on Monday, September 9th. Redburn Atlantic started coverage on Arcellx in a research note on Tuesday, October 8th. They issued a "buy" rating and a $109.00 price target on the stock. Stifel Nicolaus raised their price objective on Arcellx from $83.00 to $122.00 and gave the stock a "buy" rating in a research report on Friday, October 18th. HC Wainwright reaffirmed a "buy" rating and issued a $115.00 target price on shares of Arcellx in a research report on Tuesday, December 10th. Finally, Bank of America lifted their price target on shares of Arcellx from $84.00 to $100.00 and gave the company a "buy" rating in a research report on Wednesday, November 6th. Thirteen investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $105.93.

Hedge Funds Weigh In On Arcellx

Institutional investors and hedge funds have recently made changes to their positions in the stock. Quest Partners LLC acquired a new position in Arcellx during the 2nd quarter worth approximately $27,000. Decheng Capital LLC purchased a new stake in shares of Arcellx during the 2nd quarter worth $65,000. National Bank of Canada FI grew 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 purchasing an additional 500 shares in the last quarter. Quarry LP purchased a new position in Arcellx in the third quarter valued at $125,000. Finally, Covestor Ltd raised 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 buying an additional 1,613 shares in the last quarter. 96.03% of the stock is owned by institutional investors and hedge funds.

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).

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