Arcellx, Inc. (NASDAQ:ACLX) Director Kavita Patel Sells 33,763 Shares of Stock

Arcellx, Inc. (NASDAQ:ACLX) Director Kavita Patel sold 33,763 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $104.14, for a total value of $3,516,078.82. The transaction was disclosed in a filing with the SEC, which is accessible 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 shares were sold at an average price of $105.92, for a total transaction 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 transaction 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 transaction of $111,615.00.

Arcellx Stock Down 5.7 %

Shares of NASDAQ:ACLX opened at $100.48 on Wednesday. The firm has a market capitalization of $5.40 billion, a PE ratio of -141.52 and a beta of 0.27. The company has a 50-day moving average price of $84.45 and a two-hundred day moving average price of $66.84. Arcellx, Inc. has a twelve month low of $43.83 and a twelve month high of $107.37.

Arcellx (NASDAQ:ACLX) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.48) EPS for the quarter, topping the consensus estimate of ($0.54) by $0.06. Arcellx had a negative net margin of 25.94% and a negative return on equity of 8.25%. The company had revenue of $26.03 million during the quarter, compared to the consensus estimate of $35.21 million. Analysts anticipate that Arcellx, Inc. will post -1.64 earnings per share for the current fiscal year.

Institutional Trading of Arcellx

A number of hedge funds and other institutional investors have recently made changes to their positions in ACLX. Quest Partners LLC purchased a new position in Arcellx during the 2nd quarter valued at about $27,000. Plato Investment Management Ltd purchased a new stake in Arcellx in the 1st quarter worth approximately $51,000. Decheng Capital LLC bought a new position in Arcellx in the 2nd quarter valued at $65,000. National Bank of Canada FI grew its position in shares of Arcellx by 50.0% during the 2nd quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock valued at $80,000 after purchasing an additional 500 shares in the last quarter. Finally, Covestor Ltd increased its holdings in shares of Arcellx by 53,766.7% in the third quarter. Covestor Ltd now owns 1,616 shares of the company’s stock worth $135,000 after purchasing an additional 1,613 shares during the period. 96.03% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on ACLX. Needham & Company LLC reaffirmed a “buy” rating and issued a $96.00 price target on shares of Arcellx in a research report on Wednesday, November 6th. Canaccord Genuity Group lifted their target price on Arcellx from $85.00 to $115.00 and gave the company a “buy” rating in a research report on Thursday, October 17th. HC Wainwright increased their price target on Arcellx from $80.00 to $95.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Stifel Nicolaus lifted 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. Finally, Bank of America increased their target price on shares of Arcellx from $84.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Thirteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus target price 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).