Insider Selling: Arcellx, Inc. (NASDAQ:ACLX) Director Sells $1,614,008.96 in Stock

Arcellx, Inc. (NASDAQ:ACLX) Director Kavita Patel sold 15,238 shares of the firm’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $105.92, for a total value of $1,614,008.96. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.

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

• On Friday, November 8th, Kavita Patel sold 33,763 shares of Arcellx stock. The shares were sold at an average price of $104.14, for a total transaction of $3,516,078.82.
• 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 Trading Down 5.1 %

Arcellx stock opened at $95.08 on Friday. 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 has a 50 day simple moving average of $85.14 and a 200 day simple moving average of $67.07. Arcellx, Inc. has a 1-year low of $46.42 and a 1-year high of $107.37.

Arcellx (NASDAQ:ACLX) last released its quarterly earnings data 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. The company had revenue of $26.03 million for the quarter, compared to analyst estimates of $35.21 million. Arcellx had a negative return on equity of 8.28% and a negative net margin of 25.94%. On average, equities research analysts forecast that Arcellx, Inc. will post -1.56 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. HC Wainwright upped their target price on Arcellx from $80.00 to $95.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Morgan Stanley raised their target price on Arcellx from $81.00 to $106.00 and gave the company an “overweight” rating in a research report on Wednesday, November 6th. Canaccord Genuity Group boosted their price target on shares of Arcellx from $85.00 to $115.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Bank of America raised their price objective on shares of Arcellx from $84.00 to $100.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. Finally, Truist Financial boosted their target price on shares of Arcellx from $87.00 to $136.00 and gave the company a “buy” rating in a research note on Tuesday. Thirteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $103.08.

Institutional Investors Weigh In On Arcellx

Several hedge funds and other institutional investors have recently modified their holdings of ACLX. Quest Partners LLC purchased a new position in Arcellx during the second quarter valued at approximately $27,000. Plato Investment Management Ltd bought a new position in Arcellx in the 1st quarter valued at $51,000. Decheng Capital LLC purchased a new position in shares of Arcellx during the 2nd quarter valued at $65,000. National Bank of Canada FI increased its holdings in shares of Arcellx by 50.0% in 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 during the period. Finally, Covestor Ltd raised its position 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 buying an additional 1,613 shares in the last quarter. 96.03% of the stock is currently owned by institutional investors.

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).