Insider Selling: Arcellx, Inc. (NASDAQ:ACLX) Director Sells $98,805.00 in Stock

Arcellx, Inc. (NASDAQ:ACLX) Director Kavita Patel sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, January 14th. The stock was sold at an average price of $65.87, for a total transaction of $98,805.00. The sale 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 Tuesday, December 24th, Kavita Patel sold 1,500 shares of Arcellx stock. The stock was sold at an average price of $76.97, for a total value of $115,455.00.
• On Tuesday, December 3rd, Kavita Patel sold 1,500 shares of Arcellx stock. The stock was sold at an average price of $91.88, for a total value of $137,820.00.
• 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 value of $3,516,078.82.
• 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.

Arcellx Price Performance

NASDAQ ACLX opened at $67.01 on Friday. Arcellx, Inc. has a fifty-two week low of $47.88 and a fifty-two week high of $107.37. The stock’s 50-day moving average is $82.89 and its two-hundred day moving average is $76.02. The firm has a market cap of $3.62 billion, a P/E ratio of -94.38 and a beta of 0.33.

Arcellx (NASDAQ:ACLX) last posted its earnings results on Thursday, November 7th. The company reported ($0.48) earnings per share for the quarter, topping the consensus estimate 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. On average, equities analysts expect that Arcellx, Inc. will post -1.58 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Robert W. Baird raised their price objective on shares of Arcellx from $77.00 to $106.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 6th. Needham & Company LLC reaffirmed a “buy” rating and issued a $105.00 target price on shares of Arcellx in a research report on Monday, December 9th. Barclays raised Arcellx to a “strong-buy” rating in a research report on Friday, November 29th. Bank of America lifted their target price on Arcellx from $84.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Finally, Truist Financial increased their price target on shares of Arcellx from $87.00 to $136.00 and gave the stock a “buy” rating in a research report on Tuesday, November 12th. Thirteen research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, Arcellx currently has a consensus rating of “Buy” and an average target price of $105.93.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Arcellx by 21.7% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,944 shares of the company’s stock valued at $161,000 after purchasing an additional 347 shares during the last quarter. Quest Partners LLC acquired a new stake in Arcellx in the 2nd quarter valued at approximately $27,000. High Net Worth Advisory Group LLC increased its position in Arcellx by 6.3% in the 3rd quarter. High Net Worth Advisory Group LLC now owns 8,500 shares of the company’s stock worth $710,000 after buying an additional 500 shares during the period. Advisors Asset Management Inc. lifted its holdings in shares of Arcellx by 13.1% during the third quarter. Advisors Asset Management Inc. now owns 6,196 shares of the company’s stock worth $517,000 after buying an additional 720 shares during the last quarter. Finally, Martingale Asset Management L P boosted its position in shares of Arcellx by 4.9% in the third quarter. Martingale Asset Management L P now owns 21,184 shares of the company’s stock valued at $1,769,000 after acquiring an additional 992 shares during the period. 96.03% of the stock is currently 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).