Insider Selling: Arcellx, Inc. (NASDAQ:ACLX) Director Sells 1,500 Shares of Stock

Arcellx, Inc. (NASDAQ:ACLX) Director Kavita Patel sold 1,500 shares of the business’s stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $67.36, for a total value of $101,040.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

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

• On Tuesday, May 20th, Kavita Patel sold 1,500 shares of Arcellx stock. The stock was sold at an average price of $58.43, for a total value of $87,645.00.
• On Tuesday, April 29th, Kavita Patel sold 1,500 shares of Arcellx stock. The shares were sold at an average price of $64.20, for a total value of $96,300.00.
• On Tuesday, April 8th, Kavita Patel sold 1,500 shares of Arcellx stock. The shares were sold at an average price of $57.50, for a total value of $86,250.00.
• On Tuesday, March 18th, Kavita Patel sold 1,500 shares of Arcellx stock. The shares were sold at an average price of $71.64, for a total value of $107,460.00.

Arcellx Stock Performance

ACLX stock opened at $66.51 on Friday. Arcellx, Inc. has a fifty-two week low of $47.86 and a fifty-two week high of $107.37. The business’s 50-day moving average is $61.76 and its two-hundred day moving average is $68.23. The company has a market cap of $3.67 billion, a price-to-earnings ratio of -93.67 and a beta of 0.28.

Arcellx (NASDAQ:ACLX) last posted its earnings results on Thursday, May 8th. The company reported ($1.13) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.84) by ($0.29). The firm had revenue of $8.13 million during the quarter, compared to the consensus estimate of $19.51 million. Arcellx had a negative net margin of 25.94% and a negative return on equity of 8.28%. Equities analysts predict that Arcellx, Inc. will post -1.58 earnings per share for the current year.

Wall Street Analyst Weigh In

Separately, Scotiabank lowered their price target on Arcellx from $133.00 to $93.00 and set a “sector outperform” rating on the stock in a report on Friday, May 9th. Thirteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $111.33.

Institutional Trading of Arcellx

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Rhumbline Advisers increased its position in Arcellx by 6.4% in the first quarter. Rhumbline Advisers now owns 63,751 shares of the company’s stock worth $4,182,000 after buying an additional 3,848 shares in the last quarter. Strs Ohio purchased a new stake in Arcellx in the first quarter worth about $938,000. Intech Investment Management LLC increased its position in Arcellx by 27.7% in the first quarter. Intech Investment Management LLC now owns 21,967 shares of the company’s stock worth $1,441,000 after buying an additional 4,760 shares in the last quarter. Woodline Partners LP increased its position in Arcellx by 31.6% in the first quarter. Woodline Partners LP now owns 165,305 shares of the company’s stock worth $10,844,000 after buying an additional 39,656 shares in the last quarter. Finally, Empowered Funds LLC purchased a new stake in Arcellx in the first quarter worth about $1,768,000. Hedge funds and other 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).