Insider Selling: Arcellx, Inc. (NASDAQ:ACLX) Director Sells $87,645.00 in Stock

Arcellx, Inc. (NASDAQ:ACLX) Director Kavita Patel sold 1,500 shares of the company’s stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $58.43, for a total transaction of $87,645.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

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

• On Tuesday, April 29th, Kavita Patel sold 1,500 shares of Arcellx stock. The stock was sold at an average price of $64.20, for a total transaction 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.
• On Tuesday, February 25th, Kavita Patel sold 1,500 shares of Arcellx stock. The shares were sold at an average price of $63.16, for a total value of $94,740.00.

Arcellx Price Performance

ACLX opened at $65.21 on Friday. The business’s 50-day moving average is $62.42 and its two-hundred day moving average is $71.20. Arcellx, Inc. has a 1 year low of $47.86 and a 1 year high of $107.37. The firm has a market capitalization of $3.59 billion, a PE ratio of -91.84 and a beta of 0.34.

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

Hedge Funds Weigh In On Arcellx

Several institutional investors and hedge funds have recently added to or reduced their stakes in ACLX. Avanza Fonder AB purchased a new position in Arcellx in the fourth quarter valued at about $184,000. KBC Group NV grew its stake in shares of Arcellx by 37.3% during the fourth quarter. KBC Group NV now owns 1,388 shares of the company’s stock worth $106,000 after acquiring an additional 377 shares during the last quarter. China Universal Asset Management Co. Ltd. grew its stake in shares of Arcellx by 10.9% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 11,466 shares of the company’s stock worth $879,000 after acquiring an additional 1,127 shares during the last quarter. Legato Capital Management LLC grew its stake in shares of Arcellx by 36.1% during the fourth quarter. Legato Capital Management LLC now owns 5,999 shares of the company’s stock worth $460,000 after acquiring an additional 1,591 shares during the last quarter. Finally, Rhumbline Advisers grew its stake in shares of Arcellx by 1.9% during the fourth quarter. Rhumbline Advisers now owns 59,903 shares of the company’s stock worth $4,594,000 after acquiring an additional 1,125 shares during the last quarter. Hedge funds and other institutional investors own 96.03% of the company’s stock.

Analyst Ratings Changes

Separately, Scotiabank decreased their price objective on Arcellx from $133.00 to $93.00 and set a “sector outperform” rating for the company 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, Arcellx has an average rating of “Buy” and an average target price of $111.33.

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).