Arcellx, Inc. (NASDAQ:ACLX) Director Sells $111,615.00 in Stock

Arcellx, Inc. (NASDAQ:ACLX) Director Kavita Patel sold 1,500 shares of the stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $74.41, for a total value of $111,615.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

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

• On Tuesday, July 30th, Kavita Patel sold 1,500 shares of Arcellx stock. The shares were sold at an average price of $61.97, for a total value of $92,955.00.
• On Tuesday, July 9th, Kavita Patel sold 1,500 shares of Arcellx stock. The shares were sold at an average price of $56.63, for a total value of $84,945.00.
• On Thursday, June 27th, Kavita Patel sold 10,000 shares of Arcellx stock. The shares were sold at an average price of $54.27, for a total value of $542,700.00.

Arcellx Stock Performance

ACLX traded up $0.37 during trading on Thursday, reaching $74.77. The stock had a trading volume of 393,411 shares, compared to its average volume of 454,610. The business has a 50-day moving average of $63.18 and a 200-day moving average of $60.07. Arcellx, Inc. has a one year low of $30.88 and a one year high of $76.72. The stock has a market cap of $4.00 billion, a PE ratio of -72.01 and a beta of 0.23.

Arcellx (NASDAQ:ACLX) last posted its earnings results on Thursday, August 8th. The company reported ($0.51) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.52) by $0.01. Arcellx had a negative net margin of 37.23% and a negative return on equity of 12.42%. The company had revenue of $27.38 million during the quarter, compared to analyst estimates of $22.04 million. The firm’s quarterly revenue was up 91.5% on a year-over-year basis. Equities research analysts forecast that Arcellx, Inc. will post -1.65 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on ACLX. Needham & Company LLC reiterated a “buy” rating and set a $81.00 price target on shares of Arcellx in a research note on Friday, August 9th. Stifel Nicolaus lifted their target price on shares of Arcellx from $82.00 to $83.00 and gave the stock a “buy” rating in a research report on Wednesday, May 15th. Truist Financial reissued a “buy” rating and set a $87.00 target price on shares of Arcellx in a research report on Tuesday, June 18th. Canaccord Genuity Group reissued a “buy” rating and set a $85.00 target price on shares of Arcellx in a research report on Monday, July 22nd. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Arcellx in a research report on Monday. Fourteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $78.00.

Institutional Trading of Arcellx

Several institutional investors and hedge funds have recently bought and sold shares of ACLX. Charles Schwab Investment Management Inc. increased its position in shares of Arcellx by 1.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 264,178 shares of the company’s stock valued at $14,662,000 after acquiring an additional 3,722 shares in the last quarter. Jump Financial LLC bought a new stake in shares of Arcellx during the fourth quarter valued at approximately $843,000. Vestal Point Capital LP bought a new stake in shares of Arcellx during the fourth quarter valued at approximately $3,330,000. PFM Health Sciences LP increased its position in shares of Arcellx by 39.5% during the fourth quarter. PFM Health Sciences LP now owns 335,198 shares of the company’s stock valued at $18,603,000 after acquiring an additional 94,860 shares in the last quarter. Finally, Perceptive Advisors LLC increased its position in shares of Arcellx by 14.6% during the fourth quarter. Perceptive Advisors LLC now owns 4,544,809 shares of the company’s stock valued at $252,237,000 after acquiring an additional 578,831 shares in the last quarter. 96.03% of the stock is currently owned by hedge funds and other institutional investors.

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).