Kavita Patel Sells 33,763 Shares of Arcellx, Inc. (NASDAQ:ACLX) Stock

Arcellx, Inc. (NASDAQ:ACLX) Director Kavita Patel sold 33,763 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $104.14, for a total value of $3,516,078.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

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

• On Monday, November 11th, Kavita Patel sold 15,238 shares of Arcellx stock. The stock was sold at an average price of $105.92, for a total value 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 value 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 Price Performance

NASDAQ ACLX opened at $100.48 on Wednesday. The company has a market cap of $5.40 billion, a P/E ratio of -141.52 and a beta of 0.27. The stock has a 50-day moving average of $84.45 and a two-hundred day moving average of $66.84. Arcellx, Inc. has a 1-year low of $43.83 and a 1-year high of $107.37.

Arcellx (NASDAQ:ACLX) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.48) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.54) by $0.06. The firm had revenue of $26.03 million during the quarter, compared to analysts’ expectations of $35.21 million. Arcellx had a negative net margin of 25.94% and a negative return on equity of 8.25%. On average, analysts anticipate that Arcellx, Inc. will post -1.64 EPS for the current fiscal year.

Institutional Trading of Arcellx

Large investors have recently modified their holdings of the stock. Quest Partners LLC acquired a new position in Arcellx during the 2nd quarter worth $27,000. Plato Investment Management Ltd purchased a new position in shares of Arcellx in the 1st quarter valued at about $51,000. Decheng Capital LLC acquired a new position in shares of Arcellx during the second quarter worth about $65,000. National Bank of Canada FI increased its stake in shares of Arcellx by 50.0% during the second quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock worth $80,000 after buying an additional 500 shares during the period. Finally, Covestor Ltd raised its holdings in Arcellx by 53,766.7% in the third quarter. Covestor Ltd now owns 1,616 shares of the company’s stock valued at $135,000 after acquiring an additional 1,613 shares in the last quarter. Hedge funds and other institutional investors own 96.03% of the company’s stock.

Wall Street Analyst Weigh In

ACLX has been the topic of a number of analyst reports. Canaccord Genuity Group lifted their target price on shares of Arcellx from $85.00 to $115.00 and gave the stock a “buy” rating in a research note on Thursday, October 17th. Piper Sandler upped their price objective on Arcellx from $91.00 to $115.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Redburn Atlantic assumed coverage on Arcellx in a research report on Tuesday, October 8th. They issued a “buy” rating and a $109.00 target price on the stock. Stifel Nicolaus increased their price target on Arcellx from $83.00 to $122.00 and gave the stock a “buy” rating in a report on Friday, October 18th. Finally, HC Wainwright raised their price objective on Arcellx from $80.00 to $95.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Thirteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Arcellx has an average rating of “Buy” and an average price target of $103.08.

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).