Insider Selling: Arcellx, Inc. (NASDAQ:ACLX) Director Sells $92,955.00 in Stock

Arcellx, Inc. (NASDAQ:ACLX) Director Kavita Patel sold 1,500 shares of Arcellx stock in a transaction dated Tuesday, July 30th. The stock was sold at an average price of $61.97, for a total value of $92,955.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

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

• 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 stock was sold at an average price of $54.27, for a total transaction of $542,700.00.

Arcellx Trading Down 5.7 %

NASDAQ:ACLX opened at $55.31 on Friday. The stock has a fifty day simple moving average of $56.66 and a 200-day simple moving average of $59.27. The company has a market cap of $2.96 billion, a price-to-earnings ratio of -53.70 and a beta of 0.23. Arcellx, Inc. has a twelve month low of $30.88 and a twelve month high of $75.10.

Arcellx (NASDAQ:ACLX) last released its quarterly earnings data on Thursday, May 9th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.51) by $0.37. The company had revenue of $39.26 million during the quarter, compared to analysts’ expectations of $20.67 million. Arcellx had a negative net margin of 38.39% and a negative return on equity of 13.11%. The firm’s quarterly revenue was up 119.2% on a year-over-year basis. During the same period in the previous year, the company earned ($0.58) EPS. As a group, equities research analysts predict that Arcellx, Inc. will post -1.7 EPS for the current fiscal year.

Wall Street Analyst Weigh In

ACLX has been the subject of a number of recent research reports. Piper Sandler started coverage on shares of Arcellx in a research note on Friday, May 31st. They issued an “overweight” rating and a $70.00 price objective for the company. HC Wainwright reduced their price objective on Arcellx from $82.00 to $80.00 and set a “buy” rating on the stock in a research note on Monday, May 13th. Truist Financial reaffirmed a “buy” rating and issued a $87.00 price objective on shares of Arcellx in a research note on Tuesday, June 18th. Needham & Company LLC reissued a “buy” rating and set a $81.00 target price on shares of Arcellx in a research report on Tuesday, May 7th. Finally, Stifel Nicolaus increased their price target on Arcellx from $82.00 to $83.00 and gave the company a “buy” rating in a report on Wednesday, May 15th. Thirteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $78.00.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of ACLX. Perceptive Advisors LLC raised its position in Arcellx by 14.6% during the 4th quarter. Perceptive Advisors LLC now owns 4,544,809 shares of the company’s stock valued at $252,237,000 after purchasing an additional 578,831 shares in the last quarter. Bamco Inc. NY raised its holdings in shares of Arcellx by 292.1% in the first quarter. Bamco Inc. NY now owns 248,993 shares of the company’s stock valued at $17,317,000 after acquiring an additional 185,493 shares in the last quarter. Vanguard Group Inc. grew its holdings in Arcellx by 8.1% during the 1st quarter. Vanguard Group Inc. now owns 2,228,856 shares of the company’s stock worth $155,017,000 after acquiring an additional 167,037 shares in the last quarter. Federated Hermes Inc. grew its holdings in Arcellx by 200.6% during the 4th quarter. Federated Hermes Inc. now owns 214,599 shares of the company’s stock worth $11,910,000 after acquiring an additional 143,212 shares in the last quarter. Finally, Victory Capital Management Inc. grew its holdings in Arcellx by 425.0% during the 4th quarter. Victory Capital Management Inc. now owns 155,652 shares of the company’s stock worth $8,639,000 after acquiring an additional 126,002 shares in the last quarter. 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).