Rami Elghandour Sells 38,300 Shares of Arcellx, Inc. (NASDAQ:ACLX) Stock

Arcellx, Inc. (NASDAQ:ACLX) insider Rami Elghandour sold 38,300 shares of Arcellx stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $62.02, for a total transaction of $2,375,366.00. Following the sale, the insider now owns 149,186 shares in the company, valued at approximately $9,252,515.72. This represents a 20.43 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Arcellx Price Performance

Shares of NASDAQ:ACLX opened at $61.39 on Friday. The company has a market capitalization of $3.32 billion, a price-to-earnings ratio of -86.46 and a beta of 0.29. The firm’s 50 day simple moving average is $69.01 and its 200 day simple moving average is $77.44. Arcellx, Inc. has a fifty-two week low of $47.88 and a fifty-two week high of $107.37.

Arcellx (NASDAQ:ACLX) last posted its earnings results on Thursday, February 27th. The company reported ($0.87) earnings per share for the quarter, missing the consensus estimate of ($0.63) by ($0.24). Arcellx had a negative return on equity of 8.28% and a negative net margin of 25.94%. Equities research analysts expect that Arcellx, Inc. will post -1.58 earnings per share for the current year.

Analysts Set New Price Targets

ACLX has been the topic of several research analyst reports. Truist Financial lifted their price target on Arcellx from $87.00 to $136.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. Piper Sandler lifted their target price on Arcellx from $91.00 to $115.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. UBS Group upped their price target on shares of Arcellx from $106.00 to $114.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Robert W. Baird lifted their price objective on shares of Arcellx from $77.00 to $106.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 6th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $105.00 target price on shares of Arcellx in a report on Monday, December 9th. Thirteen analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Arcellx presently has a consensus rating of “Buy” and an average price target of $105.93.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Xponance Inc. increased its holdings in shares of Arcellx by 8.6% in the fourth quarter. Xponance Inc. now owns 3,088 shares of the company’s stock worth $237,000 after acquiring an additional 244 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Arcellx by 21.7% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,944 shares of the company’s stock valued at $161,000 after purchasing an additional 347 shares during the period. KBC Group NV increased its stake in Arcellx by 37.3% during the 4th quarter. KBC Group NV now owns 1,388 shares of the company’s stock worth $106,000 after purchasing an additional 377 shares in the last quarter. Swiss National Bank raised its holdings in Arcellx by 0.8% during the 4th quarter. Swiss National Bank now owns 63,400 shares of the company’s stock worth $4,862,000 after buying an additional 500 shares during the period. Finally, Headlands Technologies LLC bought a new position in Arcellx in the fourth quarter valued at approximately $41,000. 96.03% of the stock is currently owned by 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).