Arcellx, Inc. (NASDAQ:ACLX) Insider Sells $2,375,366.00 in Stock

Arcellx, Inc. (NASDAQ:ACLX) insider Rami Elghandour sold 38,300 shares of the company’s stock in a transaction that occurred on Wednesday, February 26th. The shares were sold at an average price of $62.02, for a total value of $2,375,366.00. Following the sale, the insider now owns 149,186 shares in the company, valued at $9,252,515.72. The trade was a 20.43 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Arcellx Price Performance

Shares of ACLX stock opened at $64.82 on Friday. Arcellx, Inc. has a 12-month low of $47.88 and a 12-month high of $107.37. The firm has a market capitalization of $3.51 billion, a price-to-earnings ratio of -91.29 and a beta of 0.29. The business has a 50 day simple moving average of $68.73 and a 200 day simple moving average of $77.32.

Arcellx (NASDAQ:ACLX) last issued its quarterly earnings data on Thursday, February 27th. The company reported ($0.87) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.63) by ($0.24). Arcellx had a negative return on equity of 8.28% and a negative net margin of 25.94%. The business had revenue of $15.27 million during the quarter, compared to the consensus estimate of $27.42 million. On average, equities analysts anticipate that Arcellx, Inc. will post -1.58 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have issued reports on ACLX. Barclays upgraded Arcellx to a “strong-buy” rating in a research note on Friday, November 29th. HC Wainwright restated a “buy” rating and set a $115.00 price objective on shares of Arcellx in a research note on Tuesday, December 10th. UBS Group upped their price objective on Arcellx from $106.00 to $114.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. Morgan Stanley increased their price target on Arcellx from $81.00 to $106.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 6th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $105.00 price target on shares of Arcellx in a research report on Monday, December 9th. Thirteen research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $108.46.

Hedge Funds Weigh In On Arcellx

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ACLX. Mirae Asset Global Investments Co. Ltd. grew its holdings in Arcellx by 21.7% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,944 shares of the company’s stock worth $161,000 after buying an additional 347 shares in the last quarter. abrdn plc bought a new position in Arcellx in the 3rd quarter worth approximately $4,242,000. China Universal Asset Management Co. Ltd. boosted its stake in Arcellx by 64.5% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 10,339 shares of the company’s stock valued at $863,000 after purchasing an additional 4,052 shares in the last quarter. US Bancorp DE boosted its stake in Arcellx by 60.0% during the 3rd quarter. US Bancorp DE now owns 7,603 shares of the company’s stock valued at $635,000 after purchasing an additional 2,851 shares in the last quarter. Finally, Harbor Capital Advisors Inc. boosted its stake in Arcellx by 37.0% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 27,896 shares of the company’s stock valued at $2,330,000 after purchasing an additional 7,534 shares in the last quarter. 96.03% of the stock is 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).