Arcellx, Inc. (NASDAQ:ACLX) Director Sells $35,575,754.65 in Stock

Arcellx, Inc. (NASDAQ:ACLX) Director Jill Carroll sold 504,263 shares of the stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $70.55, for a total value of $35,575,754.65. Following the sale, the director now owns 1,479,148 shares of the company’s stock, valued at $104,353,891.40. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

Arcellx Trading Up 0.5 %

Shares of ACLX stock opened at $70.45 on Thursday. Arcellx, Inc. has a 12-month low of $27.28 and a 12-month high of $75.10. The stock’s 50-day moving average price is $65.19 and its 200-day moving average price is $52.03. The stock has a market capitalization of $3.72 billion, a price-to-earnings ratio of -47.92 and a beta of 0.02.

Arcellx (NASDAQ:ACLX) last issued its quarterly earnings data on Wednesday, February 28th. The company reported $0.42 earnings per share for the quarter, topping the consensus estimate of ($0.53) by $0.95. Arcellx had a negative return on equity of 20.96% and a negative net margin of 64.08%. The company had revenue of $63.15 million for the quarter, compared to analysts’ expectations of $20.07 million. During the same period in the previous year, the firm posted ($0.76) earnings per share. As a group, research analysts predict that Arcellx, Inc. will post -1.69 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Truist Financial increased their target price on Arcellx from $57.00 to $87.00 and gave the company a “buy” rating in a report on Tuesday, March 5th. Needham & Company LLC increased their price objective on Arcellx from $72.00 to $81.00 and gave the stock a “buy” rating in a report on Monday, March 18th. HC Wainwright increased their price objective on Arcellx from $60.00 to $82.00 and gave the stock a “buy” rating in a report on Thursday, February 29th. Canaccord Genuity Group increased their price objective on Arcellx from $66.00 to $85.00 and gave the stock a “buy” rating in a report on Thursday, February 29th. Finally, Morgan Stanley assumed coverage on Arcellx in a report on Thursday, March 7th. They issued an “overweight” rating and a $81.00 price objective for the company. Thirteen research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $69.14.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of ACLX. Citigroup Inc. bought a new position in shares of Arcellx during the first quarter valued at approximately $26,000. China Universal Asset Management Co. Ltd. boosted its holdings in shares of Arcellx by 98.4% in the third quarter. China Universal Asset Management Co. Ltd. now owns 1,248 shares of the company’s stock valued at $45,000 after purchasing an additional 619 shares during the period. Tower Research Capital LLC TRC boosted its holdings in shares of Arcellx by 219.0% in the first quarter. Tower Research Capital LLC TRC now owns 1,464 shares of the company’s stock valued at $45,000 after purchasing an additional 1,005 shares during the period. California State Teachers Retirement System purchased a new stake in shares of Arcellx in the first quarter valued at approximately $54,000. Finally, JPMorgan Chase & Co. purchased a new stake in shares of Arcellx in the first quarter valued at approximately $60,000. Institutional investors own 96.03% of the company’s stock.

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).