Insider Selling: Arcellx, Inc. (NASDAQ:ACLX) Director Sells 1,500 Shares of Stock

Arcellx, Inc. (NASDAQ:ACLX) Director Kavita Patel sold 1,500 shares of the business’s stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $58.43, for a total value of $87,645.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

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

• On Tuesday, April 29th, Kavita Patel sold 1,500 shares of Arcellx stock. The stock was sold at an average price of $64.20, for a total value of $96,300.00.
• On Tuesday, April 8th, Kavita Patel sold 1,500 shares of Arcellx stock. The stock was sold at an average price of $57.50, for a total value of $86,250.00.
• On Tuesday, March 18th, Kavita Patel sold 1,500 shares of Arcellx stock. The stock was sold at an average price of $71.64, for a total value of $107,460.00.
• On Tuesday, February 25th, Kavita Patel sold 1,500 shares of Arcellx stock. The stock was sold at an average price of $63.16, for a total value of $94,740.00.

Arcellx Stock Performance

Shares of ACLX stock opened at $60.54 on Wednesday. Arcellx, Inc. has a fifty-two week low of $47.86 and a fifty-two week high of $107.37. The stock has a 50 day moving average price of $62.70 and a two-hundred day moving average price of $71.39. The company has a market capitalization of $3.34 billion, a P/E ratio of -85.27 and a beta of 0.34.

Arcellx (NASDAQ:ACLX) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($1.13) earnings per share for the quarter, missing the consensus estimate of ($0.84) by ($0.29). Arcellx had a negative net margin of 25.94% and a negative return on equity of 8.28%. The company had revenue of $8.13 million during the quarter, compared to the consensus estimate of $19.51 million. As a group, equities analysts predict that Arcellx, Inc. will post -1.58 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Separately, Scotiabank cut their target price on Arcellx from $133.00 to $93.00 and set a “sector outperform” rating for the company in a research note on Friday, May 9th. Thirteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Arcellx presently has a consensus rating of “Buy” and a consensus target price of $111.33.

Institutional Trading of Arcellx

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Arcellx by 9.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,836 shares of the company’s stock valued at $754,000 after purchasing an additional 858 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Arcellx by 156.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 305,088 shares of the company’s stock valued at $23,400,000 after acquiring an additional 186,013 shares in the last quarter. Gilead Sciences Inc. bought a new position in shares of Arcellx during the fourth quarter valued at approximately $515,418,000. Invesco Ltd. raised its holdings in shares of Arcellx by 15.7% during the fourth quarter. Invesco Ltd. now owns 26,550 shares of the company’s stock valued at $2,036,000 after acquiring an additional 3,610 shares in the last quarter. Finally, Swiss National Bank raised its holdings in shares of Arcellx by 0.8% during the fourth quarter. Swiss National Bank now owns 63,400 shares of the company’s stock valued at $4,862,000 after acquiring an additional 500 shares in the last quarter. 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).