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 firm’s stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $67.36, for a total value of $101,040.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

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

• On Tuesday, May 20th, Kavita Patel sold 1,500 shares of Arcellx stock. The stock was sold at an average price of $58.43, for a total value of $87,645.00.
• On Tuesday, April 29th, Kavita Patel sold 1,500 shares of Arcellx stock. The shares were sold at an average price of $64.20, for a total transaction 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 transaction 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 transaction of $107,460.00.

Arcellx Price Performance

Shares of ACLX opened at $66.17 on Thursday. The company has a market capitalization of $3.65 billion, a PE ratio of -93.20 and a beta of 0.28. Arcellx, Inc. has a one year low of $47.86 and a one year high of $107.37. The company’s fifty day moving average price is $61.56 and its 200 day moving average price is $68.39.

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

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. FMR LLC grew its stake in shares of Arcellx by 22.8% in the fourth quarter. FMR LLC now owns 7,956,633 shares of the company’s stock worth $610,194,000 after acquiring an additional 1,477,360 shares during the last quarter. Gilead Sciences Inc. bought a new stake in Arcellx in the 4th quarter valued at $515,418,000. Paradigm Biocapital Advisors LP boosted its holdings in Arcellx by 2.8% in the 1st quarter. Paradigm Biocapital Advisors LP now owns 4,492,032 shares of the company’s stock valued at $294,677,000 after purchasing an additional 120,431 shares during the period. Vanguard Group Inc. grew its position in Arcellx by 19.7% in the 1st quarter. Vanguard Group Inc. now owns 3,985,156 shares of the company’s stock worth $261,426,000 after purchasing an additional 655,064 shares during the last quarter. Finally, RA Capital Management L.P. increased its holdings in shares of Arcellx by 8.9% during the 1st quarter. RA Capital Management L.P. now owns 3,036,527 shares of the company’s stock worth $199,196,000 after purchasing an additional 249,200 shares during the period. 96.03% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Separately, Scotiabank reduced their price objective on shares of 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 analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $111.33.

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).