Arcellx, Inc. (NASDAQ:ACLX) Director Kavita Patel Sells 1,500 Shares

Arcellx, Inc. (NASDAQ:ACLX) Director Kavita Patel sold 1,500 shares of Arcellx stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $76.97, for a total value of $115,455.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

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

• On Tuesday, December 3rd, Kavita Patel sold 1,500 shares of Arcellx stock. The stock was sold at an average price of $91.88, for a total value of $137,820.00.
• On Friday, November 8th, Kavita Patel sold 33,763 shares of Arcellx stock. The stock was sold at an average price of $104.14, for a total value of $3,516,078.82.
• On Monday, November 11th, Kavita Patel sold 15,238 shares of Arcellx stock. The stock was sold at an average price of $105.92, for a total transaction of $1,614,008.96.
• On Tuesday, October 22nd, Kavita Patel sold 1,500 shares of Arcellx stock. The stock was sold at an average price of $89.69, for a total value of $134,535.00.

Arcellx Price Performance

NASDAQ ACLX traded up $1.44 during trading on Thursday, reaching $79.02. The company’s stock had a trading volume of 279,789 shares, compared to its average volume of 489,039. Arcellx, Inc. has a one year low of $47.88 and a one year high of $107.37. The firm has a fifty day moving average of $87.83 and a 200 day moving average of $74.03. The stock has a market capitalization of $4.27 billion, a PE ratio of -111.29 and a beta of 0.25.

Arcellx (NASDAQ:ACLX) last posted its earnings results on Thursday, November 7th. The company reported ($0.48) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.54) by $0.06. The company had revenue of $26.03 million for the quarter, compared to analysts’ expectations of $35.21 million. Arcellx had a negative return on equity of 8.28% and a negative net margin of 25.94%. Research analysts expect that Arcellx, Inc. will post -1.49 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Arcellx

Several institutional investors and hedge funds have recently modified their holdings of the stock. Quest Partners LLC bought a new position in Arcellx during the second quarter valued at approximately $27,000. Decheng Capital LLC bought a new position in shares of Arcellx during the second quarter worth $65,000. National Bank of Canada FI grew its holdings in Arcellx by 50.0% during the 2nd quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock valued at $80,000 after buying an additional 500 shares in the last quarter. Quarry LP purchased a new position in shares of Arcellx in the third quarter valued at $125,000. Finally, Covestor Ltd increased its holdings in shares of Arcellx by 53,766.7% in the 3rd quarter. Covestor Ltd now owns 1,616 shares of the company’s stock worth $135,000 after buying an additional 1,613 shares during the last quarter. 96.03% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on ACLX shares. Barclays raised shares of Arcellx to a “strong-buy” rating in a research note on Friday, November 29th. Piper Sandler upped their price target on Arcellx from $91.00 to $115.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Redburn Atlantic initiated coverage on shares of Arcellx in a research report on Tuesday, October 8th. They issued a “buy” rating and a $109.00 price objective on the stock. Canaccord Genuity Group raised their target price on shares of Arcellx from $85.00 to $115.00 and gave the company a “buy” rating in a research report on Thursday, October 17th. Finally, UBS Group boosted their price target on shares of Arcellx from $106.00 to $114.00 and gave the stock a “buy” rating in a research report on Tuesday, December 10th. Thirteen investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Arcellx has a consensus rating of “Buy” and an average target price of $105.93.

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).