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 firm’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 completion of the sale, the insider now directly owns 149,186 shares of the company’s stock, valued at $9,252,515.72. This represents a 20.43 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Arcellx Stock Performance

Arcellx stock opened at $64.82 on Friday. The stock has a fifty day moving average of $68.73 and a two-hundred day moving average of $77.32. The company has a market capitalization of $3.51 billion, a price-to-earnings ratio of -91.29 and a beta of 0.29. Arcellx, Inc. has a fifty-two week low of $47.88 and a fifty-two week high of $107.37.

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

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Needham & Company LLC reissued a “buy” rating and issued a $105.00 price target on shares of Arcellx in a report on Monday, December 9th. Barclays raised Arcellx to a “strong-buy” rating in a report on Friday, November 29th. Morgan Stanley raised their price target on Arcellx from $81.00 to $106.00 and gave the company an “overweight” rating in a report on Wednesday, November 6th. Bank of America raised their price objective on Arcellx from $84.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Finally, Robert W. Baird raised their price objective on Arcellx from $77.00 to $106.00 and gave the company an “outperform” rating in a research note on Wednesday, November 6th. 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 MarketBeat, the company presently has an average rating of “Buy” and an average price target of $108.46.

Institutional Investors Weigh In On Arcellx

Several hedge funds have recently made changes to their positions in ACLX. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Arcellx by 21.7% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,944 shares of the company’s stock worth $161,000 after purchasing an additional 347 shares during the last quarter. abrdn plc purchased a new position in Arcellx in the third quarter valued at about $4,242,000. China Universal Asset Management Co. Ltd. boosted its holdings in Arcellx by 64.5% in the third 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 during the last quarter. US Bancorp DE boosted its holdings in Arcellx by 60.0% in the third 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 during the last quarter. Finally, Harbor Capital Advisors Inc. boosted its holdings in Arcellx by 37.0% in the third 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 during the last quarter. Institutional investors and hedge funds own 96.03% of the company’s stock.

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).