Arcellx, Inc. (NASDAQ:ACLX) Director Sells $542,700.00 in Stock

Arcellx, Inc. (NASDAQ:ACLX) Director Kavita Patel sold 10,000 shares of the stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $54.27, for a total value of $542,700.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Arcellx Price Performance

NASDAQ:ACLX opened at $55.19 on Monday. The firm has a 50-day moving average of $52.82 and a two-hundred day moving average of $58.33. The stock has a market cap of $2.95 billion, a P/E ratio of -53.58 and a beta of 0.23. Arcellx, Inc. has a 1-year low of $30.74 and a 1-year high of $75.10.

Arcellx (NASDAQ:ACLX) last issued its quarterly earnings data on Thursday, May 9th. The company reported ($0.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.51) by $0.37. Arcellx had a negative return on equity of 13.11% and a negative net margin of 38.39%. The firm had revenue of $39.26 million during the quarter, compared to analyst estimates of $20.67 million. During the same quarter last year, the firm earned ($0.58) EPS. Arcellx’s quarterly revenue was up 119.2% on a year-over-year basis. As a group, equities analysts expect that Arcellx, Inc. will post -1.7 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Piper Sandler initiated coverage on shares of Arcellx in a research note on Friday, May 31st. They set an “overweight” rating and a $70.00 price target on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $81.00 target price on shares of Arcellx in a report on Tuesday, May 7th. HC Wainwright dropped their price target on Arcellx from $82.00 to $80.00 and set a “buy” rating for the company in a research note on Monday, May 13th. Stifel Nicolaus lifted their price objective on Arcellx from $82.00 to $83.00 and gave the company a “buy” rating in a research note on Wednesday, May 15th. Finally, Scotiabank reissued an “outperform” rating and set a $82.00 target price on shares of Arcellx in a research report on Thursday, April 4th. Thirteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Arcellx presently has an average rating of “Buy” and a consensus target price of $78.00.

Institutional Trading of Arcellx

A number of hedge funds and other institutional investors have recently made changes to their positions in ACLX. Jump Financial LLC bought a new stake in shares of Arcellx in the 4th quarter worth about $843,000. DekaBank Deutsche Girozentrale grew its stake in Arcellx by 87.5% in the fourth quarter. DekaBank Deutsche Girozentrale now owns 30,000 shares of the company’s stock worth $1,706,000 after purchasing an additional 14,000 shares in the last quarter. Victory Capital Management Inc. increased its holdings in Arcellx by 425.0% in the fourth quarter. Victory Capital Management Inc. now owns 155,652 shares of the company’s stock valued at $8,639,000 after buying an additional 126,002 shares during the last quarter. Graham Capital Management L.P. raised its stake in Arcellx by 34.5% during the third quarter. Graham Capital Management L.P. now owns 16,826 shares of the company’s stock valued at $604,000 after buying an additional 4,312 shares in the last quarter. Finally, Vanguard Group Inc. lifted its holdings in Arcellx by 2.2% during the 3rd quarter. Vanguard Group Inc. now owns 2,038,557 shares of the company’s stock worth $73,143,000 after buying an additional 43,970 shares during the last quarter. Institutional investors 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).