Arcellx, Inc. (NASDAQ:ACLX) Insider Sells $1,107,800.00 in Stock

Arcellx, Inc. (NASDAQ:ACLX) insider Christopher Heery sold 20,000 shares of the stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $55.39, for a total transaction of $1,107,800.00. Following the transaction, the insider now owns 9,278 shares in the company, valued at $513,908.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Christopher Heery also recently made the following trade(s):

• On Wednesday, June 12th, Christopher Heery sold 20,000 shares of Arcellx stock. The stock was sold at an average price of $55.13, for a total transaction of $1,102,600.00.
• On Wednesday, May 1st, Christopher Heery sold 18,168 shares of Arcellx stock. The shares were sold at an average price of $51.33, for a total transaction of $932,563.44.

Arcellx Stock Up 2.8 %

Shares of ACLX stock opened at $54.72 on Thursday. The stock has a fifty day moving average of $52.87 and a 200 day moving average of $58.34. Arcellx, Inc. has a 52 week low of $30.74 and a 52 week high of $75.10.

Arcellx (NASDAQ:ACLX) last posted its earnings results on Thursday, May 9th. The company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.51) by $0.37. Arcellx had a negative net margin of 38.39% and a negative return on equity of 13.11%. The firm had revenue of $39.26 million during the quarter, compared to analysts’ expectations of $20.67 million. During the same period last year, the company posted ($0.58) EPS. The company’s quarterly revenue was up 119.2% compared to the same quarter last year. Equities analysts anticipate that Arcellx, Inc. will post -1.7 EPS for the current year.

Analysts Set New Price Targets

Several analysts have issued reports on ACLX shares. Evercore ISI started coverage on shares of Arcellx in a research report on Tuesday, May 14th. They set an “outperform” rating and a $85.00 price target for the company. Scotiabank restated an “outperform” rating and set a $82.00 target price on shares of Arcellx in a report on Thursday, April 4th. HC Wainwright reduced their price target on Arcellx from $82.00 to $80.00 and set a “buy” rating on the stock in a research report on Monday, May 13th. Morgan Stanley began coverage on Arcellx in a research report on Thursday, March 7th. They issued an “overweight” rating and a $81.00 price objective for the company. Finally, Needham & Company LLC reissued a “buy” rating and set a $81.00 price objective on shares of Arcellx in a research note on Tuesday, May 7th. Thirteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Arcellx presently has a consensus rating of “Buy” and an average target price of $78.00.

Institutional Trading of Arcellx

Large investors have recently bought and sold shares of the company. Plato Investment Management Ltd bought a new position in shares of Arcellx in the 1st quarter worth approximately $51,000. Advisory Alpha LLC bought a new stake in shares of Arcellx during the first quarter valued at approximately $209,000. Simplicity Wealth LLC purchased a new stake in Arcellx in the first quarter worth $232,000. Bleakley Financial Group LLC bought a new position in Arcellx in the first quarter worth $232,000. Finally, Exchange Traded Concepts LLC lifted its position in Arcellx by 34.0% during the fourth quarter. Exchange Traded Concepts LLC now owns 4,241 shares of the company’s stock valued at $235,000 after buying an additional 1,076 shares during the period. 96.03% of the stock is owned by institutional investors.

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).