Kavita Patel Sells 33,763 Shares of Arcellx, Inc. (NASDAQ:ACLX) Stock

Arcellx, Inc. (NASDAQ:ACLX) Director Kavita Patel sold 33,763 shares of the company’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $104.14, for a total transaction of $3,516,078.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

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

• On Monday, November 11th, Kavita Patel sold 15,238 shares of Arcellx stock. The shares were 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 shares were sold at an average price of $89.69, for a total transaction of $134,535.00.
• On Tuesday, September 10th, Kavita Patel sold 1,500 shares of Arcellx stock. The shares were sold at an average price of $74.41, for a total value of $111,615.00.

Arcellx Trading Down 0.3 %

Shares of NASDAQ ACLX opened at $100.14 on Thursday. Arcellx, Inc. has a 12-month low of $45.68 and a 12-month high of $107.37. The stock has a market cap of $5.42 billion, a P/E ratio of -141.04 and a beta of 0.27. The business’s fifty day simple moving average is $85.14 and its 200-day simple moving average is $67.07.

Arcellx (NASDAQ:ACLX) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.48) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.54) by $0.06. Arcellx had a negative return on equity of 8.28% and a negative net margin of 25.94%. The business had revenue of $26.03 million during the quarter, compared to analysts’ expectations of $35.21 million. On average, equities analysts forecast that Arcellx, Inc. will post -1.56 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Glenmede Trust Co. NA purchased a new stake in shares of Arcellx during the 3rd quarter worth $302,000. The Manufacturers Life Insurance Company raised its stake in Arcellx by 15.7% in the third quarter. The Manufacturers Life Insurance Company now owns 84,839 shares of the company’s stock valued at $7,085,000 after buying an additional 11,507 shares in the last quarter. Citigroup Inc. lifted its holdings in Arcellx by 97.1% during the 3rd quarter. Citigroup Inc. now owns 43,154 shares of the company’s stock worth $3,604,000 after buying an additional 21,262 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Arcellx by 4.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 328,093 shares of the company’s stock worth $27,399,000 after acquiring an additional 14,200 shares in the last quarter. Finally, HealthInvest Partners AB increased its holdings in shares of Arcellx by 78.8% in the 3rd quarter. HealthInvest Partners AB now owns 40,230 shares of the company’s stock valued at $3,360,000 after acquiring an additional 17,734 shares during the last quarter. Institutional investors and hedge funds own 96.03% of the company’s stock.

Analyst Ratings Changes

A number of research firms have commented on ACLX. HC Wainwright lifted their target price on Arcellx from $80.00 to $95.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Piper Sandler boosted their price objective on shares of Arcellx from $91.00 to $115.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Morgan Stanley increased their target price on shares of Arcellx from $81.00 to $106.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 6th. Canaccord Genuity Group boosted their price target on shares of Arcellx from $85.00 to $115.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. Finally, Redburn Atlantic began coverage on shares of Arcellx in a research report on Tuesday, October 8th. They set a “buy” rating and a $109.00 price objective for the company. Thirteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Arcellx presently has an average rating of “Buy” and an average target price of $103.08.

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).