Insider Selling: Arcellx, Inc. (NASDAQ:ACLX) Insider Sells 3,301 Shares of Stock

Arcellx, Inc. (NASDAQ:ACLX) insider Christopher Heery sold 3,301 shares of the stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $79.55, for a total value of $262,594.55. Following the completion of the sale, the insider now directly owns 35,517 shares in the company, valued at $2,825,377.35. This represents a 8.50 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

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

• On Monday, January 6th, Christopher Heery sold 3,061 shares of Arcellx stock. The stock was sold at an average price of $77.17, for a total transaction of $236,217.37.

Arcellx Price Performance

Shares of ACLX opened at $75.01 on Tuesday. The firm’s 50 day moving average is $85.95 and its 200-day moving average is $75.49. Arcellx, Inc. has a 12-month low of $47.88 and a 12-month high of $107.37. The stock has a market capitalization of $4.06 billion, a P/E ratio of -105.65 and a beta of 0.33.

Arcellx (NASDAQ:ACLX) last posted its quarterly 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. Arcellx had a negative net margin of 25.94% and a negative return on equity of 8.28%. The firm had revenue of $26.03 million for the quarter, compared to analyst estimates of $35.21 million. As a group, equities research analysts forecast that Arcellx, Inc. will post -1.49 EPS for the current fiscal year.

Institutional Investors Weigh In On Arcellx

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Bank of New York Mellon Corp increased its stake in Arcellx by 21.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 147,198 shares of the company’s stock worth $8,124,000 after purchasing an additional 26,134 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Arcellx by 34.3% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,811 shares of the company’s stock valued at $376,000 after acquiring an additional 1,740 shares during the period. Principal Financial Group Inc. lifted its position in shares of Arcellx by 1.4% in the 2nd quarter. Principal Financial Group Inc. now owns 37,352 shares of the company’s stock valued at $2,061,000 after acquiring an additional 517 shares in the last quarter. Rhumbline Advisers lifted its position in shares of Arcellx by 14.3% in the 2nd quarter. Rhumbline Advisers now owns 60,570 shares of the company’s stock valued at $3,343,000 after acquiring an additional 7,568 shares in the last quarter. Finally, TD Asset Management Inc boosted its stake in Arcellx by 36.9% in the 2nd quarter. TD Asset Management Inc now owns 123,118 shares of the company’s stock worth $6,795,000 after purchasing an additional 33,200 shares during the period. 96.03% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ACLX has been the subject of several recent analyst reports. Bank of America upped their target price on shares of Arcellx from $84.00 to $100.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. HC Wainwright restated a “buy” rating and issued a $115.00 target price on shares of Arcellx in a research report on Tuesday, December 10th. Robert W. Baird boosted their price target on Arcellx from $77.00 to $106.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 6th. Canaccord Genuity Group raised their price target on Arcellx from $85.00 to $115.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Finally, Barclays upgraded shares of Arcellx to a “strong-buy” rating in a research note on Friday, November 29th. Thirteen research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus 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).