Kavita Patel Sells 1,500 Shares of Arcellx, Inc. (NASDAQ:ACLX) Stock

Arcellx, Inc. (NASDAQ:ACLX) Director Kavita Patel sold 1,500 shares of the company’s stock in a transaction on Tuesday, July 30th. The stock was sold at an average price of $61.97, for a total transaction of $92,955.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

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

• On Tuesday, July 9th, Kavita Patel sold 1,500 shares of Arcellx stock. The stock was sold at an average price of $56.63, for a total transaction of $84,945.00.
• On Thursday, June 27th, Kavita Patel sold 10,000 shares of Arcellx stock. The stock was sold at an average price of $54.27, for a total transaction of $542,700.00.

Arcellx Price Performance

Shares of NASDAQ ACLX traded down $3.16 during mid-day trading on Thursday, hitting $58.65. The company had a trading volume of 555,936 shares, compared to its average volume of 455,528. The business’s 50-day simple moving average is $56.44 and its 200-day simple moving average is $59.28. Arcellx, Inc. has a 12 month low of $30.88 and a 12 month high of $75.10. The firm has a market cap of $3.14 billion, a P/E ratio of -60.01 and a beta of 0.23.

Arcellx (NASDAQ:ACLX) last released its earnings results on Thursday, May 9th. The company reported ($0.14) earnings per share for the quarter, beating 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 business had revenue of $39.26 million during the quarter, compared to analysts’ expectations of $20.67 million. During the same quarter last year, the company earned ($0.58) earnings per share. The firm’s revenue was up 119.2% on a year-over-year basis. As a group, sell-side analysts predict that Arcellx, Inc. will post -1.7 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in ACLX. Principal Financial Group Inc. increased its holdings in shares of Arcellx by 246.3% during the first quarter. Principal Financial Group Inc. now owns 36,835 shares of the company’s stock worth $2,562,000 after buying an additional 26,197 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Arcellx by 6.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,344,553 shares of the company’s stock valued at $93,514,000 after purchasing an additional 84,373 shares during the last quarter. Seven Eight Capital LP bought a new stake in shares of Arcellx during the first quarter valued at approximately $1,207,000. Bamco Inc. NY grew its stake in shares of Arcellx by 292.1% during the first quarter. Bamco Inc. NY now owns 248,993 shares of the company’s stock valued at $17,317,000 after purchasing an additional 185,493 shares during the last quarter. Finally, Advisory Alpha LLC bought a new stake in shares of Arcellx during the first quarter valued at approximately $209,000. Institutional investors and hedge funds own 96.03% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Canaccord Genuity Group reiterated a “buy” rating and issued a $85.00 price objective on shares of Arcellx in a report on Monday, July 22nd. Stifel Nicolaus upped their price target on shares of Arcellx from $82.00 to $83.00 and gave the company a “buy” rating in a report on Wednesday, May 15th. HC Wainwright decreased their price target on shares of Arcellx from $82.00 to $80.00 and set a “buy” rating for the company in a report on Monday, May 13th. Needham & Company LLC restated a “buy” rating and set a $81.00 price target on shares of Arcellx in a report on Tuesday, May 7th. Finally, Truist Financial restated a “buy” rating and set a $87.00 price target on shares of Arcellx in a report on Tuesday, June 18th. Thirteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $78.00.

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).