Insider Selling: Arcellx, Inc. (NASDAQ:ACLX) Insider Sells $262,594.55 in Stock

Arcellx, Inc. (NASDAQ:ACLX) insider Christopher Heery sold 3,301 shares of Arcellx stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $79.55, for a total transaction of $262,594.55. Following the completion of the transaction, the insider now directly owns 35,517 shares of the company’s stock, valued at $2,825,377.35. The trade was a 8.50 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

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

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

Arcellx Stock Performance

Shares of NASDAQ ACLX opened at $72.26 on Thursday. Arcellx, Inc. has a 52-week low of $47.88 and a 52-week high of $107.37. The firm has a market capitalization of $3.91 billion, a price-to-earnings ratio of -101.77 and a beta of 0.33. The stock has a 50 day moving average price of $85.75 and a 200 day moving average price of $75.64.

Arcellx (NASDAQ:ACLX) last issued its earnings results on Thursday, November 7th. The company reported ($0.48) earnings per share for the quarter, topping the consensus estimate of ($0.54) by $0.06. The business had revenue of $26.03 million during the quarter, compared to analysts’ expectations of $35.21 million. Arcellx had a negative return on equity of 8.28% and a negative net margin of 25.94%. Analysts forecast that Arcellx, Inc. will post -1.49 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ACLX. Quest Partners LLC bought a new stake in shares of Arcellx in the 2nd quarter valued at about $27,000. Decheng Capital LLC bought a new position in Arcellx in the second quarter worth approximately $65,000. National Bank of Canada FI lifted its holdings in Arcellx by 50.0% during the second quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock worth $80,000 after buying an additional 500 shares during the period. Quarry LP purchased a new stake in Arcellx during the third quarter worth $125,000. Finally, Covestor Ltd increased its holdings in shares of Arcellx by 53,766.7% in the 3rd quarter. Covestor Ltd now owns 1,616 shares of the company’s stock valued at $135,000 after acquiring an additional 1,613 shares during the period. 96.03% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on ACLX shares. UBS Group upped their price objective on Arcellx from $106.00 to $114.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. Morgan Stanley raised their price target on Arcellx from $81.00 to $106.00 and gave the stock an “overweight” 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 research report on Friday, November 8th. Canaccord Genuity Group raised their target price on shares of Arcellx from $85.00 to $115.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Finally, Robert W. Baird upped their price target on shares of Arcellx from $77.00 to $106.00 and gave the company an “outperform” rating in a report on Wednesday, November 6th. Thirteen research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target 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).