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

Arcellx, Inc. (NASDAQ:ACLX) Director Kavita Patel sold 1,500 shares of the company’s stock in a transaction dated Tuesday, March 18th. The shares were sold at an average price of $71.64, for a total transaction of $107,460.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link.

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

• On Tuesday, February 25th, Kavita Patel sold 1,500 shares of Arcellx stock. The shares were sold at an average price of $63.16, for a total transaction of $94,740.00.
• On Tuesday, February 4th, Kavita Patel sold 1,500 shares of Arcellx stock. The shares were sold at an average price of $64.57, for a total transaction of $96,855.00.
• On Tuesday, January 14th, Kavita Patel sold 1,500 shares of Arcellx stock. The shares were sold at an average price of $65.87, for a total transaction of $98,805.00.
• On Tuesday, December 24th, Kavita Patel sold 1,500 shares of Arcellx stock. The shares were sold at an average price of $76.97, for a total transaction of $115,455.00.

Arcellx Price Performance

Shares of NASDAQ:ACLX opened at $69.87 on Wednesday. Arcellx, Inc. has a 1 year low of $47.88 and a 1 year high of $107.37. The firm has a market capitalization of $3.84 billion, a price-to-earnings ratio of -98.41 and a beta of 0.32. The business’s 50 day moving average price is $66.59 and its 200-day moving average price is $77.76.

Arcellx (NASDAQ:ACLX) last announced its earnings results on Thursday, February 27th. The company reported ($0.87) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.63) by ($0.24). Arcellx had a negative net margin of 25.94% and a negative return on equity of 8.28%. The business had revenue of $15.27 million for the quarter, compared to analysts’ expectations of $27.42 million. On average, sell-side analysts expect that Arcellx, Inc. will post -1.58 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in ACLX. Quest Partners LLC raised its stake in Arcellx by 210.1% in the 3rd quarter. Quest Partners LLC now owns 1,532 shares of the company’s stock valued at $128,000 after purchasing an additional 1,038 shares during the last quarter. First Turn Management LLC acquired a new stake in shares of Arcellx in the 3rd quarter worth $17,896,000. Advisors Asset Management Inc. increased its stake in shares of Arcellx by 13.1% in the 3rd quarter. Advisors Asset Management Inc. now owns 6,196 shares of the company’s stock worth $517,000 after acquiring an additional 720 shares during the last quarter. Intech Investment Management LLC acquired a new stake in shares of Arcellx in the 3rd quarter worth $800,000. Finally, HealthInvest Partners AB increased its stake in shares of Arcellx by 78.8% in the 3rd quarter. HealthInvest Partners AB now owns 40,230 shares of the company’s stock worth $3,360,000 after acquiring an additional 17,734 shares during the last quarter. 96.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ACLX has been the topic of a number of recent research reports. Barclays upgraded Arcellx to a “strong-buy” rating in a research report on Friday, November 29th. HC Wainwright reiterated a “buy” rating and issued a $115.00 target price on shares of Arcellx in a research report on Tuesday, December 10th. UBS Group upped their target price on Arcellx from $106.00 to $114.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $105.00 target price on shares of Arcellx in a research report on Monday, December 9th. Thirteen analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Arcellx presently has a consensus rating of “Buy” and a consensus price target of $108.46.

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).