Arcellx, Inc. (NASDAQ:ACLX) Director Sells $542,700.00 in Stock

Arcellx, Inc. (NASDAQ:ACLX) Director Kavita Patel sold 10,000 shares of the stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $54.27, for a total value of $542,700.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Arcellx Price Performance

Shares of ACLX stock traded up $0.71 on Friday, reaching $54.83. 301,543 shares of the stock were exchanged, compared to its average volume of 455,877. The stock has a 50 day moving average price of $52.75 and a 200 day moving average price of $58.19. The stock has a market cap of $2.93 billion, a PE ratio of -53.23 and a beta of 0.23. Arcellx, Inc. has a one year low of $30.74 and a one year high of $75.10.

Arcellx (NASDAQ:ACLX) last announced its quarterly earnings data on Thursday, May 9th. The company reported ($0.14) earnings per share for the quarter, topping the consensus estimate of ($0.51) by $0.37. Arcellx had a negative return on equity of 13.11% and a negative net margin of 38.39%. The firm had revenue of $39.26 million during the quarter, compared to analysts’ expectations of $20.67 million. During the same period in the previous year, the business posted ($0.58) EPS. The company’s quarterly revenue was up 119.2% compared to the same quarter last year. On average, research analysts expect that Arcellx, Inc. will post -1.7 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Arcellx

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Plato Investment Management Ltd bought a new stake in shares of Arcellx in the 1st quarter valued at about $51,000. Advisory Alpha LLC bought a new stake in Arcellx in the first quarter valued at approximately $209,000. Simplicity Wealth LLC bought a new stake in Arcellx in the first quarter valued at approximately $232,000. Bleakley Financial Group LLC acquired a new stake in Arcellx in the first quarter worth $232,000. Finally, Exchange Traded Concepts LLC boosted its position in shares of Arcellx by 34.0% during the fourth quarter. Exchange Traded Concepts LLC now owns 4,241 shares of the company’s stock worth $235,000 after purchasing an additional 1,076 shares in the last quarter. 96.03% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Stifel Nicolaus upped their target price on shares of Arcellx from $82.00 to $83.00 and gave the stock a “buy” rating in a report on Wednesday, May 15th. Truist Financial reaffirmed a “buy” rating and set a $87.00 price objective on shares of Arcellx in a research note on Tuesday, June 18th. Barclays lifted their target price on shares of Arcellx from $62.00 to $73.00 and gave the company an “overweight” rating in a research note on Thursday, February 29th. Piper Sandler started coverage on Arcellx in a report on Friday, May 31st. They issued an “overweight” rating and a $70.00 target price on the stock. Finally, HC Wainwright dropped their price target on Arcellx from $82.00 to $80.00 and set a “buy” rating for the company in a report on Monday, May 13th. Thirteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $78.00.

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).