Christopher Heery Sells 20,000 Shares of Arcellx, Inc. (NASDAQ:ACLX) Stock

Arcellx, Inc. (NASDAQ:ACLX) insider Christopher Heery sold 20,000 shares of the stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $55.39, for a total transaction of $1,107,800.00. Following the completion of the transaction, the insider now directly owns 9,278 shares of the company’s stock, valued at $513,908.42. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

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

• On Wednesday, June 12th, Christopher Heery sold 20,000 shares of Arcellx stock. The shares were sold at an average price of $55.13, for a total transaction of $1,102,600.00.
• On Wednesday, May 1st, Christopher Heery sold 18,168 shares of Arcellx stock. The stock was sold at an average price of $51.33, for a total transaction of $932,563.44.

Arcellx Stock Up 2.8 %

Shares of NASDAQ ACLX traded up $1.47 during midday trading on Wednesday, hitting $54.72. The stock had a trading volume of 227,845 shares, compared to its average volume of 462,984. Arcellx, Inc. has a 1-year low of $30.74 and a 1-year high of $75.10. The company has a market capitalization of $2.93 billion, a price-to-earnings ratio of -52.76 and a beta of 0.23. The company has a fifty day moving average price of $52.83 and a 200 day moving average price of $58.36.

Arcellx (NASDAQ:ACLX) last posted its quarterly earnings results on Thursday, May 9th. The company reported ($0.14) EPS 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 firm had revenue of $39.26 million for the quarter, compared to analyst estimates of $20.67 million. During the same quarter last year, the firm posted ($0.58) earnings per share. Arcellx’s revenue for the quarter was up 119.2% compared to the same quarter last year. On average, research analysts forecast that Arcellx, Inc. will post -1.7 EPS for the current year.

Hedge Funds Weigh In On Arcellx

Several hedge funds and other institutional investors have recently made changes to their positions in ACLX. Plato Investment Management Ltd acquired a new stake in shares of Arcellx during the first quarter valued at about $51,000. Advisory Alpha LLC purchased a new position in Arcellx in the first quarter valued at about $209,000. Simplicity Wealth LLC acquired a new stake in Arcellx during the 1st quarter valued at approximately $232,000. Bleakley Financial Group LLC acquired a new stake in Arcellx during the 1st quarter valued at approximately $232,000. Finally, Advisors Asset Management Inc. grew its stake in Arcellx by 951.9% during the 1st quarter. Advisors Asset Management Inc. now owns 4,197 shares of the company’s stock valued at $292,000 after purchasing an additional 3,798 shares in the last quarter. Institutional investors and hedge funds own 96.03% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on ACLX. Piper Sandler began coverage on shares of Arcellx in a research note on Friday, May 31st. They set an “overweight” rating and a $70.00 price objective for the company. Evercore ISI began coverage on shares of Arcellx in a research note on Tuesday, May 14th. They set an “outperform” rating and a $85.00 price objective for the company. Scotiabank reissued an “outperform” rating and set a $82.00 price objective on shares of Arcellx in a research note on Thursday, April 4th. Truist Financial reissued a “buy” rating and set a $87.00 price objective on shares of Arcellx in a research note on Tuesday, June 18th. Finally, Stifel Nicolaus raised their price objective on shares of Arcellx from $82.00 to $83.00 and gave the stock a “buy” rating in a research note on Wednesday, May 15th. Thirteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Arcellx has a consensus rating of “Buy” and an average target price 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).