Arcellx, Inc. (NASDAQ:ACLX) Insider Sells $647,787.45 in Stock

Arcellx, Inc. (NASDAQ:ACLX) insider Christopher Heery sold 10,155 shares of the company’s stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $63.79, for a total transaction of $647,787.45. Following the sale, the insider now directly owns 37,486 shares of the company’s stock, valued at $2,391,231.94. This represents a 21.32 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

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

• On Wednesday, January 8th, Christopher Heery sold 3,553 shares of Arcellx stock. The shares were sold at an average price of $73.69, for a total transaction of $261,820.57.
• On Monday, January 6th, Christopher Heery sold 3,061 shares of Arcellx stock. The stock was sold at an average price of $77.17, for a total transaction of $236,217.37.
• On Friday, January 3rd, Christopher Heery sold 3,301 shares of Arcellx stock. The shares were sold at an average price of $79.55, for a total transaction of $262,594.55.

Arcellx Stock Performance

Shares of NASDAQ:ACLX traded down $0.74 during mid-day trading on Monday, reaching $63.01. 627,249 shares of the company’s stock were exchanged, compared to its average volume of 636,613. Arcellx, Inc. has a twelve month low of $47.88 and a twelve month high of $107.37. The firm has a market capitalization of $3.41 billion, a price-to-earnings ratio of -88.75 and a beta of 0.29. The business’s fifty day moving average price is $70.11 and its 200-day moving average price is $77.46.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of ACLX. First Turn Management LLC acquired a new stake in shares of Arcellx in the third quarter valued at about $17,896,000. Charles Schwab Investment Management Inc. increased its position in Arcellx by 4.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 328,093 shares of the company’s stock valued at $27,399,000 after purchasing an additional 14,200 shares during the period. Harbor Capital Advisors Inc. raised its holdings in Arcellx by 37.0% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 27,896 shares of the company’s stock worth $2,330,000 after purchasing an additional 7,534 shares during the last quarter. Lord Abbett & CO. LLC lifted its position in shares of Arcellx by 2.1% in the 3rd quarter. Lord Abbett & CO. LLC now owns 891,848 shares of the company’s stock worth $74,478,000 after purchasing an additional 18,004 shares during the period. Finally, Intech Investment Management LLC acquired a new position in shares of Arcellx in the 3rd quarter worth approximately $800,000. 96.03% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Bank of America lifted their price target on Arcellx from $84.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Barclays upgraded Arcellx to a “strong-buy” rating in a research report on Friday, November 29th. Piper Sandler boosted their target price on Arcellx from $91.00 to $115.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Needham & Company LLC restated a “buy” rating and issued a $105.00 price target on shares of Arcellx in a research note on Monday, December 9th. Finally, Morgan Stanley upped their price objective on shares of Arcellx from $81.00 to $106.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 6th. Thirteen investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price 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).