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

Arcellx, Inc. (NASDAQ:ACLX) Director Kavita Patel sold 1,500 shares of Arcellx stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $91.88, for a total transaction of $137,820.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

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

• On Friday, November 8th, Kavita Patel sold 33,763 shares of Arcellx stock. The stock was sold at an average price of $104.14, for a total value of $3,516,078.82.
• On Monday, November 11th, Kavita Patel sold 15,238 shares of Arcellx stock. The stock was sold at an average price of $105.92, for a total value of $1,614,008.96.
• On Tuesday, October 22nd, Kavita Patel sold 1,500 shares of Arcellx stock. The shares were sold at an average price of $89.69, for a total value of $134,535.00.
• On Tuesday, September 10th, Kavita Patel sold 1,500 shares of Arcellx stock. The shares were sold at an average price of $74.41, for a total transaction of $111,615.00.

Arcellx Price Performance

Shares of ACLX stock traded up $0.57 during mid-day trading on Thursday, hitting $86.42. 423,955 shares of the company’s stock were exchanged, compared to its average volume of 477,631. The stock has a 50-day simple moving average of $88.38 and a two-hundred day simple moving average of $71.01. Arcellx, Inc. has a fifty-two week low of $46.42 and a fifty-two week high of $107.37.

Arcellx (NASDAQ:ACLX) last announced its quarterly earnings data 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. Arcellx had a negative net margin of 25.94% and a negative return on equity of 8.28%. The business had revenue of $26.03 million for the quarter, compared to analyst estimates of $35.21 million. Equities research analysts expect that Arcellx, Inc. will post -1.49 EPS for the current year.

Institutional Inflows and Outflows

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

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on ACLX shares. Bank of America lifted their price target on shares of Arcellx from $84.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Piper Sandler upped their target price on Arcellx from $91.00 to $115.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Barclays upgraded shares of Arcellx to a “strong-buy” rating in a research report on Friday, November 29th. Morgan Stanley lifted their target price 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. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $96.00 price target on shares of Arcellx in a research report on Wednesday, November 6th. Twelve research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $103.08.

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).