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

Arcellx, Inc. (NASDAQ:ACLX) Director Kavita Patel sold 1,500 shares of the stock in a transaction dated Tuesday, January 14th. The shares were sold at an average price of $65.87, for a total value of $98,805.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website.

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

• On Tuesday, December 24th, Kavita Patel sold 1,500 shares of Arcellx stock. The stock was sold at an average price of $76.97, for a total value of $115,455.00.
• On Tuesday, December 3rd, Kavita Patel sold 1,500 shares of Arcellx stock. The shares were sold at an average price of $91.88, for a total transaction of $137,820.00.
• 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 transaction 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 transaction 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.

Arcellx Trading Up 4.4 %

NASDAQ ACLX opened at $67.51 on Thursday. Arcellx, Inc. has a 1-year low of $47.88 and a 1-year high of $107.37. The company has a market capitalization of $3.65 billion, a price-to-earnings ratio of -95.08 and a beta of 0.33. The stock’s 50 day moving average is $83.53 and its two-hundred day moving average is $76.09.

Arcellx (NASDAQ:ACLX) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.48) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.54) by $0.06. Arcellx had a negative return on equity of 8.28% and a negative net margin of 25.94%. The firm had revenue of $26.03 million for the quarter, compared to analysts’ expectations of $35.21 million. On average, analysts predict that Arcellx, Inc. will post -1.49 earnings per share for the current year.

Hedge Funds Weigh In On Arcellx

Several institutional investors have recently added to or reduced their stakes in the company. Rhumbline Advisers increased its holdings in shares of Arcellx by 14.3% during the second quarter. Rhumbline Advisers now owns 60,570 shares of the company’s stock worth $3,343,000 after buying an additional 7,568 shares in the last quarter. Arizona State Retirement System increased its holdings in Arcellx by 14.0% during the 2nd quarter. Arizona State Retirement System now owns 8,950 shares of the company’s stock valued at $494,000 after purchasing an additional 1,101 shares in the last quarter. Quest Partners LLC bought a new position in Arcellx in the 2nd quarter valued at $27,000. State of New Jersey Common Pension Fund D acquired a new position in Arcellx in the second quarter worth $649,000. Finally, WINTON GROUP Ltd bought a new stake in shares of Arcellx during the second quarter worth $484,000. 96.03% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Piper Sandler raised 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. Canaccord Genuity Group raised their price objective on shares of Arcellx from $85.00 to $115.00 and gave the stock a “buy” rating in a research note on Thursday, October 17th. Bank of America boosted their target price on shares of Arcellx from $84.00 to $100.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. HC Wainwright restated a “buy” rating and issued a $115.00 price target on shares of Arcellx in a research report on Tuesday, December 10th. Finally, Redburn Atlantic initiated coverage on shares of Arcellx in a research report on Tuesday, October 8th. They set a “buy” rating and a $109.00 price objective for the company. Thirteen investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Arcellx has an average rating of “Buy” and an average target price of $105.93.

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).