Insider Selling: Arcellx, Inc. (NASDAQ:ACLX) Director Sells 1,500 Shares of Stock

Arcellx, Inc. (NASDAQ:ACLX - Get Free Report) Director Kavita Patel sold 1,500 shares of Arcellx stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $67.36, for a total value of $101,040.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

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

• On Tuesday, May 20th, Kavita Patel sold 1,500 shares of Arcellx stock. The shares were sold at an average price of $58.43, for a total value of $87,645.00.
• On Tuesday, April 29th, Kavita Patel sold 1,500 shares of Arcellx stock. The stock was sold at an average price of $64.20, for a total value of $96,300.00.
• On Tuesday, April 8th, Kavita Patel sold 1,500 shares of Arcellx stock. The shares were sold at an average price of $57.50, for a total value of $86,250.00.
• On Tuesday, March 18th, Kavita Patel sold 1,500 shares of Arcellx stock. The stock was sold at an average price of $71.64, for a total value of $107,460.00.

Arcellx Stock Down 0.8%

NASDAQ:ACLX traded down $0.51 during midday trading on Friday, hitting $66.00. The company had a trading volume of 506,811 shares, compared to its average volume of 606,494. Arcellx, Inc. has a 52-week low of $47.86 and a 52-week high of $107.37. The stock's fifty day moving average price is $62.01 and its 200-day moving average price is $67.91. The company has a market capitalization of $3.64 billion, a PE ratio of -92.96 and a beta of 0.28.

Arcellx (NASDAQ:ACLX - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported ($1.13) earnings per share for the quarter, missing analysts' consensus estimates of ($0.84) by ($0.29). Arcellx had a negative return on equity of 8.28% and a negative net margin of 25.94%. The firm had revenue of $8.13 million for the quarter, compared to analysts' expectations of $19.51 million. As a group, research analysts forecast that Arcellx, Inc. will post -1.58 earnings per share for the current year.

Institutional Investors Weigh In On Arcellx

A number of institutional investors have recently made changes to their positions in ACLX. Amalgamated Bank boosted its holdings in Arcellx by 12.0% in the first quarter. Amalgamated Bank now owns 1,508 shares of the company's stock worth $99,000 after purchasing an additional 161 shares during the last quarter. Xponance Inc. increased its holdings in Arcellx by 6.2% in the 1st quarter. Xponance Inc. now owns 3,278 shares of the company's stock valued at $215,000 after acquiring an additional 190 shares during the last quarter. GF Fund Management CO. LTD. increased its holdings in Arcellx by 21.9% in the 1st quarter. GF Fund Management CO. LTD. now owns 1,384 shares of the company's stock valued at $91,000 after acquiring an additional 249 shares during the last quarter. GAMMA Investing LLC increased its holdings in Arcellx by 104.1% in the 1st quarter. GAMMA Investing LLC now owns 494 shares of the company's stock valued at $32,000 after acquiring an additional 252 shares during the last quarter. Finally, E Fund Management Co. Ltd. increased its holdings in shares of Arcellx by 8.3% in the 1st quarter. E Fund Management Co. Ltd. now owns 5,468 shares of the company's stock worth $359,000 after buying an additional 419 shares during the last quarter. Hedge funds and other institutional investors own 96.03% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Scotiabank decreased their target price on Arcellx from $133.00 to $93.00 and set a "sector outperform" rating for the company in a research note on Friday, May 9th. Thirteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $111.33.

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).