Arcellx (NASDAQ:ACLX) Insider Christopher Heery Sells 3,343 Shares

Key Points

• Arcellx insider Christopher Heery sold 3,343 shares of the company's stock for approximately $267,473, reducing his ownership by 8.85%.
• The stock's price has decreased by 2.7% recently, trading at $77.86 after experiencing higher than average trading volume.
• Analysts maintain a consensus Buy rating on the stock, with price targets ranging from $110 to $133, suggesting positive outlooks for Arcellx in the market.

Arcellx, Inc. (NASDAQ:ACLX - Get Free Report) insider Christopher Heery sold 3,343 shares of the company's stock in a transaction dated Thursday, September 18th. The shares were sold at an average price of $80.01, for a total value of $267,473.43. Following the completion of the sale, the insider directly owned 34,427 shares of the company's stock, valued at approximately $2,754,504.27. This trade represents a 8.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

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

• On Friday, September 19th, Christopher Heery sold 300 shares of Arcellx stock. The shares were sold at an average price of $80.00, for a total value of $24,000.00.

Arcellx Stock Performance

NASDAQ ACLX traded up $0.36 during trading hours on Monday, reaching $78.22. 275,642 shares of the company's stock were exchanged, compared to its average volume of 526,649. The company's 50-day moving average is $71.85 and its two-hundred day moving average is $66.85. Arcellx, Inc. has a one year low of $47.86 and a one year high of $107.37. The company has a market capitalization of $4.34 billion, a price-to-earnings ratio of -22.87 and a beta of 0.28.

Arcellx (NASDAQ:ACLX - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported ($0.94) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.03) by $0.09. Arcellx had a negative return on equity of 43.04% and a negative net margin of 329.93%.The business had revenue of $7.55 million during the quarter, compared to analysts' expectations of $16.76 million. Research analysts predict that Arcellx, Inc. will post -1.58 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on ACLX. Citigroup began coverage on Arcellx in a research note on Tuesday, June 17th. They set a "buy" rating and a $110.00 target price for the company. HC Wainwright reaffirmed a "buy" rating and set a $115.00 price target on shares of Arcellx in a research report on Monday, June 16th. Cantor Fitzgerald raised Arcellx to a "strong-buy" rating in a research report on Monday, August 4th. Finally, Scotiabank upped their price target on Arcellx from $93.00 to $133.00 and gave the stock a "sector outperform" rating in a research report on Thursday, July 31st. Two investment analysts have rated the stock with a Strong Buy rating and thirteen have issued a Buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Buy" and an average price target of $114.31.

Hedge Funds Weigh In On Arcellx

Several large investors have recently modified their holdings of the stock. Amalgamated Bank lifted its holdings in shares of Arcellx by 12.0% during the first quarter. Amalgamated Bank now owns 1,508 shares of the company's stock worth $99,000 after buying an additional 161 shares in the last quarter. GAMMA Investing LLC raised its stake in Arcellx by 104.1% in the first quarter. GAMMA Investing LLC now owns 494 shares of the company's stock valued at $32,000 after purchasing an additional 252 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in Arcellx by 54.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 7,702 shares of the company's stock valued at $468,000 after purchasing an additional 2,702 shares in the last quarter. Rhumbline Advisers raised its stake in Arcellx by 6.4% in the first quarter. Rhumbline Advisers now owns 63,751 shares of the company's stock valued at $4,182,000 after purchasing an additional 3,848 shares in the last quarter. Finally, Voya Investment Management LLC raised its stake in Arcellx by 103.4% in the first quarter. Voya Investment Management LLC now owns 277,102 shares of the company's stock valued at $18,178,000 after purchasing an additional 140,899 shares in the last quarter. 96.03% of the stock is owned by institutional investors.

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).