Arcellx (NASDAQ:ACLX) Insider Sells $993,167.52 in Stock

Key Points

• Insider Christopher Heery sold 12,396 shares of Arcellx stock for nearly $993,168, reducing his holdings by 36.32% to 21,731 shares post-sale.
• Arcellx's stock is currently trading at around $79.75, with a market cap of $4.42 billion and a 1-year trading range between $47.86 and $107.37.
• Analysts generally maintain a "Buy" rating for Arcellx, with a consensus price target of $114.31, fueled by recent upgrades from brokerages.

Arcellx, Inc. (NASDAQ:ACLX - Get Free Report) insider Christopher Heery sold 12,396 shares of the business's stock in a transaction dated Friday, September 26th. The shares were sold at an average price of $80.12, for a total value of $993,167.52. Following the completion of the transaction, the insider directly owned 21,731 shares of the company's stock, valued at approximately $1,741,087.72. This trade represents a 36.32% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

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

• On Friday, September 19th, Christopher Heery sold 300 shares of Arcellx stock. The stock was sold at an average price of $80.00, for a total value of $24,000.00.
• On Thursday, September 18th, Christopher Heery sold 3,343 shares of Arcellx stock. The shares were sold at an average price of $80.01, for a total value of $267,473.43.

Arcellx Price Performance

NASDAQ:ACLX traded up $1.35 during trading hours on Friday, reaching $79.75. The company had a trading volume of 475,128 shares, compared to its average volume of 428,206. Arcellx, Inc. has a 1-year low of $47.86 and a 1-year high of $107.37. The business's 50 day moving average price is $72.62 and its 200-day moving average price is $67.14. The firm has a market cap of $4.42 billion, a PE ratio of -23.32 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 for the quarter, beating the consensus estimate of ($1.03) by $0.09. Arcellx had a negative net margin of 329.93% and a negative return on equity of 43.04%. The firm had revenue of $7.55 million during the quarter, compared to analyst estimates of $16.76 million. On average, analysts expect that Arcellx, Inc. will post -1.58 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on ACLX. Cantor Fitzgerald upgraded shares of Arcellx to a "strong-buy" rating in a research report on Monday, August 4th. HC Wainwright reaffirmed a "buy" rating and issued a $115.00 price target on shares of Arcellx in a report on Monday, June 16th. Scotiabank lifted their price target on shares of Arcellx from $93.00 to $133.00 and gave the company a "sector outperform" rating in a research note on Thursday, July 31st. Finally, Citigroup initiated coverage on shares of Arcellx in a report on Tuesday, June 17th. They issued a "buy" rating and a $110.00 price target for the company. Two analysts have rated the stock with a Strong Buy rating and thirteen have given a Buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $114.31.

Institutional Trading of Arcellx

Several large investors have recently made changes to their positions in ACLX. State of Wyoming purchased a new position in Arcellx in the 2nd quarter valued at $28,000. GAMMA Investing LLC grew its holdings in shares of Arcellx by 104.1% during the first quarter. GAMMA Investing LLC now owns 494 shares of the company's stock worth $32,000 after buying an additional 252 shares in the last quarter. PNC Financial Services Group Inc. raised its position in shares of Arcellx by 183.4% in the second quarter. PNC Financial Services Group Inc. now owns 751 shares of the company's stock valued at $49,000 after buying an additional 486 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of Arcellx in the first quarter valued at about $50,000. Finally, GF Fund Management CO. LTD. lifted its stake in shares of Arcellx by 21.9% in the first quarter. GF Fund Management CO. LTD. now owns 1,384 shares of the company's stock worth $91,000 after buying an additional 249 shares in the last quarter. 96.03% of the stock is currently owned by hedge funds and other 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).

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