Arcellx (NASDAQ:ACLX) Stock Price Down 3% on Insider Selling

Arcellx, Inc. (NASDAQ:ACLX - Get Free Report) was down 3% during mid-day trading on Friday after an insider sold shares in the company. The company traded as low as $52.55 and last traded at $52.88. Approximately 84,042 shares traded hands during mid-day trading, a decline of 81% from the average daily volume of 444,740 shares. The stock had previously closed at $54.50.

Specifically, Director Olivia C. Ware sold 9,402 shares of the business's stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $55.55, for a total value of $522,281.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Olivia C. Ware sold 9,402 shares of the business's stock in a transaction dated Tuesday, April 16th. The shares were sold at an average price of $55.55, for a total value of $522,281.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Christopher Heery sold 2,967 shares of the business's stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $64.46, for a total transaction of $191,252.82. Following the completion of the sale, the insider now directly owns 30,303 shares of the company's stock, valued at approximately $1,953,331.38. The disclosure for this sale can be found here. In the last 90 days, insiders sold 605,814 shares of company stock valued at $42,439,893. Insiders own 5.86% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently commented on ACLX shares. Robert W. Baird lifted their price target on shares of Arcellx from $63.00 to $77.00 and gave the company an "outperform" rating in a report on Thursday, February 29th. Barclays lifted their price target on shares of Arcellx from $62.00 to $73.00 and gave the company an "overweight" rating in a report on Thursday, February 29th. Needham & Company LLC reaffirmed a "buy" rating and issued a $81.00 price target on shares of Arcellx in a report on Thursday, April 11th. Morgan Stanley started coverage on shares of Arcellx in a report on Thursday, March 7th. They issued an "overweight" rating and a $81.00 price target for the company. Finally, Canaccord Genuity Group lifted their price target on shares of Arcellx from $66.00 to $85.00 and gave the company a "buy" rating in a report on Thursday, February 29th. Twelve investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $74.17.

Arcellx Stock Performance

The business's 50 day moving average price is $64.96 and its two-hundred day moving average price is $54.96. The company has a market capitalization of $2.75 billion, a price-to-earnings ratio of -35.14 and a beta of 0.02.

Arcellx (NASDAQ:ACLX - Get Free Report) last issued its quarterly earnings results on Wednesday, February 28th. The company reported $0.42 earnings per share for the quarter, topping analysts' consensus estimates of ($0.53) by $0.95. The company had revenue of $63.15 million during the quarter, compared to analyst estimates of $20.07 million. Arcellx had a negative net margin of 64.08% and a negative return on equity of 20.96%. During the same period in the prior year, the business posted ($0.76) EPS. On average, sell-side analysts expect that Arcellx, Inc. will post -1.69 earnings per share for the current year.

Institutional Trading of Arcellx

A number of institutional investors have recently made changes to their positions in the stock. Citigroup Inc. bought a new stake in shares of Arcellx in the 1st quarter worth approximately $26,000. China Universal Asset Management Co. Ltd. raised its holdings in shares of Arcellx by 98.4% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 1,248 shares of the company's stock worth $45,000 after purchasing an additional 619 shares in the last quarter. Tower Research Capital LLC TRC raised its holdings in shares of Arcellx by 219.0% in the 1st quarter. Tower Research Capital LLC TRC now owns 1,464 shares of the company's stock worth $45,000 after purchasing an additional 1,005 shares in the last quarter. California State Teachers Retirement System bought a new stake in shares of Arcellx in the 1st quarter worth approximately $54,000. Finally, JPMorgan Chase & Co. bought a new stake in shares of Arcellx in the 1st quarter worth approximately $60,000. 96.03% of the stock is owned by institutional investors and hedge funds.

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).