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

Arcellx, Inc. (NASDAQ:ACLX) shares were down 3% on Friday following insider selling activity. The stock traded as low as $52.55 and last traded at $52.88. Approximately 84,042 shares were traded during trading, a decline of 81% from the average daily volume of 444,740 shares. The stock had previously closed at $54.50.

Specifically, Director Jill Carroll sold 504,263 shares of the firm’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $70.55, for a total value of $35,575,754.65. Following the transaction, the director now owns 1,479,148 shares of the company’s stock, valued at $104,353,891.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Michelle Gilson sold 6,825 shares of the firm’s stock in a transaction on Monday, March 18th. The shares were sold at an average price of $69.34, for a total transaction of $473,245.50. Following the completion of the transaction, the chief financial officer now directly owns 9,485 shares of the company’s stock, valued at $657,689.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jill Carroll sold 504,263 shares of the firm’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $70.55, for a total value of $35,575,754.65. Following the transaction, the director now owns 1,479,148 shares of the company’s stock, valued at approximately $104,353,891.40. The disclosure for this sale can be found here. Over the last three months, insiders have sold 605,814 shares of company stock worth $42,439,893. Corporate insiders own 5.86% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have commented on ACLX. Barclays increased their price objective on shares of Arcellx from $62.00 to $73.00 and gave the company an “overweight” rating in a research report on Thursday, February 29th. Canaccord Genuity Group lifted their price target on Arcellx from $66.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, February 29th. Needham & Company LLC restated a “buy” rating and set a $81.00 price objective on shares of Arcellx in a research report on Thursday, April 11th. Robert W. Baird increased their price target on Arcellx from $63.00 to $77.00 and gave the company an “outperform” rating in a report on Thursday, February 29th. Finally, Scotiabank reaffirmed an “outperform” rating and set a $82.00 price objective on shares of Arcellx in a research note on Thursday, April 4th. Twelve investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Arcellx currently has an average rating of “Buy” and a consensus target price of $74.17.

Arcellx Stock Down 2.1 %

The company’s 50 day moving average is $65.23 and its 200 day moving average is $54.84.

Arcellx (NASDAQ:ACLX) last issued its earnings results on Wednesday, February 28th. The company reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of ($0.53) by $0.95. Arcellx had a negative net margin of 64.08% and a negative return on equity of 20.96%. The business had revenue of $63.15 million for the quarter, compared to the consensus estimate of $20.07 million. During the same period in the prior year, the firm earned ($0.76) EPS. As a group, analysts forecast that Arcellx, Inc. will post -1.69 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Citigroup Inc. bought a new stake in shares of Arcellx in the 1st quarter valued at about $26,000. China Universal Asset Management Co. Ltd. raised its stake in Arcellx by 98.4% in the third quarter. China Universal Asset Management Co. Ltd. now owns 1,248 shares of the company’s stock worth $45,000 after buying an additional 619 shares in the last quarter. Tower Research Capital LLC TRC lifted its holdings in Arcellx by 219.0% during the first quarter. Tower Research Capital LLC TRC now owns 1,464 shares of the company’s stock worth $45,000 after buying an additional 1,005 shares during the period. California State Teachers Retirement System bought a new stake in Arcellx during the 1st quarter valued at $54,000. Finally, JPMorgan Chase & Co. purchased a new position in shares of Arcellx in the 1st quarter valued at $60,000. 96.03% of the stock is currently owned by hedge funds and other institutional investors.

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).