Arcellx, Inc. (NASDAQ:ACLX) Director Kavita Patel Sells 33,763 Shares

Arcellx, Inc. (NASDAQ:ACLX) Director Kavita Patel sold 33,763 shares of the company’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $104.14, for a total transaction of $3,516,078.82. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

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

• On Monday, November 11th, Kavita Patel sold 15,238 shares of Arcellx stock. The shares were sold at an average price of $105.92, for a total transaction of $1,614,008.96.
• On Tuesday, October 22nd, Kavita Patel sold 1,500 shares of Arcellx stock. The shares were sold at an average price of $89.69, for a total value of $134,535.00.
• On Tuesday, September 10th, Kavita Patel sold 1,500 shares of Arcellx stock. The shares were sold at an average price of $74.41, for a total value of $111,615.00.

Arcellx Price Performance

NASDAQ ACLX opened at $95.08 on Friday. The business’s 50-day moving average is $85.14 and its 200 day moving average is $67.07. The stock has a market capitalization of $5.14 billion, a PE ratio of -133.91 and a beta of 0.27. Arcellx, Inc. has a 1 year low of $46.42 and a 1 year high of $107.37.

Arcellx (NASDAQ:ACLX) last posted its earnings results on Thursday, November 7th. The company reported ($0.48) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.54) by $0.06. Arcellx had a negative return on equity of 8.28% and a negative net margin of 25.94%. The firm had revenue of $26.03 million for the quarter, compared to analysts’ expectations of $35.21 million. As a group, equities research analysts anticipate that Arcellx, Inc. will post -1.56 earnings per share for the current year.

Institutional Trading of Arcellx

A number of hedge funds have recently made changes to their positions in ACLX. First Turn Management LLC bought a new position in Arcellx during the 3rd quarter valued at about $17,896,000. Great Point Partners LLC increased its holdings in Arcellx by 64.0% during the second quarter. Great Point Partners LLC now owns 492,000 shares of the company’s stock valued at $27,153,000 after buying an additional 192,000 shares during the last quarter. Bamco Inc. NY raised its position in Arcellx by 292.1% in the first quarter. Bamco Inc. NY now owns 248,993 shares of the company’s stock worth $17,317,000 after acquiring an additional 185,493 shares during the period. Vanguard Group Inc. increased its position in Arcellx by 8.1% in the first quarter. Vanguard Group Inc. now owns 2,228,856 shares of the company’s stock worth $155,017,000 after buying an additional 167,037 shares in the last quarter. Finally, Affinity Asset Advisors LLC raised its position in shares of Arcellx by 53.3% during the 2nd quarter. Affinity Asset Advisors LLC now owns 460,000 shares of the company’s stock valued at $25,387,000 after purchasing an additional 160,000 shares during the period. 96.03% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have issued reports on ACLX shares. Robert W. Baird raised their price target on shares of Arcellx from $77.00 to $106.00 and gave the stock an “outperform” rating in a report on Wednesday, November 6th. Piper Sandler upped their price objective on shares of Arcellx from $91.00 to $115.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. Bank of America raised their target price on Arcellx from $84.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Morgan Stanley raised their price target on shares of Arcellx from $81.00 to $106.00 and gave the company an “overweight” rating in a research report on Wednesday, November 6th. Finally, Redburn Atlantic assumed coverage on Arcellx in a research report on Tuesday, October 8th. They set a “buy” rating and a $109.00 price target for the company. Thirteen research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $103.08.

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).