Arcellx, Inc. (NASDAQ:ACLX) Director Kavita Patel Sells 10,000 Shares

Arcellx, Inc. (NASDAQ:ACLX) Director Kavita Patel sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $54.27, for a total transaction of $542,700.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Arcellx Trading Up 2.0 %

ACLX stock opened at $55.19 on Friday. Arcellx, Inc. has a twelve month low of $30.74 and a twelve month high of $75.10. The company’s 50 day moving average is $52.82 and its two-hundred day moving average is $58.21. The stock has a market cap of $2.95 billion, a P/E ratio of -53.58 and a beta of 0.23.

Arcellx (NASDAQ:ACLX) last released its quarterly earnings data on Thursday, May 9th. The company reported ($0.14) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.51) by $0.37. Arcellx had a negative net margin of 38.39% and a negative return on equity of 13.11%. The company had revenue of $39.26 million for the quarter, compared to analysts’ expectations of $20.67 million. During the same quarter last year, the company earned ($0.58) earnings per share. The firm’s revenue for the quarter was up 119.2% on a year-over-year basis. On average, equities research analysts predict that Arcellx, Inc. will post -1.7 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently commented on ACLX. Morgan Stanley began coverage on shares of Arcellx in a research note on Thursday, March 7th. They issued an “overweight” rating and a $81.00 price objective for the company. Piper Sandler began coverage on shares of Arcellx in a research note on Friday, May 31st. They issued an “overweight” rating and a $70.00 price objective for the company. HC Wainwright lowered their price objective on shares of Arcellx from $82.00 to $80.00 and set a “buy” rating for the company in a research note on Monday, May 13th. Needham & Company LLC reaffirmed a “buy” rating and issued a $81.00 target price on shares of Arcellx in a report on Tuesday, May 7th. Finally, Evercore ISI assumed coverage on shares of Arcellx in a report on Tuesday, May 14th. They issued an “outperform” rating and a $85.00 target price on the stock. Thirteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $78.00.

Institutional Trading of Arcellx

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ACLX. Charles Schwab Investment Management Inc. raised its holdings in Arcellx by 8.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 260,456 shares of the company’s stock worth $9,345,000 after purchasing an additional 19,518 shares in the last quarter. Rhumbline Advisers increased its holdings in shares of Arcellx by 1.8% in the 3rd quarter. Rhumbline Advisers now owns 51,352 shares of the company’s stock valued at $1,842,000 after acquiring an additional 923 shares during the period. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Arcellx in the 3rd quarter valued at $695,000. Bamco Inc. NY increased its holdings in shares of Arcellx by 25.0% in the 3rd quarter. Bamco Inc. NY now owns 50,000 shares of the company’s stock valued at $1,794,000 after acquiring an additional 10,000 shares during the period. Finally, Corton Capital Inc. acquired a new position in shares of Arcellx in the 3rd quarter valued at $270,000. Institutional investors and hedge funds own 96.03% of the company’s stock.

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).