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

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

Arcellx Trading Up 1.3 %

Arcellx stock traded up $0.71 during trading on Friday, reaching $54.83. The company had a trading volume of 301,543 shares, compared to its average volume of 455,877. Arcellx, Inc. has a 52 week low of $30.74 and a 52 week high of $75.10. The firm’s 50-day simple moving average is $52.75 and its 200 day simple moving average is $58.19. The firm has a market capitalization of $2.93 billion, a price-to-earnings ratio of -53.23 and a beta of 0.23.

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

Institutional Investors Weigh In On Arcellx

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Plato Investment Management Ltd bought a new stake in shares of Arcellx in the first quarter worth about $51,000. Advisory Alpha LLC bought a new stake in shares of Arcellx in the first quarter worth about $209,000. Simplicity Wealth LLC bought a new stake in shares of Arcellx in the first quarter worth about $232,000. Bleakley Financial Group LLC bought a new stake in shares of Arcellx in the first quarter worth about $232,000. Finally, Advisors Asset Management Inc. increased its holdings in shares of Arcellx by 951.9% in the first quarter. Advisors Asset Management Inc. now owns 4,197 shares of the company’s stock worth $292,000 after purchasing an additional 3,798 shares during the last quarter. 96.03% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

ACLX has been the topic of several recent analyst reports. Canaccord Genuity Group increased their target price on Arcellx from $66.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday, February 29th. Stifel Nicolaus increased their target price on Arcellx from $82.00 to $83.00 and gave the company a “buy” rating in a research note on Wednesday, May 15th. Piper Sandler began coverage on Arcellx in a research note on Friday, May 31st. They issued an “overweight” rating and a $70.00 price target on the stock. HC Wainwright dropped their price target on Arcellx from $82.00 to $80.00 and set a “buy” rating on the stock in a research note on Monday, May 13th. Finally, Scotiabank restated an “outperform” rating and issued a $82.00 price target on shares of Arcellx in a research note on Thursday, April 4th. Thirteen equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $78.00.

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).