Insider Selling: Arcellx, Inc. (NASDAQ:ACLX) Insider Sells $932,563.44 in Stock

Arcellx, Inc. (NASDAQ:ACLX) insider Christopher Heery sold 18,168 shares of the business’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $51.33, for a total value of $932,563.44. Following the completion of the sale, the insider now owns 8,938 shares in the company, valued at $458,787.54. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Christopher Heery also recently made the following trade(s):

• On Friday, March 22nd, Christopher Heery sold 41,365 shares of Arcellx stock. The stock was sold at an average price of $70.18, for a total value of $2,902,995.70.
• On Tuesday, March 26th, Christopher Heery sold 5,450 shares of Arcellx stock. The shares were sold at an average price of $69.11, for a total transaction of $376,649.50.
• On Monday, February 12th, Christopher Heery sold 2,967 shares of Arcellx stock. The stock was sold at an average price of $64.46, for a total transaction of $191,252.82.
• On Thursday, February 8th, Christopher Heery sold 3,456 shares of Arcellx stock. The shares were sold at an average price of $62.29, for a total transaction of $215,274.24.

Arcellx Price Performance

Shares of NASDAQ ACLX opened at $52.69 on Monday. The stock has a market capitalization of $2.81 billion, a PE ratio of -35.84 and a beta of 0.24. The business has a fifty day moving average price of $63.02 and a two-hundred day moving average price of $56.47. Arcellx, Inc. has a fifty-two week low of $30.74 and a fifty-two week high of $75.10.

Arcellx (NASDAQ:ACLX) last posted its quarterly earnings results on Wednesday, February 28th. The company reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.53) by $0.95. The business had revenue of $63.15 million for 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 quarter last year, the business posted ($0.76) EPS. On average, equities analysts expect that Arcellx, Inc. will post -1.69 EPS for the current year.

Institutional Trading of Arcellx

Hedge funds have recently added to or reduced their stakes in the stock. China Universal Asset Management Co. Ltd. boosted its position 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 valued at $45,000 after buying an additional 619 shares in the last quarter. Amalgamated Bank boosted its position in Arcellx by 5.6% in the third quarter. Amalgamated Bank now owns 5,772 shares of the company’s stock valued at $207,000 after buying an additional 308 shares in the last quarter. Simplicity Wealth LLC acquired a new stake in Arcellx in the first quarter valued at approximately $232,000. Exchange Traded Concepts LLC boosted its position in Arcellx by 34.0% in the fourth quarter. Exchange Traded Concepts LLC now owns 4,241 shares of the company’s stock valued at $235,000 after buying an additional 1,076 shares in the last quarter. Finally, Corton Capital Inc. acquired a new stake in Arcellx in the third quarter valued at approximately $270,000. Institutional investors and hedge funds own 96.03% of the company’s stock.

Wall Street Analysts Forecast Growth

ACLX has been the subject of several research reports. Morgan Stanley initiated coverage on Arcellx in a report on Thursday, March 7th. They set an “overweight” rating and a $81.00 price target for the company. Truist Financial raised their price target on Arcellx from $57.00 to $87.00 and gave the company a “buy” rating in a report on Tuesday, March 5th. Needham & Company LLC reaffirmed a “buy” rating and set a $81.00 price target on shares of Arcellx in a report on Thursday, April 11th. Barclays raised their price target on Arcellx from $62.00 to $73.00 and gave the company an “overweight” rating in a report on Thursday, February 29th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $82.00 price target on shares of Arcellx in a report on Thursday, March 14th. Twelve investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $75.64.

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).