Christopher Heery Sells 3,553 Shares of Arcellx, Inc. (NASDAQ:ACLX) Stock

Arcellx, Inc. (NASDAQ:ACLX) insider Christopher Heery sold 3,553 shares of the firm’s stock in a transaction dated Wednesday, January 8th. The stock was sold at an average price of $73.69, for a total transaction of $261,820.57. Following the sale, the insider now owns 25,085 shares of the company’s stock, valued at $1,848,513.65. This trade represents a 12.41 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

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

• On Monday, January 6th, Christopher Heery sold 3,061 shares of Arcellx stock. The stock was sold at an average price of $77.17, for a total transaction of $236,217.37.
• On Friday, January 3rd, Christopher Heery sold 3,301 shares of Arcellx stock. The shares were sold at an average price of $79.55, for a total value of $262,594.55.

Arcellx Trading Down 4.4 %

ACLX stock opened at $69.08 on Friday. Arcellx, Inc. has a 1-year low of $47.88 and a 1-year high of $107.37. The stock has a market cap of $3.74 billion, a price-to-earnings ratio of -97.29 and a beta of 0.33. The company’s 50 day moving average is $84.87 and its 200 day moving average is $75.68.

Arcellx (NASDAQ:ACLX) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.48) EPS for the quarter, topping analysts’ consensus estimates of ($0.54) by $0.06. Arcellx had a negative net margin of 25.94% and a negative return on equity of 8.28%. The firm had revenue of $26.03 million for the quarter, compared to analyst estimates of $35.21 million. As a group, sell-side analysts forecast that Arcellx, Inc. will post -1.49 EPS for the current fiscal year.

Institutional Investors Weigh In On Arcellx

Several hedge funds have recently added to or reduced their stakes in the company. Quest Partners LLC purchased a new position in shares of Arcellx during the 2nd quarter valued at about $27,000. Decheng Capital LLC bought a new position in Arcellx during the second quarter valued at approximately $65,000. National Bank of Canada FI grew its position in Arcellx by 50.0% during the second quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock valued at $80,000 after acquiring an additional 500 shares during the last quarter. Quarry LP purchased a new position in shares of Arcellx during the third quarter worth approximately $125,000. Finally, Covestor Ltd lifted its holdings in shares of Arcellx by 53,766.7% in the 3rd quarter. Covestor Ltd now owns 1,616 shares of the company’s stock worth $135,000 after acquiring an additional 1,613 shares during the last quarter. Institutional investors own 96.03% of the company’s stock.

Analysts Set New Price Targets

ACLX has been the topic of a number of recent research reports. Needham & Company LLC reaffirmed a “buy” rating and set a $105.00 price target on shares of Arcellx in a research report on Monday, December 9th. Morgan Stanley increased their target price on shares of Arcellx from $81.00 to $106.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 6th. Piper Sandler boosted their price target on shares of Arcellx from $91.00 to $115.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. Redburn Atlantic began coverage on shares of Arcellx in a report on Tuesday, October 8th. They issued a “buy” rating and a $109.00 price objective for the company. Finally, Bank of America boosted their target price on shares of Arcellx from $84.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Thirteen research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Arcellx has an average rating of “Buy” and an average price target of $105.93.

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).