Arcellx (NASDAQ:ACLX) Trading Down 6.8% Following Insider Selling

Arcellx, Inc. (NASDAQ:ACLX)’s share price was down 6.8% during mid-day trading on Wednesday after an insider sold shares in the company. The company traded as low as $49.55 and last traded at $49.95. Approximately 248,582 shares traded hands during mid-day trading, a decline of 63% from the average daily volume of 668,721 shares. The stock had previously closed at $53.60.

Specifically, Director Kavita Patel sold 1,500 shares of the stock in a transaction dated Tuesday, April 8th. The shares were sold at an average price of $57.50, for a total value of $86,250.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Arcellx Stock Performance

The stock has a market cap of $3.11 billion, a PE ratio of -79.80 and a beta of 0.33. The business has a 50 day moving average price of $65.61 and a two-hundred day moving average price of $76.14.

Arcellx (NASDAQ:ACLX) last issued its quarterly earnings results on Thursday, February 27th. The company reported ($0.87) EPS for the quarter, missing analysts’ consensus estimates of ($0.63) by ($0.24). The business had revenue of $15.27 million for the quarter, compared to the consensus estimate of $27.42 million. Arcellx had a negative return on equity of 8.28% and a negative net margin of 25.94%. As a group, research analysts anticipate that Arcellx, Inc. will post -1.58 earnings per share for the current year.

Hedge Funds Weigh In On Arcellx

A number of hedge funds and other institutional investors have recently made changes to their positions in ACLX. Headlands Technologies LLC purchased a new stake in Arcellx during the fourth quarter worth about $41,000. GF Fund Management CO. LTD. bought a new position in shares of Arcellx during the 4th quarter valued at approximately $87,000. KBC Group NV increased its stake in shares of Arcellx by 37.3% during the 4th quarter. KBC Group NV now owns 1,388 shares of the company’s stock worth $106,000 after purchasing an additional 377 shares during the last quarter. Avanza Fonder AB bought a new stake in shares of Arcellx in the 4th quarter worth approximately $184,000. Finally, Kazazian Asset Management LLC purchased a new position in Arcellx in the fourth quarter valued at approximately $204,000. 96.03% of the stock is owned by hedge funds and other institutional investors.

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).