Kavita Patel Sells 1,500 Shares of Arcellx, Inc. (NASDAQ:ACLX) Stock

Arcellx, Inc. (NASDAQ:ACLX) Director Kavita Patel sold 1,500 shares of Arcellx stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $89.69, for a total value of $134,535.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Kavita Patel also recently made the following trade(s):

• On Tuesday, September 10th, Kavita Patel sold 1,500 shares of Arcellx stock. The shares were sold at an average price of $74.41, for a total value of $111,615.00.
• On Tuesday, July 30th, Kavita Patel sold 1,500 shares of Arcellx stock. The shares were sold at an average price of $61.97, for a total value of $92,955.00.

Arcellx Stock Down 2.5 %

Shares of NASDAQ:ACLX opened at $88.19 on Thursday. The business has a fifty day simple moving average of $77.90 and a 200 day simple moving average of $63.28. Arcellx, Inc. has a 12-month low of $30.88 and a 12-month high of $97.54. The firm has a market cap of $4.72 billion, a P/E ratio of -85.62 and a beta of 0.25.

Arcellx (NASDAQ:ACLX) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.51) earnings per share for the quarter, topping the consensus estimate of ($0.52) by $0.01. Arcellx had a negative return on equity of 12.42% and a negative net margin of 37.23%. The firm had revenue of $27.38 million during the quarter, compared to analyst estimates of $22.04 million. The firm’s revenue for the quarter was up 91.5% on a year-over-year basis. As a group, equities research analysts expect that Arcellx, Inc. will post -1.65 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on ACLX shares. Cantor Fitzgerald reiterated an “overweight” rating on shares of Arcellx in a research report on Monday, September 9th. Stifel Nicolaus lifted their target price on Arcellx from $83.00 to $122.00 and gave the company a “buy” rating in a research report on Friday, October 18th. Redburn Atlantic initiated coverage on Arcellx in a report on Tuesday, October 8th. They set a “buy” rating and a $109.00 price target on the stock. Canaccord Genuity Group lifted their target price on shares of Arcellx from $85.00 to $115.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. Finally, Needham & Company LLC restated a “buy” rating and issued a $96.00 price target (up from $81.00) on shares of Arcellx in a research report on Friday, October 18th. Thirteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $89.75.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Principal Financial Group Inc. raised its position in shares of Arcellx by 246.3% in the 1st quarter. Principal Financial Group Inc. now owns 36,835 shares of the company’s stock worth $2,562,000 after acquiring an additional 26,197 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Arcellx by 6.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,344,553 shares of the company’s stock valued at $93,514,000 after buying an additional 84,373 shares during the period. Seven Eight Capital LP acquired a new stake in shares of Arcellx in the 1st quarter valued at about $1,207,000. Bamco Inc. NY grew its stake in shares of Arcellx by 292.1% in the 1st quarter. Bamco Inc. NY now owns 248,993 shares of the company’s stock valued at $17,317,000 after buying an additional 185,493 shares during the period. Finally, Advisory Alpha LLC acquired a new stake in shares of Arcellx in the 1st quarter valued at about $209,000. 96.03% of the stock is owned by 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).