Insider Selling: Arcellx, Inc. (NASDAQ:ACLX) Insider Sells $2,902,995.70 in Stock

Arcellx, Inc. (NASDAQ:ACLX) insider Christopher Heery sold 41,365 shares of the firm’s stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $70.18, for a total value of $2,902,995.70. Following the transaction, the insider now directly owns 8,938 shares of the company’s stock, valued at approximately $627,268.84. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

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

• 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 value of $376,649.50.
• On Monday, February 12th, Christopher Heery sold 2,967 shares of Arcellx stock. The shares were sold at an average price of $64.46, for a total value 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 value of $215,274.24.
• On Thursday, January 4th, Christopher Heery sold 7,598 shares of Arcellx stock. The stock was sold at an average price of $55.27, for a total value of $419,941.46.

Arcellx Stock Performance

NASDAQ ACLX opened at $69.55 on Friday. The company has a market capitalization of $3.67 billion, a PE ratio of -47.31 and a beta of 0.02. The business’s fifty day moving average is $65.52 and its 200 day moving average is $52.15. Arcellx, Inc. has a fifty-two week low of $27.28 and a fifty-two week high of $75.10.

Arcellx (NASDAQ:ACLX) last released its earnings results on Wednesday, February 28th. The company reported $0.42 earnings per share for the quarter, beating the consensus estimate of ($0.53) by $0.95. The company had revenue of $63.15 million for the quarter, compared to the consensus estimate of $20.07 million. Arcellx had a negative return on equity of 20.96% and a negative net margin of 64.08%. During the same period in the previous year, the business earned ($0.76) earnings per share. On average, sell-side analysts forecast that Arcellx, Inc. will post -1.69 EPS for the current year.

Hedge Funds Weigh In On Arcellx

Institutional investors and hedge funds have recently bought and sold shares of the stock. Citigroup Inc. purchased a new position in shares of Arcellx in the first quarter valued at about $26,000. Tower Research Capital LLC TRC lifted its position in shares of Arcellx by 219.0% in the first quarter. Tower Research Capital LLC TRC now owns 1,464 shares of the company’s stock valued at $45,000 after acquiring an additional 1,005 shares in the last quarter. China Universal Asset Management Co. Ltd. lifted its position in shares of 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 acquiring an additional 619 shares in the last quarter. California State Teachers Retirement System purchased a new position in shares of Arcellx in the first quarter valued at about $54,000. Finally, JPMorgan Chase & Co. purchased a new position in shares of Arcellx in the first quarter valued at about $60,000. 96.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have commented on ACLX shares. Canaccord Genuity Group lifted their target price on Arcellx from $66.00 to $85.00 and gave the stock a “buy” rating in a report on Thursday, February 29th. Morgan Stanley started coverage on Arcellx in a report on Thursday, March 7th. They issued an “overweight” rating and a $81.00 target price for the company. Barclays lifted their target price on Arcellx from $62.00 to $73.00 and gave the stock an “overweight” rating in a report on Thursday, February 29th. Scotiabank lifted their target price on Arcellx to $82.00 and gave the stock an “outperform” rating in a report on Thursday, February 29th. Finally, HC Wainwright lifted their target price on Arcellx from $60.00 to $82.00 and gave the stock a “buy” rating in a report on Thursday, February 29th. Thirteen analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $69.14.

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).