Arcellx, Inc. (NASDAQ:ACLX) Director Kavita Patel Sells 15,238 Shares

Arcellx, Inc. (NASDAQ:ACLX) Director Kavita Patel sold 15,238 shares of the stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $105.92, for a total value of $1,614,008.96. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

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

• On Friday, November 8th, Kavita Patel sold 33,763 shares of Arcellx stock. The stock was sold at an average price of $104.14, for a total value of $3,516,078.82.
• On Tuesday, October 22nd, Kavita Patel sold 1,500 shares of Arcellx stock. The shares were sold at an average price of $89.69, for a total value of $134,535.00.
• On Tuesday, September 10th, Kavita Patel sold 1,500 shares of Arcellx stock. The stock was sold at an average price of $74.41, for a total transaction of $111,615.00.

Arcellx Stock Performance

Shares of NASDAQ ACLX opened at $100.14 on Thursday. The firm has a 50 day moving average price of $85.14 and a 200 day moving average price of $67.07. The stock has a market cap of $5.42 billion, a P/E ratio of -141.04 and a beta of 0.27. Arcellx, Inc. has a 52-week low of $45.68 and a 52-week high of $107.37.

Arcellx (NASDAQ:ACLX) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.48) earnings per share (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $26.03 million during the quarter, compared to analyst estimates of $35.21 million. Analysts predict that Arcellx, Inc. will post -1.56 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on ACLX. Bank of America upped their target price on shares of Arcellx from $84.00 to $100.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Truist Financial increased their price objective on Arcellx from $87.00 to $136.00 and gave the company a “buy” rating in a research report on Tuesday. Robert W. Baird boosted their target price on Arcellx from $77.00 to $106.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 6th. Stifel Nicolaus upped their price target on Arcellx from $83.00 to $122.00 and gave the company a “buy” rating in a research note on Friday, October 18th. Finally, Piper Sandler lifted their price objective on Arcellx from $91.00 to $115.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Thirteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $103.08.

Hedge Funds Weigh In On Arcellx

Institutional investors have recently modified their holdings of the business. Price T Rowe Associates Inc. MD raised its holdings in Arcellx by 6.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,344,553 shares of the company’s stock worth $93,514,000 after buying an additional 84,373 shares during the period. Seven Eight Capital LP acquired a new position in shares of Arcellx in the first quarter valued at approximately $1,207,000. Bamco Inc. NY increased its position in shares of Arcellx by 292.1% during the first quarter. Bamco Inc. NY now owns 248,993 shares of the company’s stock worth $17,317,000 after acquiring an additional 185,493 shares in the last quarter. Harbor Capital Advisors Inc. raised its holdings in shares of Arcellx by 37.0% during the third quarter. Harbor Capital Advisors Inc. now owns 27,896 shares of the company’s stock worth $2,330,000 after acquiring an additional 7,534 shares during the period. Finally, Renaissance Technologies LLC bought a new stake in Arcellx in the 2nd quarter valued at $1,494,000. Institutional investors own 96.03% of the company’s stock.

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).