Arcellx (NASDAQ:ACLX) Trading Down 2.6% Following Insider Selling

Arcellx, Inc. (NASDAQ:ACLX – Get Rating) shares fell 2.6% during mid-day trading on Friday after an insider sold shares in the company. The stock traded as low as $40.14 and last traded at $41.69. 46,686 shares were traded during mid-day trading, a decline of 90% from the average session volume of 472,636 shares. The stock had previously closed at $42.82.

Specifically, insider Christopher Heery sold 3,000 shares of the company’s stock in a transaction dated Monday, April 3rd. The shares were sold at an average price of $30.71, for a total value of $92,130.00. Following the completion of the sale, the insider now directly owns 15,589 shares of the company’s stock, valued at $478,738.19. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, insider Christopher Heery sold 3,000 shares of the business’s stock in a transaction dated Monday, April 3rd. The shares were sold at an average price of $30.71, for a total transaction of $92,130.00. Following the transaction, the insider now directly owns 15,589 shares in the company, valued at $478,738.19. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Michelle Gilson sold 8,704 shares of the business’s stock in a transaction dated Wednesday, May 24th. The stock was sold at an average price of $42.46, for a total transaction of $369,571.84. Following the transaction, the chief financial officer now owns 15,485 shares in the company, valued at $657,493.10. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,703,296 shares of company stock valued at $76,338,911. Insiders own 5.57% of the company’s stock.

Analysts Set New Price Targets

ACLX has been the topic of a number of recent analyst reports. Needham & Company LLC boosted their price target on shares of Arcellx from $35.00 to $51.00 in a research note on Tuesday, May 9th. Robert W. Baird began coverage on shares of Arcellx in a research note on Thursday, April 13th. They set an “outperform” rating and a $39.00 price target on the stock. HC Wainwright upped their target price on shares of Arcellx from $40.00 to $49.00 in a research report on Tuesday, May 9th. Guggenheim upped their target price on shares of Arcellx from $45.00 to $58.00 in a research report on Monday, April 24th. Finally, SVB Leerink upped their target price on shares of Arcellx from $35.00 to $39.00 and gave the stock an “outperform” rating in a research report on Thursday, March 30th. Eleven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $50.38.

Arcellx Stock Down 0.5 %

The firm’s 50-day moving average price is $36.75 and its 200 day moving average price is $31.15. The firm has a market capitalization of $2.04 billion, a price-to-earnings ratio of -9.81 and a beta of -0.33. The company has a debt-to-equity ratio of 0.05, a current ratio of 3.44 and a quick ratio of 3.44.

Arcellx (NASDAQ:ACLX – Get Rating) last released its quarterly earnings results on Wednesday, March 29th. The company reported ($0.76) EPS for the quarter, missing the consensus estimate of ($0.71) by ($0.05). Sell-side analysts expect that Arcellx, Inc. will post -1.2 EPS for the current year.

Institutional Trading of Arcellx

Large investors have recently modified their holdings of the business. Tower Research Capital LLC TRC lifted its stake in shares of Arcellx by 219.0% during the first quarter. Tower Research Capital LLC TRC now owns 1,464 shares of the company’s stock valued at $45,000 after buying an additional 1,005 shares during the period. Citigroup Inc. purchased a new position in shares of Arcellx during the first quarter valued at approximately $26,000. Metropolitan Life Insurance Co NY purchased a new position in shares of Arcellx during the third quarter valued at approximately $36,000. Shell Asset Management Co. purchased a new position in shares of Arcellx during the fourth quarter valued at approximately $69,000. Finally, Wells Fargo & Company MN lifted its stake in shares of Arcellx by 30.3% during the fourth quarter. Wells Fargo & Company MN now owns 2,660 shares of the company’s stock valued at $82,000 after buying an additional 618 shares during the period. 91.78% of the stock is currently owned by institutional investors and hedge funds.

Arcellx Company Profile

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Arcellx, Inc, a clinical-stage biotechnology company, engages in the development of various immunotherapies for patients with cancer and other incurable diseases. The company's lead ddCAR product candidate is CART-ddBCMA, which is in phase 1 clinical trial for the treatment of patients with relapsed or refractory (r/r) multiple myeloma (MM).