Arcellx (NASDAQ:ACLX) Shares Down 3% After Insider Selling

Arcellx, Inc. (NASDAQ:ACLXGet Free Report) shares were down 3% during mid-day trading on Friday after an insider sold shares in the company. The company traded as low as $52.55 and last traded at $52.88. Approximately 84,042 shares traded hands during trading, a decline of 81% from the average daily volume of 444,740 shares. The stock had previously closed at $54.50.

Specifically, insider Christopher Heery sold 2,967 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $64.46, for a total value of $191,252.82. Following the sale, the insider now directly owns 30,303 shares of the company’s stock, valued at $1,953,331.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Rami Elghandour sold 23,086 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $67.09, for a total value of $1,548,839.74. Following the sale, the insider now directly owns 69,253 shares of the company’s stock, valued at $4,646,183.77. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Christopher Heery sold 2,967 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $64.46, for a total transaction of $191,252.82. Following the completion of the sale, the insider now directly owns 30,303 shares in the company, valued at $1,953,331.38. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 605,814 shares of company stock valued at $42,439,893. 5.86% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $81.00 target price on shares of Arcellx in a research note on Thursday, April 11th. Barclays lifted their price target on shares of Arcellx from $62.00 to $73.00 and gave the stock an “overweight” rating in a research note on Thursday, February 29th. Canaccord Genuity Group lifted their price target on shares of Arcellx from $66.00 to $85.00 and gave the stock a “buy” rating in a research note on Thursday, February 29th. Scotiabank reissued an “outperform” rating and set a $82.00 price target on shares of Arcellx in a research note on Thursday, April 4th. Finally, HC Wainwright lifted their price target on shares of Arcellx from $60.00 to $82.00 and gave the stock a “buy” rating in a research note on Thursday, February 29th. Twelve investment analysts have rated the stock with a buy rating, According to MarketBeat, Arcellx currently has a consensus rating of “Buy” and an average target price of $74.17.

Get Our Latest Report on ACLX

Arcellx Stock Down 5.2 %

The stock has a market cap of $2.75 billion, a P/E ratio of -35.14 and a beta of 0.02. The firm’s fifty day moving average price is $64.96 and its 200-day moving average price is $54.96.

Arcellx (NASDAQ:ACLXGet Free Report) last issued its earnings results on Wednesday, February 28th. The company reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.53) by $0.95. Arcellx had a negative net margin of 64.08% and a negative return on equity of 20.96%. The firm had revenue of $63.15 million for the quarter, compared to analysts’ expectations of $20.07 million. During the same quarter last year, the business earned ($0.76) earnings per share. Sell-side analysts predict that Arcellx, Inc. will post -1.69 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in ACLX. Amalgamated Bank boosted its holdings in Arcellx by 5.6% in the third quarter. Amalgamated Bank now owns 5,772 shares of the company’s stock valued at $207,000 after acquiring an additional 308 shares in the last quarter. Walleye Trading LLC boosted its holdings in Arcellx by 2.6% in the third quarter. Walleye Trading LLC now owns 14,804 shares of the company’s stock valued at $531,000 after acquiring an additional 379 shares in the last quarter. E Fund Management Co. Ltd. boosted its holdings in Arcellx by 5.3% in the third quarter. E Fund Management Co. Ltd. now owns 8,156 shares of the company’s stock valued at $293,000 after acquiring an additional 407 shares in the last quarter. Alps Advisors Inc. boosted its holdings in Arcellx by 1.2% in the third quarter. Alps Advisors Inc. now owns 35,710 shares of the company’s stock valued at $1,281,000 after acquiring an additional 432 shares in the last quarter. Finally, High Net Worth Advisory Group LLC boosted its holdings in Arcellx by 7.7% in the fourth quarter. High Net Worth Advisory Group LLC now owns 7,000 shares of the company’s stock valued at $388,000 after acquiring an additional 500 shares in the last quarter. Institutional investors own 96.03% of the company’s stock.

Arcellx Company Profile

(Get Free Report)

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).

Featured Articles

Receive News & Ratings for Arcellx Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Arcellx and related companies with MarketBeat.com's FREE daily email newsletter.