Insider Selling: Arcellx, Inc. (NASDAQ:ACLX) CFO Sells $691,494.90 in Stock

Arcellx, Inc. (NASDAQ:ACLX) CFO Michelle Gilson sold 12,877 shares of the stock in a transaction that occurred on Wednesday, June 26th. The shares were sold at an average price of $53.70, for a total value of $691,494.90. Following the transaction, the chief financial officer now owns 6,915 shares of the company’s stock, valued at $371,335.50. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Michelle Gilson also recently made the following trade(s):

• On Friday, May 24th, Michelle Gilson sold 12,121 shares of Arcellx stock. The shares were sold at an average price of $50.71, for a total transaction of $614,655.91.

Arcellx Price Performance

ACLX stock opened at $55.19 on Monday. The company has a market capitalization of $2.95 billion, a PE ratio of -53.58 and a beta of 0.23. Arcellx, Inc. has a 12 month low of $30.74 and a 12 month high of $75.10. The firm’s 50-day moving average is $52.82 and its 200 day moving average is $58.33.

Arcellx (NASDAQ:ACLX) last posted its quarterly earnings results on Thursday, May 9th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.51) by $0.37. The business had revenue of $39.26 million for the quarter, compared to the consensus estimate of $20.67 million. Arcellx had a negative return on equity of 13.11% and a negative net margin of 38.39%. The business’s revenue was up 119.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.58) EPS. Sell-side analysts forecast that Arcellx, Inc. will post -1.7 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on ACLX shares. Scotiabank restated an “outperform” rating and issued a $82.00 target price on shares of Arcellx in a report on Thursday, April 4th. HC Wainwright lowered their price objective on Arcellx from $82.00 to $80.00 and set a “buy” rating for the company in a research note on Monday, May 13th. Morgan Stanley started coverage on Arcellx in a research report on Thursday, March 7th. They set an “overweight” rating and a $81.00 target price on the stock. Stifel Nicolaus raised their price target on Arcellx from $82.00 to $83.00 and gave the stock a “buy” rating in a research report on Wednesday, May 15th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $81.00 price objective on shares of Arcellx in a research report on Tuesday, May 7th. Thirteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $78.00.

Hedge Funds Weigh In On Arcellx

Hedge funds and other institutional investors have recently modified their holdings of the business. Plato Investment Management Ltd bought a new stake in Arcellx during the 1st quarter valued at $51,000. Advisory Alpha LLC bought a new stake in Arcellx during the first quarter valued at about $209,000. Simplicity Wealth LLC purchased a new position in Arcellx in the first quarter valued at about $232,000. Bleakley Financial Group LLC bought a new position in Arcellx in the first quarter worth about $232,000. Finally, Exchange Traded Concepts LLC lifted its position in shares of Arcellx by 34.0% during the fourth quarter. Exchange Traded Concepts LLC now owns 4,241 shares of the company’s stock valued at $235,000 after buying an additional 1,076 shares during the last quarter. 96.03% of the stock is currently owned by institutional investors.

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).