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

Arcellx, Inc. (NASDAQ:ACLX) Director Kavita Patel sold 15,238 shares of the firm’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $105.92, for a total value of $1,614,008.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, 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 shares were 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 stock was 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 shares were sold at an average price of $74.41, for a total transaction of $111,615.00.

Arcellx Price Performance

NASDAQ:ACLX opened at $100.14 on Thursday. The company has a market capitalization of $5.42 billion, a P/E ratio of -141.04 and a beta of 0.27. The business has a fifty day simple moving average of $85.14 and a two-hundred day simple moving average of $67.07. Arcellx, Inc. has a 1 year low of $45.68 and a 1 year high of $107.37.

Arcellx (NASDAQ:ACLX) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.48) earnings per share for the quarter, topping the consensus estimate of ($0.54) by $0.06. The company had revenue of $26.03 million during the quarter, compared to analyst estimates of $35.21 million. Arcellx had a negative return on equity of 8.28% and a negative net margin of 25.94%. As a group, analysts anticipate that Arcellx, Inc. will post -1.56 earnings per share for the current year.

Institutional Trading of Arcellx

Hedge funds and other institutional investors have recently modified their holdings of the business. Glenmede Trust Co. NA purchased a new position in Arcellx in the 3rd quarter valued at approximately $302,000. The Manufacturers Life Insurance Company boosted its holdings in shares of Arcellx by 15.7% in the third quarter. The Manufacturers Life Insurance Company now owns 84,839 shares of the company’s stock worth $7,085,000 after acquiring an additional 11,507 shares during the period. Citigroup Inc. grew its position in shares of Arcellx by 97.1% in the third quarter. Citigroup Inc. now owns 43,154 shares of the company’s stock valued at $3,604,000 after purchasing an additional 21,262 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Arcellx by 4.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 328,093 shares of the company’s stock valued at $27,399,000 after purchasing an additional 14,200 shares during the period. Finally, HealthInvest Partners AB lifted its holdings in Arcellx by 78.8% during the 3rd quarter. HealthInvest Partners AB now owns 40,230 shares of the company’s stock worth $3,360,000 after purchasing an additional 17,734 shares in the last quarter. Institutional investors own 96.03% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. Morgan Stanley lifted their price objective on shares of Arcellx from $81.00 to $106.00 and gave the company an “overweight” rating in a report on Wednesday, November 6th. Bank of America boosted their price objective on Arcellx from $84.00 to $100.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. Redburn Atlantic assumed coverage on Arcellx in a report on Tuesday, October 8th. They set a “buy” rating and a $109.00 price target for the company. Cantor Fitzgerald reiterated an “overweight” rating on shares of Arcellx in a research note on Monday, September 9th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $96.00 price objective on shares of Arcellx in a research report on Wednesday, November 6th. Thirteen equities research 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, the stock has an average rating of “Buy” and an average target price of $103.08.

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).