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

Arcellx, Inc. (NASDAQ:ACLX)’s share price was down 3% during mid-day trading on Friday following insider selling activity. The company traded as low as $52.55 and last traded at $52.88. Approximately 84,042 shares were traded during mid-day trading, a decline of 81% from the average daily volume of 444,740 shares. The stock had previously closed at $54.50.

Specifically, Director Jill Carroll sold 504,263 shares of the business’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $70.55, for a total transaction of $35,575,754.65. Following the sale, the director now directly owns 1,479,148 shares in the company, valued at $104,353,891.40. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, Director Jill Carroll sold 504,263 shares of Arcellx stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $70.55, for a total transaction of $35,575,754.65. Following the completion of the transaction, the director now owns 1,479,148 shares of the company’s stock, valued at $104,353,891.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Olivia C. Ware sold 9,402 shares of Arcellx stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $55.55, for a total value of $522,281.10. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 605,814 shares of company stock valued at $42,439,893. 5.86% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Robert W. Baird upped their price target on Arcellx from $63.00 to $77.00 and gave the stock an “outperform” rating in a report on Thursday, February 29th. Morgan Stanley began coverage on shares of Arcellx in a report on Thursday, March 7th. They issued an “overweight” rating and a $81.00 target price for the company. Canaccord Genuity Group upped their price objective on shares of Arcellx from $66.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, February 29th. Barclays increased their price objective on shares of Arcellx from $62.00 to $73.00 and gave the company an “overweight” rating in a research note on Thursday, February 29th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and issued a $82.00 target price on shares of Arcellx in a report on Thursday, March 14th. Twelve research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Arcellx presently has a consensus rating of “Buy” and an average price target of $74.17.

Arcellx Stock Down 2.1 %

The stock’s fifty day moving average price is $65.23 and its two-hundred day moving average price is $54.84.

Arcellx (NASDAQ:ACLX) last posted its quarterly earnings results on Wednesday, February 28th. The company reported $0.42 earnings per share 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 business had revenue of $63.15 million during the quarter, compared to the consensus estimate of $20.07 million. During the same period in the previous year, the firm posted ($0.76) earnings per share. On average, research analysts predict that Arcellx, Inc. will post -1.69 earnings per share for the current year.

Institutional Investors Weigh In On Arcellx

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Perceptive Advisors LLC increased its stake in Arcellx by 14.6% in the 4th quarter. Perceptive Advisors LLC now owns 4,544,809 shares of the company’s stock worth $252,237,000 after purchasing an additional 578,831 shares during the period. Novo Holdings A S purchased a new position in shares of Arcellx in the first quarter worth $56,317,000. BlackRock Inc. raised its holdings in Arcellx by 17.1% during the 2nd quarter. BlackRock Inc. now owns 2,602,485 shares of the company’s stock valued at $82,291,000 after buying an additional 380,128 shares during the last quarter. Vanguard Group Inc. boosted its position in Arcellx by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 2,061,819 shares of the company’s stock valued at $114,431,000 after buying an additional 23,262 shares during the period. Finally, State Street Corp grew its holdings in Arcellx by 3.1% in the 2nd quarter. State Street Corp now owns 1,931,765 shares of the company’s stock worth $61,082,000 after acquiring an additional 57,309 shares during the last quarter. 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).