Insider Selling: Arcellx, Inc. (NASDAQ:ACLX) Insider Sells 10,155 Shares of Stock

Arcellx, Inc. (NASDAQ:ACLX) insider Christopher Heery sold 10,155 shares of Arcellx stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $63.79, for a total value of $647,787.45. Following the completion of the sale, the insider now owns 37,486 shares of the company’s stock, valued at approximately $2,391,231.94. The trade was a 21.32 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Christopher Heery also recently made the following trade(s):

• On Wednesday, January 8th, Christopher Heery sold 3,553 shares of Arcellx stock. The stock was sold at an average price of $73.69, for a total transaction of $261,820.57.
• On Monday, January 6th, Christopher Heery sold 3,061 shares of Arcellx stock. The shares were sold at an average price of $77.17, for a total transaction of $236,217.37.
• On Friday, January 3rd, Christopher Heery sold 3,301 shares of Arcellx stock. The shares were sold at an average price of $79.55, for a total transaction of $262,594.55.

Arcellx Stock Performance

Shares of Arcellx stock traded down $0.74 during mid-day trading on Monday, hitting $63.01. 627,249 shares of the stock were exchanged, compared to its average volume of 636,613. Arcellx, Inc. has a 12 month low of $47.88 and a 12 month high of $107.37. The company has a 50-day simple moving average of $70.11 and a 200 day simple moving average of $77.46. The company has a market capitalization of $3.41 billion, a P/E ratio of -88.75 and a beta of 0.29.

Analysts Set New Price Targets

Several analysts have recently commented on ACLX shares. Piper Sandler raised their target price on Arcellx from $91.00 to $115.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. HC Wainwright restated a “buy” rating and set a $115.00 price objective on shares of Arcellx in a report on Tuesday, December 10th. Morgan Stanley upped their target price on Arcellx from $81.00 to $106.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 6th. Robert W. Baird lifted their price target on shares of Arcellx from $77.00 to $106.00 and gave the company an “outperform” rating in a research report on Wednesday, November 6th. Finally, Needham & Company LLC restated a “buy” rating and set a $105.00 price target on shares of Arcellx in a research note on Monday, December 9th. Thirteen equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $105.93.

Institutional Trading of Arcellx

Institutional investors and hedge funds have recently modified their holdings of the business. Mirae Asset Global Investments Co. Ltd. grew its stake in Arcellx by 21.7% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,944 shares of the company’s stock valued at $161,000 after purchasing an additional 347 shares during the period. abrdn plc purchased a new position in shares of Arcellx in the 3rd quarter worth about $4,242,000. China Universal Asset Management Co. Ltd. grew its position in Arcellx by 64.5% during the third quarter. China Universal Asset Management Co. Ltd. now owns 10,339 shares of the company’s stock valued at $863,000 after buying an additional 4,052 shares during the period. US Bancorp DE increased its holdings in Arcellx by 60.0% during the third quarter. US Bancorp DE now owns 7,603 shares of the company’s stock worth $635,000 after buying an additional 2,851 shares during the last quarter. Finally, Harbor Capital Advisors Inc. raised its position in Arcellx by 37.0% in the third quarter. Harbor Capital Advisors Inc. now owns 27,896 shares of the company’s stock worth $2,330,000 after acquiring an additional 7,534 shares during the period. 96.03% of the stock is owned by hedge funds and other 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).