Rami Elghandour Sells 38,300 Shares of Arcellx, Inc. (NASDAQ:ACLX) Stock

Arcellx, Inc. (NASDAQ:ACLX) insider Rami Elghandour sold 38,300 shares of the firm’s stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $62.02, for a total transaction of $2,375,366.00. Following the transaction, the insider now directly owns 149,186 shares of the company’s stock, valued at $9,252,515.72. The trade was a 20.43 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link.

Arcellx Price Performance

Shares of NASDAQ:ACLX opened at $60.26 on Thursday. The business’s 50-day moving average is $69.01 and its 200 day moving average is $77.44. Arcellx, Inc. has a 1 year low of $47.88 and a 1 year high of $107.37. The firm has a market capitalization of $3.26 billion, a P/E ratio of -84.87 and a beta of 0.29.

Analyst Upgrades and Downgrades

Several research analysts have commented on ACLX shares. Needham & Company LLC reissued a “buy” rating and set a $105.00 price objective on shares of Arcellx in a report on Monday, December 9th. Morgan Stanley increased their price target on Arcellx from $81.00 to $106.00 and gave the company an “overweight” rating in a research note on Wednesday, November 6th. Barclays raised Arcellx to a “strong-buy” rating in a research note on Friday, November 29th. Robert W. Baird increased their target price on Arcellx from $77.00 to $106.00 and gave the company an “outperform” rating in a research report on Wednesday, November 6th. Finally, HC Wainwright restated a “buy” rating and issued a $115.00 price target on shares of Arcellx in a research report on Tuesday, December 10th. Thirteen analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $105.93.

Hedge Funds Weigh In On Arcellx

Several hedge funds and other institutional investors have recently modified their holdings of ACLX. First Turn Management LLC acquired a new position in Arcellx during the 3rd quarter valued at approximately $17,896,000. Charles Schwab Investment Management Inc. grew its holdings in shares of Arcellx by 4.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 328,093 shares of the company’s stock valued at $27,399,000 after buying an additional 14,200 shares during the last quarter. Harbor Capital Advisors Inc. increased its position in shares of Arcellx by 37.0% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 27,896 shares of the company’s stock valued at $2,330,000 after acquiring an additional 7,534 shares during the period. Lord Abbett & CO. LLC raised its stake in Arcellx by 2.1% in the 3rd quarter. Lord Abbett & CO. LLC now owns 891,848 shares of the company’s stock worth $74,478,000 after acquiring an additional 18,004 shares during the last quarter. Finally, Intech Investment Management LLC acquired a new stake in Arcellx during the 3rd quarter worth about $800,000. 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).