Arcellx, Inc. (NASDAQ:ACLX) Insider Sells $647,787.45 in Stock

Arcellx, Inc. (NASDAQ:ACLX) insider Christopher Heery sold 10,155 shares of the stock in a transaction 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 transaction, the insider now owns 37,486 shares of the company’s stock, valued at approximately $2,391,231.94. This trade represents a 21.32 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

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

• On Wednesday, January 8th, Christopher Heery sold 3,553 shares of Arcellx stock. The shares were 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 stock was 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 stock was sold at an average price of $79.55, for a total transaction of $262,594.55.

Arcellx Stock Down 0.6 %

Shares of NASDAQ ACLX opened at $62.65 on Wednesday. The firm’s 50-day moving average price is $69.31 and its 200-day moving average price is $77.56. Arcellx, Inc. has a 52-week low of $47.88 and a 52-week high of $107.37. The company has a market cap of $3.39 billion, a PE ratio of -88.24 and a beta of 0.29.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Bank of America lifted their target price on shares of Arcellx from $84.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Needham & Company LLC reiterated a “buy” rating and set a $105.00 price objective on shares of Arcellx in a research note on Monday, December 9th. UBS Group increased their target price on Arcellx from $106.00 to $114.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. Piper Sandler lifted their price target on Arcellx from $91.00 to $115.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. Finally, HC Wainwright reissued a “buy” rating and set a $115.00 price objective on shares of Arcellx in a research report on Tuesday, December 10th. Thirteen research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $105.93.

Institutional Investors Weigh In On Arcellx

Several institutional investors and hedge funds have recently added to or reduced their stakes in ACLX. FMR LLC raised its stake in Arcellx by 22.8% during the 4th quarter. FMR LLC now owns 7,956,633 shares of the company’s stock valued at $610,194,000 after buying an additional 1,477,360 shares during the last quarter. Gilead Sciences Inc. purchased a new stake in Arcellx during the fourth quarter valued at $515,418,000. Vanguard Group Inc. lifted its holdings in Arcellx by 35.3% in the fourth quarter. Vanguard Group Inc. now owns 3,330,092 shares of the company’s stock valued at $255,385,000 after acquiring an additional 867,996 shares during the period. RA Capital Management L.P. lifted its holdings in Arcellx by 50.5% in the fourth quarter. RA Capital Management L.P. now owns 2,787,327 shares of the company’s stock valued at $213,760,000 after acquiring an additional 935,848 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its position in Arcellx by 11.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,121,322 shares of the company’s stock worth $162,685,000 after purchasing an additional 220,711 shares during the last quarter. Hedge funds and other institutional investors own 96.03% of the company’s stock.

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).