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

Arcellx, Inc. (NASDAQ:ACLX) insider Rami Elghandour sold 38,300 shares of Arcellx stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $62.02, for a total value of $2,375,366.00. Following the completion of the transaction, the insider now directly owns 149,186 shares of the company’s stock, valued at approximately $9,252,515.72. This represents a 20.43 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Arcellx Trading Down 3.8 %

Shares of NASDAQ:ACLX opened at $60.26 on Thursday. The stock has a 50 day moving average of $69.01 and a 200 day moving average of $77.44. The company has a market cap of $3.26 billion, a PE ratio of -84.87 and a beta of 0.29. Arcellx, Inc. has a 12-month low of $47.88 and a 12-month high of $107.37.

Hedge Funds Weigh In On Arcellx

Several large investors have recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Arcellx by 21.7% during 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 stake in Arcellx in the 3rd quarter worth $4,242,000. China Universal Asset Management Co. Ltd. raised its holdings 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 acquiring an additional 4,052 shares during the period. US Bancorp DE lifted its position in shares of Arcellx by 60.0% in the third quarter. US Bancorp DE now owns 7,603 shares of the company’s stock valued at $635,000 after acquiring an additional 2,851 shares in the last quarter. Finally, Harbor Capital Advisors Inc. boosted its stake in shares of 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. Hedge funds and other institutional investors own 96.03% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ACLX. UBS Group upped their price target on Arcellx from $106.00 to $114.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Piper Sandler upped their target price on shares of Arcellx from $91.00 to $115.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Needham & Company LLC reaffirmed a “buy” rating and set a $105.00 price target on shares of Arcellx in a report on Monday, December 9th. Robert W. Baird boosted their price objective on shares of Arcellx from $77.00 to $106.00 and gave the company an “outperform” rating in a report on Wednesday, November 6th. Finally, Morgan Stanley raised their target price on shares of Arcellx from $81.00 to $106.00 and gave the stock an “overweight” rating in a report on Wednesday, November 6th. Thirteen research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Arcellx currently has a consensus rating of “Buy” and a consensus price target of $105.93.

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).