Arcellx (NASDAQ:ACLX) Trading Down 6.8% on Insider Selling

Arcellx, Inc. (NASDAQ:ACLX) was down 6.8% during mid-day trading on Wednesday following insider selling activity. The company traded as low as $49.55 and last traded at $49.95. Approximately 248,582 shares changed hands during trading, a decline of 63% from the average daily volume of 668,721 shares. The stock had previously closed at $53.60.

Specifically, Director Kavita Patel sold 1,500 shares of the stock in a transaction on Tuesday, April 8th. The shares were sold at an average price of $57.50, for a total value of $86,250.00. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

Arcellx Price Performance

The stock has a 50-day moving average price of $65.77 and a 200 day moving average price of $76.33. The company has a market cap of $3.25 billion, a price-to-earnings ratio of -83.32 and a beta of 0.33.

Arcellx (NASDAQ:ACLX) last released its earnings results on Thursday, February 27th. The company reported ($0.87) EPS for the quarter, missing the consensus estimate of ($0.63) by ($0.24). The firm had revenue of $15.27 million during the quarter, compared to the consensus estimate of $27.42 million. Arcellx had a negative net margin of 25.94% and a negative return on equity of 8.28%. Sell-side analysts expect that Arcellx, Inc. will post -1.58 EPS for the current fiscal year.

Institutional Investors Weigh In On Arcellx

Large investors have recently made changes to their positions in the stock. Headlands Technologies LLC acquired a new position in shares of Arcellx during the 4th quarter worth approximately $41,000. GF Fund Management CO. LTD. acquired a new stake in Arcellx during the fourth quarter worth approximately $87,000. KBC Group NV increased its position in shares of Arcellx by 37.3% in the fourth quarter. KBC Group NV now owns 1,388 shares of the company’s stock worth $106,000 after purchasing an additional 377 shares during the period. Avanza Fonder AB acquired a new stake in shares of Arcellx during the 4th quarter worth approximately $184,000. Finally, Kazazian Asset Management LLC acquired a new position in shares of Arcellx during the 4th quarter worth $204,000. Institutional investors and hedge funds 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).