Christopher Heery, Chief Medical (TASE:) Officer Arcellx, Inc. (NASDAQ:ACLX), a $3.74 billion market cap biotechnology company that currently trades near $69 per share, recently reported sales of company shares totaling $581,315. According to InvestingPro analysis, the stock has fallen 12.7% over the past week. The transactions took place over two days, with the sale of 4,230 shares on January 7, 2025 at an average price of $75.53 per share, followed by the sale of 3,553 shares on January 8, 2025 at an average price of $73.69 per share. These sales were made to satisfy withholding tax obligations related to the acquisition of restricted stock units. Following these transactions, Heery retains direct ownership of 25,085 shares of Arcellx common stock. The company maintains a strong financial position with more cash than debt and a healthy current ratio of 4.29. Want a deeper insight into insider trading patterns and 10+ additional expert tips? Discover more with InvestingPro.
In other recent news, Arcellx Inc. saw a number of positive developments, with multiple investment firms maintaining or improving their ratings and adjusting their price targets for the company. Stifel, TD Cowen, BofA Securities and Truist Securities maintained Buy ratings, highlighting the potential of Arcellx’s anito-cel therapy. The companies cited the therapy’s efficacy, safety profile and manufacturing capabilities as key factors in their positive reviews.
Piper Sandler also maintained an Overweight rating on Arcellx, raising its price target following the company’s Q3 2024 earnings report. The company expressed optimism about the upcoming release of full data from the iMMagine-1 study of anito-cel at the American Society of Hematology meeting.
Arcellx’s recent earnings release and anticipation surrounding data from the iMMagine-1 study contributed to the revised price targets. The company’s financial position, with a reported $677 million in cash and equivalents, was also noted by Truist Securities. These recent developments underscore the market’s growing confidence in Arcellx and its anito-cel therapy.
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