Kavita Patel, CEO of Arcellx, Inc. (NASDAQ:ACLX), recently sold shares of the company’s common stock, according to a filing with the Securities and Exchange Commission. On January 14, Patel made a series of transactions, selling a total of 1,500 shares. Sales were made at various prices, with a range between $64.95 and $67.32 per share, for a total value of approximately $98,801. The transactions come as the stock has seen a significant 10.5% decline over the past week, s InvestingPro data indicating resale conditions.
The sale was made under a Rule 10b5-1 trading plan, which allows company officials to set a predetermined schedule for selling stock. This plan was established by Patel on March 28, 2024.
In addition to the sale, Patel also exercised stock options to purchase 1,500 shares at $6.66 per share, marking a transaction valued at $9,990. Following these transactions, Patel directly holds 37,577 shares of Arcellx common stock.
In other recent news, Arcellx Inc. has experienced several positive developments. Stifel maintained a Buy rating on Arcellx, highlighting the potential of Arcellx’s candidate, anito-cel, in the multiple myeloma market. TD Cowen also maintained a Buy rating, citing the potential of the anito-cel treatment and Arcellx’s superior production capabilities. BofA Securities raised its price target to $112 from $100 previously, reiterating a Buy rating following Arcellx’s release of iMMagine-1 interim key data for anito-cel.
Truist Securities raised its price target to $136 from $87 previously, reaffirming a Buy rating on Arcellx’s strong financial position and promising data for Anito-cel therapy. Piper Sandler also raised its price target to $115 from $91 previously, maintaining an Overweight rating following Arcellx’s Q3 2024 earnings report and the upcoming release of full data from the iMMagine-1 study for anito-cel.
These are recent developments that highlight Arcellx’s progress in the biotech sector. The company’s Anito-cel therapy has shown promising results, with several investment firms increasing their price targets based on this promising clinical data. Analysts from various companies emphasized the effectiveness and safety of anito-cel, especially in the treatment of multiple myeloma.
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