Rami Elghandour, President, CEO and Chairman of the Board of Arcellx, Inc. (NASDAQ:ACLX), has sold a significant portion of its stake in the company. The transaction comes as the stock has seen a 12.7% decline over the past week InvestingPro the data shows that analysts maintain a strong buy consensus with price targets ranging from $104 to $134. According to a recent SEC filing, Elghandour sold a total of 30,311 shares of common stock over two days, January 7th and January 8th, 2025. The transactions occurred at an average price between $73.6929 and $75.5283 per share, resulting in a total of worth about 2.26 million dollars.
The sale was part of a broker-assisted transaction to cover tax liabilities associated with the acquisition of restricted stock units. Following these transactions, Elghandour retains ownership of 117,275 shares of the company.
In other recent news, Arcellx Inc. was the focus of several investment firms, all of which maintained a positive outlook for the biotech company. Stifel and TD Cowen reiterated their Buy ratings, highlighting the potential of Arcellx’s candidate, anito-cel, in the multiple myeloma market. The companies highlighted the efficacy and safety profile of anito-cel, and Stifel noted the absence of signs of Parkinsonism or cranial nerve palsy in the data set.
BofA Securities and Truist Securities also maintained buy ratings, with BofA raising its price target to $112 from $100 and Truist raising it to $136 from $87. The companies cited Arcellx’s strong financial position, promising data for anito-cel and its competitive advantage over Carvykti.
Finally, Piper Sandler maintained an Overweight rating and raised its price target to $115 from $91, following Arcellx’s Q3 2024 earnings report. Recent developments in Arcellx’s clinical studies, particularly the iMMagine-1 study, were key to these positive ratings . These are recent developments that reflect Arcellx’s progress in the biotech sector.
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