Rami Al-Ghandour, President, CEO and Chairman of the Board of Directors of Arcellx, Inc., sold (NASDAQ:ACLX), a significant portion of his holdings in the company. This deal comes at a time when the stock witnessed a decline of 12.7% over the past week InvestingPro The data indicates that analysts maintain a strong buy consensus with price targets ranging from $104 to $134. According to a recent SEC filing, Al-Ghandour sold an aggregate of 30,311 shares of common stock over two days, January 7 and 8, 2025. The transactions were executed at an average price between $73.6929 and $75.5283 per share, resulting in total sales. With a value of about $2.26 million.
The sales were part of a broker-assisted transaction to cover tax withholding obligations associated with the vesting of restricted stock units. After these deals, Al-Ghandour maintains ownership of 117,275 shares in the company.
In other recent news, Arcellx Inc. The focus of attention is several investment firms, all of which have maintained a positive outlook on the biotech company. Both Stifel and TD Cowen reiterated their buy ratings, focusing on the potential of Arcellx's candidate, anito-cel, in the multiple myeloma market. The companies highlighted the effectiveness and safety of Anito-cel, with Stifel noting that there were no signs of Parkinson's disease or cranial nerve palsy in the data set.
BofA Securities and Truist Securities also maintained buy ratings, with BofA increasing their price target to $112 from $100, and Truist raising it to $136 from $87. The companies cited Arcellx's strong financial position, Anito-Cel's promising data, 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 clinical studies conducted by Arcellx, specifically the iMMagine-1 study, have played an integral role in These positive reviews. These are the latest developments that reflect the progress Arcellx has made in the biotechnology sector.
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