Kavita Patel, Director, Arcellx, Inc. (NASDAQ:ACLX), recently sold shares of the company in a deal valued at approximately $115,450. The sale, which took place on December 24, included 1,500 shares of common stock. The shares were sold at prices ranging from $76.92 to $77.61 per share. according to InvestingPro According to the data, ACLX shares are up 46% over the past six months, with the stock currently trading at $79.02.
Along with the sale, Patel exercised a stock option for 1,500 shares at $6.66 per share, bringing the total to $9,990. This deal was part of a Rule 10b5-1 trading plan put in place earlier in the year.
Following these transactions, Patel no longer owns any shares directly. Arcellx is a biotechnology company headquartered in Redwood City (NYSE:), California, that specializes in developing innovative cell therapies for the treatment of cancer.
In other recent news, several investment firms maintained their bullish stance on Arcellx Inc. After the company's recent developments. Stifel reiterated its Buy rating on Arcellx, highlighting the potential of the company's candidate, anito-cel, in the multiple myeloma market. Likewise, TD Cowen maintained a Buy rating, citing anito-cel's processing capabilities and superior safety profile.
BofA Securities increased its price target for Arcellx, citing anito-cel's competitive profile against its benchmark rival, Carvykti. Truist Securities also raised its price target, citing Arcellx's strong financial position and promising data for its Anito-cel treatment. Finally, Piper Sandler raised its price target following Arcellx's Q3 2024 earnings report and anticipation surrounding the full disclosure of data from the iMMagine-1 study of anito-cel.
These latest developments reflect the positive outlook for Arcellx shares based on the company's financial position and the expected success of the Anito-cel treatment. The efficacy and safety of anito-cel have been highlighted as key factors contributing to its preferred position in the market. Arcellx's recent earnings announcement and upcoming data presentations are expected to provide further insights into the company's future prospects.
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