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Christopher Heery, the Chief Medical (TASE:PMCN) Officer of Arcellx, Inc. (NASDAQ:ACLX), has reported selling shares of the company in a recent transaction. According to the SEC filing, Heery sold a total of 6,362 shares over two days. On January 3, 2025, he sold 3,301 shares at an average price of $79.5481, and on January 6, 2025, he sold an additional 3,061 shares at an average price of $77.1668. These transactions amounted to a total value of approximately $498,795. The sales come as the stock has shown remarkable strength, gaining over 38% in the past six months according to InvestingPro data.
In addition to the sales, Heery also acquired shares through the exercise of restricted stock units on January 2 and January 3, 2025. The acquisitions involved 13,021 and 16,519 shares, respectively, though these were not part of the sell transactions.
Following these transactions, Heery holds 32,456 shares of Arcellx in direct ownership.
In other recent news, Arcellx Inc. has been the focus of several analyst firms following the release of data from the iMMagine-1 study for the developmental therapy anito-cel. Stifel maintained its Buy rating on Arcellx shares, emphasizing the potential of anito-cel in the Multiple Myeloma market. Similarly, TD Cowen upheld a Buy rating, citing the promising efficacy and superior safety of anito-cel treatment.
BofA Securities increased its price target for Arcellx from $100 to $112, maintaining a Buy rating due to the positive interim results of the iMMagine-1 study. Truist Securities also raised its price target from $87 to $136, reaffirming a Buy rating based on Arcellx's strong financial position and promising data for Anito-cel therapy.
Piper Sandler increased its price target for Arcellx to $115, maintaining an Overweight rating following Arcellx's third-quarter 2024 earnings report and the upcoming full data release from the iMMagine-1 study. The recent developments highlight the significant strides made by Arcellx in the biotechnology sector, with promising clinical data driving positive ratings and increased price targets from multiple investment firms.
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