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Kavita Patel, a director at Arcellx , Inc. (NASDAQ:ACLX), a $4 billion market cap biotechnology company, recently executed a significant transaction involving the company’s common stock. On March 18, Patel sold 1,500 shares at a price of $71.64 per share, totaling $107,460. This transaction was conducted under a Rule 10b5-1 trading plan established on March 28, 2024. According to InvestingPro data, the stock currently trades at $69.87, with analyst targets ranging from $104 to $134.
Prior to the sale, Patel exercised stock options to acquire 1,500 shares at a price of $6.66 each, resulting in a total acquisition cost of $9,990. Following these transactions, Patel no longer holds any shares directly.
These moves provide a glimpse into the financial maneuvers of Arcellx’s board members, reflecting both strategic planning and execution in managing their stock holdings.
In other recent news, Stifel analysts have reaffirmed their Buy rating for Arcellx Inc. with a price target set at $122. This decision comes after discussions at the NYC Biotech Doc Days event, where experts shared insights on Multiple Myeloma and BCMA-CAR-T therapies. The analysts noted that medical professionals expressed limited enthusiasm for cilta-cel as a second-line treatment due to concerns about a rare side effect, Parkinsonism. This situation might benefit Arcellx’s anito-cel, which could see increased market adoption because of its more favorable toxicity profile. The recent ASH 2024 data on anito-cel received positive feedback, although some investors remain skeptical due to limited follow-up data. Stifel suggests that upcoming presentations, such as those at ASCO, could provide additional data to support anito-cel’s safety profile. This additional evidence could increase investor confidence and positively impact Arcellx’s stock.
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