Kavita Patel, a director at Arcellx, Inc. (NASDAQ:ACLX), recently sold shares of the company's common stock, according to a filing with the Securities and Exchange Commission. On January 14, Patel executed a series of transactions, selling a total of 1,500 shares. The sales were conducted at various prices, with a range between $64.95 and $67.32 per share, amounting to a total value of approximately $98,801. The transactions come as the stock has experienced a notable 10.5% decline over the past week, with InvestingPro data indicating oversold conditions.
The sale was carried out under a Rule 10b5-1 trading plan, which allows company insiders to set up a predetermined schedule for selling stocks. This plan was established by Patel on March 28, 2024.
In addition to the sales, Patel also exercised stock options to acquire 1,500 shares at $6.66 per share, marking a transaction valued at $9,990. Following these transactions, Patel holds 37,577 shares of Arcellx common stock directly.
In other recent news, Arcellx Inc. has seen several positive developments. Stifel maintained a Buy rating on Arcellx, emphasizing the potential of Arcellx's candidate, anito-cel, in the Multiple Myeloma market. TD Cowen also maintained a Buy rating, citing the potential of anito-cel treatment and Arcellx's superior manufacturing capabilities. BofA Securities increased the price target to $112 from the previous $100, reiterating a Buy rating following Arcellx's announcement of interim pivotal iMMagine-1 data for anito-cel.
Truist Securities raised the price target to $136 from the previous $87, reaffirming a Buy rating due to Arcellx's strong financial position and promising data for Anito-cel therapy. Piper Sandler also increased the price target to $115 from the previous $91, maintaining an Overweight rating following Arcellx's third-quarter 2024 earnings report and the upcoming full data release from the iMMagine-1 study for anito-cel.
These are recent developments that highlight Arcellx's progress in the biotechnology sector. The company's anito-cel therapy has shown promising results, with several investment firms increasing their price targets based on this promising clinical data. The efficacy and safety of anito-cel, particularly in the treatment of Multiple Myeloma, have been emphasized by analysts from various firms.
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