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On April 8, 2025, Kavita Patel, a director at Arcellx Inc. (NASDAQ:ACLX), a biotechnology company with a market capitalization of $3.1 billion, executed a series of transactions involving the company's common stock. Patel sold 1,500 shares at a price of $57.50 per share, totaling $86,250. The sale occurred as the stock has seen an 11.7% decline over the past week, currently trading at $53.60. This sale was conducted under a pre-established Rule 10b5-1 trading plan, which Patel entered into on March 28, 2024.
In addition to the sale, Patel executed a stock option to acquire 1,500 shares at $6.66 per share, which were subsequently sold. This option exercise was part of Arcellx's 2017 Equity Incentive Plan, which stipulates a vesting schedule for the shares. Following these transactions, Patel holds no shares directly.
In other recent news, Arcellx, Inc. announced the appointment of Andrew Galligan and Kristin Myers to its Board of Directors as the company prepares for the anticipated commercial launch of its lead product candidate, anito-cel, in 2026. Galligan brings over thirty years of financial leadership experience, while Myers has extensive experience in the healthcare industry. Their appointments aim to strengthen Arcellx's commercial strategies and operations. Meanwhile, Stifel analysts have maintained their Buy rating for Arcellx, setting a price target of $122. This decision follows discussions at the NYC Biotech Doc Days event, where medical experts expressed concerns about cilta-cel's side effects, potentially favoring Arcellx's anito-cel due to its favorable toxicity profile. The positive reception of recent data on anito-cel was noted, although some skepticism remains among investors due to limited follow-up data. Stifel suggests that additional data presented at upcoming conferences could bolster confidence in anito-cel's safety profile. Arcellx's approach to cell therapy aims to provide safer and more effective treatments, with ongoing progress and preparations for the commercial launch of anito-cel, in partnership with Kite, a Gilead (NASDAQ:GILD) Company.
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