arcellx director Kavita Patel sells shares worth $115,450

Kavita Patel, a director at Arcellx, Inc. (NASDAQ:ACLX), recently sold shares of the company in a transaction valued at approximately $115,450. The sale, which took place on December 24, involved 1,500 shares of common stock. The shares were sold at prices ranging from $76.92 to $77.61 per share. According to InvestingPro data, ACLX shares have surged 46% over the past six months, with the stock currently trading at $79.02.

Alongside the sale, Patel executed a stock option for 1,500 shares at a price of $6.66 each, amounting to a total of $9,990. This transaction was part of a Rule 10b5-1 trading plan established earlier in the year.

Following these transactions, Patel no longer holds any shares directly. Arcellx, a biotech firm based in Redwood (NYSE:) City, California, specializes in developing innovative cell therapies for cancer treatment.

In other recent news, multiple investment firms have maintained their bullish stance on Arcellx Inc. following 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. Similarly, TD Cowen maintained a Buy rating, citing the potential of anito-cel treatment and its superior safety profile.

BofA Securities increased its price target for Arcellx, noting the competitive profile of anito-cel against its benchmark competitor, Carvykti. Truist Securities also raised its price target, attributing this to Arcellx’s strong financial position and promising data for its Anito-cel therapy. Lastly, Piper Sandler raised its price target following Arcellx’s third-quarter 2024 earnings report and the anticipation surrounding the full data disclosure from the iMMagine-1 study for anito-cel.

These recent developments reflect the positive outlook on Arcellx’s shares based on the company’s financial health and the anticipated success of its Anito-cel therapy. The efficacy and safety profile of anito-cel have been highlighted as key factors contributing to its favorable 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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