Christopher Heery, Manager Medicine (TASE:) CEO of Arcellx, Inc. (NASDAQ:ACLX), a $3.74 billion market cap biotech company currently trading near $69 per share, recently reported sales of company shares totaling $581,315. According to InvestingPro analysis, the stock fell 12.7% last week. The transaction was made over two days, with the sale of 4,230 shares on January 7, 2025, at an average price of $75.53 per share, followed by the sale of 3,553 shares on January 8, 2025, at an average price of $73.69 per share. . This sale is intended to satisfy withholding tax obligations related to the issuance of restricted stock units. Following this transaction, Heery retains direct ownership of 25,085 shares of Arcellx common stock. The company maintains a strong financial position with more cash than debt and a healthy current ratio of 4.29. Looking for in-depth insights on insider trading patterns and 10+ additional ProTips? Find out more about InvestingPro.
In other recent news, Arcellx Inc. has seen a series of positive developments, with many investment firms maintaining or improving their ratings and adjusting their target prices for the company. Stifel, TD Cowen, BofA Securities, and Truist Securities all maintained buy ratings, highlighting the potential of Arcellx’s anito-cel treatment. Firms cited clinical efficacy, safety profile, and manufacturing capacity as key factors in their positive evaluation.
Piper Sandler also maintained an Overweight rating on Arcellx, increasing the price target following the company’s third quarter 2024 earnings report. The firm expressed hope for the release of the upcoming full data from the iMMagine-1 study of anito-cel at the meeting of the American Society of Hematology.
Arcellx’s recent earnings announcement and expectations surrounding iMMagine-1 research data contributed to the revised price target. The financial situation of this company, which has a capital of 677 million rands and the like, was also noted by Truist Securities. This latest development underscores the growing market confidence in Arcellx and its anito-cel treatment.
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