Rami Elghandour, President, CEO, and Chairman of the Board of Arcellx, Inc. (NASDAQ:ACLX), has sold a significant portion of his holdings in the company. The transaction comes as the stock has experienced a 12.7% decline over the past week, though InvestingPro data shows analysts maintain a strong buy consensus with price targets ranging from $104 to $134. According to a recent SEC filing, Elghandour sold a total of 30,311 shares of common stock over two days, January 7 and January 8, 2025. The transactions were executed at an average price range between $73.6929 and $75.5283 per share, resulting in a total sale value of approximately $2.26 million.
The sales were part of a broker-assisted transaction to cover tax withholding obligations associated with the vesting of restricted stock units. Following these transactions, Elghandour retains ownership of 117,275 shares in the company.
In other recent news, Arcellx Inc. has been the focus of several investment firms, all of which have maintained a positive outlook on the biotech company. Stifel and TD Cowen both reiterated their Buy ratings, emphasizing the potential of Arcellx’s candidate, anito-cel, in the Multiple Myeloma market. The firms highlighted anito-cel’s efficacy and safety profile, with Stifel noting the absence of signs of Parkinsonism or cranial nerve palsies in the dataset.
BofA Securities and Truist Securities also maintained Buy ratings, with BofA increasing the price target to $112 from $100 and Truist raising it to $136 from $87. The firms cited Arcellx’s strong financial position, the promising data for anito-cel, and its competitive edge over Carvykti.
Lastly, Piper Sandler maintained an Overweight rating and raised the price target to $115 from $91, following Arcellx’s third-quarter 2024 earnings report. The recent developments in Arcellx’s clinical studies, specifically the iMMagine-1 study, have been instrumental in these positive assessments. These are recent developments that reflect Arcellx’s progress in the biotechnology sector.
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