arcellx CEO Elghandour sells inventory value $2.26 million

Rami Elghandour, President, CEO, and Chairman of the Board of Arcellx, Inc. (NASDAQ:ACLX), has offered a good portion of his holdings within the firm. The transaction comes because the inventory has skilled a 12.7% decline over the previous week, although InvestingPro information reveals analysts preserve a powerful purchase consensus with value targets starting from $104 to $134. Based on a latest SEC submitting, Elghandour offered a complete of 30,311 shares of widespread inventory over two days, January 7 and January 8, 2025. The transactions have been executed at a mean value vary between $73.6929 and $75.5283 per share, leading to a complete sale worth of roughly $2.26 million.

The gross sales have been a part of a broker-assisted transaction to cowl tax withholding obligations related to the vesting of restricted inventory models. Following these transactions, Elghandour retains possession of 117,275 shares within the firm.

In different latest information, Arcellx Inc. has been the main focus of a number of funding corporations, all of which have maintained a optimistic outlook on the biotech firm. Stifel and TD Cowen each reiterated their Purchase rankings, emphasizing the potential of Arcellx’s candidate, anito-cel, within the A number of Myeloma market. The corporations highlighted anito-cel’s efficacy and security profile, with Stifel noting the absence of indicators of Parkinsonism or cranial nerve palsies within the dataset.

BofA Securities and Truist Securities additionally maintained Purchase rankings, with BofA rising the worth goal to $112 from $100 and Truist elevating it to $136 from $87. The corporations cited Arcellx’s robust monetary place, the promising information for anito-cel, and its aggressive edge over Carvykti.

Lastly, Piper Sandler maintained an Chubby ranking and raised the worth goal to $115 from $91, following Arcellx’s third-quarter 2024 earnings report. The latest developments in Arcellx’s medical research, particularly the iMMagine-1 examine, have been instrumental in these optimistic assessments. These are latest developments that replicate Arcellx’s progress within the biotechnology sector.

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