Rami Elghandour, President, CEO, and Chairman of the Board of Arcellx, Inc. (NASDAQ:ACLX), 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, however InvestingPro The data shows that 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 on an average price range between $73.6929 and $75.5283 per share, resulting in total sales. amount of approximately $2.26 million.

The sales are part of a broker-assisted transaction to cover withholding tax obligations associated with the vesting of restricted stock units. Following these transactions, Elghandour continues to own 117,275 shares of the company.

In other recent news, Arcellx Inc. has been the focus of many investment firms, all of which maintain a positive outlook on the biotech company. Stifel and TD Cowen both reiterated their Buy ratings, highlighting the potential of Arcellx’s candidate, anito-cel, in the Multiple Myeloma market. The companies highlighted the effectiveness and safety profile of anito-cel, which Stifel announced showed no signs of Parkinsonism or cranial nerve palsy in the dataset.

BofA Securities and Truist Securities also maintained Buy ratings, with BofA raising its price target to $112 from $100 and Truist raising it to $136 from $87. The companies cited Arcellx’s strong financial position, the promising data for anito-cel, and its competition with Carvykti.

Finally, Piper Sandler maintained an Overweight rating and raised its price target to $115 from $91, following Arcellx’s third quarter 2024 earnings report. Recent advances in Arcellx clinical studies, particularly the iMMagine-1 study, have been instrumental in positive assessments. These are the new developments that show Arcellx’s progress in the biotechnology sector.

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