Charles Schwab Investment Management Inc. Purchases 14,200 Shares of Arcellx, Inc. (NASDAQ:ACLX)

Charles Schwab Investment Management Inc. lifted its position in shares of Arcellx, Inc. (NASDAQ:ACLX) by 4.5% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 328,093 shares of the company’s stock after buying an additional 14,200 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in Arcellx were worth $27,399,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Quest Partners LLC bought a new stake in Arcellx in the second quarter valued at approximately $27,000. Decheng Capital LLC bought a new stake in Arcellx in the second quarter valued at approximately $65,000. National Bank of Canada FI boosted its holdings in Arcellx by 50.0% in the second quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock valued at $80,000 after acquiring an additional 500 shares during the last quarter. Covestor Ltd boosted its holdings in Arcellx by 53,766.7% in the third quarter. Covestor Ltd now owns 1,616 shares of the company’s stock valued at $135,000 after acquiring an additional 1,613 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in Arcellx by 21.7% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,944 shares of the company’s stock valued at $161,000 after acquiring an additional 347 shares during the last quarter. 96.03% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently commented on the company. Robert W. Baird upped their target price on Arcellx from $77.00 to $106.00 and gave the company an “outperform” rating in a report on Wednesday, November 6th. Redburn Atlantic assumed coverage on Arcellx in a research note on Tuesday, October 8th. They issued a “buy” rating and a $109.00 price target on the stock. Needham & Company LLC reissued a “buy” rating and issued a $96.00 price target on shares of Arcellx in a research note on Wednesday, November 6th. Morgan Stanley boosted their price target on Arcellx from $81.00 to $106.00 and gave the company an “overweight” rating in a research note on Wednesday, November 6th. Finally, Piper Sandler boosted their price target on Arcellx from $91.00 to $115.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Thirteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $103.08.

Arcellx Stock Down 3.2 %

Shares of NASDAQ:ACLX opened at $85.85 on Thursday. Arcellx, Inc. has a twelve month low of $46.42 and a twelve month high of $107.37. The stock’s 50 day moving average is $88.38 and its 200-day moving average is $71.01. The firm has a market capitalization of $4.64 billion, a price-to-earnings ratio of -120.91 and a beta of 0.25.

Arcellx (NASDAQ:ACLX) last issued its earnings results on Thursday, November 7th. The company reported ($0.48) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.54) by $0.06. The company had revenue of $26.03 million for the quarter, compared to analyst estimates of $35.21 million. Arcellx had a negative return on equity of 8.28% and a negative net margin of 25.94%. Equities research analysts anticipate that Arcellx, Inc. will post -1.49 earnings per share for the current fiscal year.

Insider Activity at Arcellx

In related news, Director Kavita Patel sold 15,238 shares of the stock in a transaction on Monday, November 11th. The stock was sold at an average price of $105.92, for a total value of $1,614,008.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Michelle Gilson sold 15,000 shares of the stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $77.73, for a total value of $1,165,950.00. Following the completion of the sale, the chief financial officer now directly owns 6,915 shares of the company’s stock, valued at $537,502.95. The trade was a 68.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 67,001 shares of company stock valued at $6,542,188. 6.24% of the stock is owned by insiders.

Arcellx Profile

Arcellx, Inc, together with its subsidiary, engages in the development of various immunotherapies for patients with cancer and other incurable diseases in the United States. The company’s lead ddCAR product candidate is anitocabtagene autoleucel, which is in phase 2 clinical trial for the treatment of patients with relapsed or refractory multiple myeloma (rrMM).