Advisors Asset Management Inc. Grows Stock Position in Arcellx, Inc. (NASDAQ:ACLX)

Advisors Asset Management Inc. increased its holdings in shares of Arcellx, Inc. (NASDAQ:ACLX) by 13.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 6,196 shares of the company’s stock after buying an additional 720 shares during the quarter. Advisors Asset Management Inc.’s holdings in Arcellx were worth $517,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Quest Partners LLC purchased a new position in shares of Arcellx in the 2nd quarter worth about $27,000. Plato Investment Management Ltd purchased a new position in shares of Arcellx in the 1st quarter worth about $51,000. Decheng Capital LLC purchased a new position in shares of Arcellx in the 2nd quarter worth about $65,000. National Bank of Canada FI raised its holdings in shares of Arcellx by 50.0% in the 2nd quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock worth $80,000 after purchasing an additional 500 shares during the period. Finally, Covestor Ltd raised its holdings in shares of Arcellx by 53,766.7% in the 3rd quarter. Covestor Ltd now owns 1,616 shares of the company’s stock worth $135,000 after purchasing an additional 1,613 shares during the period. 96.03% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Piper Sandler raised their price objective on Arcellx from $91.00 to $115.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. Bank of America increased their target price on Arcellx from $84.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Redburn Atlantic initiated coverage on Arcellx in a research note on Tuesday, October 8th. They issued a “buy” rating and a $109.00 target price for the company. Truist Financial increased their target price on Arcellx from $87.00 to $136.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. Finally, Stifel Nicolaus increased their target price on Arcellx from $83.00 to $122.00 and gave the company a “buy” rating in a research note on Friday, October 18th. Thirteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $103.08.

Insider Transactions at Arcellx

In other news, insider Christopher Heery sold 27,451 shares of Arcellx stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $67.03, for a total value of $1,840,040.53. Following the completion of the transaction, the insider now owns 9,278 shares in the company, valued at approximately $621,904.34. This trade represents a 74.74 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kavita Patel sold 1,500 shares of Arcellx stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $74.41, for a total value of $111,615.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 97,873 shares of company stock worth $8,621,767. 6.24% of the stock is currently owned by corporate insiders.

Arcellx Stock Down 2.1 %

Shares of NASDAQ ACLX opened at $89.07 on Thursday. Arcellx, Inc. has a fifty-two week low of $46.42 and a fifty-two week high of $107.37. The business has a 50 day moving average price of $87.80 and a two-hundred day moving average price of $69.55. The firm has a market cap of $4.82 billion, a PE ratio of -125.45 and a beta of 0.27.

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

About Arcellx

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).