Congress Asset Management Co. MA Lowers Position in Arcellx, Inc. (NASDAQ:ACLX)

Congress Asset Management Co. MA lessened its stake in Arcellx, Inc. (NASDAQ:ACLX) by 7.3% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 23,228 shares of the company’s stock after selling 1,831 shares during the quarter. Congress Asset Management Co. MA’s holdings in Arcellx were worth $1,616,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Alps Advisors Inc. raised its stake in Arcellx by 1.2% during the third quarter. Alps Advisors Inc. now owns 35,710 shares of the company’s stock valued at $1,281,000 after purchasing an additional 432 shares in the last quarter. High Net Worth Advisory Group LLC increased its position in Arcellx by 7.7% during the fourth quarter. High Net Worth Advisory Group LLC now owns 7,000 shares of the company’s stock valued at $388,000 after acquiring an additional 500 shares during the last quarter. Profund Advisors LLC increased its position in Arcellx by 2.0% during the third quarter. Profund Advisors LLC now owns 26,872 shares of the company’s stock valued at $964,000 after acquiring an additional 527 shares during the last quarter. Rhumbline Advisers increased its position in Arcellx by 1.8% during the third quarter. Rhumbline Advisers now owns 51,352 shares of the company’s stock valued at $1,842,000 after acquiring an additional 923 shares during the last quarter. Finally, Exchange Traded Concepts LLC increased its position in Arcellx by 34.0% during the fourth quarter. Exchange Traded Concepts LLC now owns 4,241 shares of the company’s stock valued at $235,000 after acquiring an additional 1,076 shares during the last quarter. Hedge funds and other institutional investors own 96.03% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on ACLX shares. Evercore ISI started coverage on shares of Arcellx in a research report on Tuesday, May 14th. They set an “outperform” rating and a $85.00 price objective on the stock. Needham & Company LLC reiterated a “buy” rating and set a $81.00 price objective on shares of Arcellx in a research report on Tuesday, May 7th. HC Wainwright cut their price target on shares of Arcellx from $82.00 to $80.00 and set a “buy” rating on the stock in a report on Monday, May 13th. Morgan Stanley began coverage on shares of Arcellx in a report on Thursday, March 7th. They issued an “overweight” rating and a $81.00 price target on the stock. Finally, Canaccord Genuity Group upped their price target on shares of Arcellx from $66.00 to $85.00 and gave the stock a “buy” rating in a report on Thursday, February 29th. Thirteen investment 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 an average price target of $78.00.

Arcellx Stock Performance

NASDAQ ACLX opened at $56.12 on Friday. The company has a market capitalization of $3.00 billion, a price-to-earnings ratio of -54.49 and a beta of 0.23. The company’s 50-day simple moving average is $52.80 and its two-hundred day simple moving average is $58.26. Arcellx, Inc. has a one year low of $30.74 and a one year high of $75.10.

Arcellx (NASDAQ:ACLX) last released its quarterly earnings results on Thursday, May 9th. The company reported ($0.14) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.51) by $0.37. The business had revenue of $39.26 million for the quarter, compared to analysts’ expectations of $20.67 million. Arcellx had a negative net margin of 38.39% and a negative return on equity of 13.11%. The company’s revenue was up 119.2% compared to the same quarter last year. During the same period last year, the business earned ($0.58) EPS. Equities analysts expect that Arcellx, Inc. will post -1.7 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Arcellx news, insider Christopher Heery sold 20,000 shares of Arcellx stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $55.13, for a total transaction of $1,102,600.00. Following the completion of the sale, the insider now directly owns 9,278 shares in the company, valued at approximately $511,496.14. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, insider Rami Elghandour sold 23,086 shares of Arcellx stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $67.09, for a total transaction of $1,548,839.74. Following the completion of the transaction, the insider now directly owns 69,253 shares of the company’s stock, valued at approximately $4,646,183.77. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Christopher Heery sold 20,000 shares of Arcellx stock in a transaction that occurred on Wednesday, June 12th. The shares were sold at an average price of $55.13, for a total transaction of $1,102,600.00. Following the transaction, the insider now directly owns 9,278 shares of the company’s stock, valued at $511,496.14. The disclosure for this sale can be found here. Insiders sold 88,227 shares of company stock worth $5,097,590 in the last three months. Corporate insiders own 6.24% of the company’s stock.

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).