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

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

Several other institutional investors have also recently added to or reduced their stakes in the business. First Turn Management LLC purchased a new stake in Arcellx in the third quarter valued at approximately $17,896,000. Great Point Partners LLC lifted its stake in Arcellx by 64.0% in the second quarter. Great Point Partners LLC now owns 492,000 shares of the company’s stock valued at $27,153,000 after buying an additional 192,000 shares during the last quarter. Vanguard Group Inc. lifted its stake in Arcellx by 8.1% in the first quarter. Vanguard Group Inc. now owns 2,228,856 shares of the company’s stock valued at $155,017,000 after buying an additional 167,037 shares during the last quarter. Affinity Asset Advisors LLC lifted its stake in Arcellx by 53.3% in the second quarter. Affinity Asset Advisors LLC now owns 460,000 shares of the company’s stock valued at $25,387,000 after buying an additional 160,000 shares during the last quarter. Finally, abrdn plc purchased a new stake in Arcellx in the third quarter valued at approximately $4,242,000. Hedge funds and other institutional investors own 96.03% of the company’s stock.

Arcellx Stock Performance

Arcellx stock opened at $89.07 on Thursday. The firm has a market capitalization of $4.82 billion, a price-to-earnings ratio of -125.45 and a beta of 0.27. Arcellx, Inc. has a fifty-two week low of $46.42 and a fifty-two week high of $107.37. The stock’s fifty day moving average is $87.80 and its two-hundred day moving average is $69.55.

Arcellx (NASDAQ:ACLX) last posted its earnings results on Thursday, November 7th. The company reported ($0.48) earnings per share for the quarter, beating the consensus estimate 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%. As a group, sell-side analysts forecast that Arcellx, Inc. will post -1.49 EPS for the current fiscal year.

Insider Buying and Selling at Arcellx

In other news, CFO Michelle Gilson sold 15,000 shares of the company’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $77.73, for a total value of $1,165,950.00. Following the sale, the chief financial officer now directly owns 6,915 shares in the company, valued at $537,502.95. This represents a 68.45 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kavita Patel sold 33,763 shares of the company’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $104.14, for a total value of $3,516,078.82. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 97,873 shares of company stock valued at $8,621,767. Insiders own 6.24% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have weighed in on ACLX. Bank of America boosted their price objective on Arcellx from $84.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Morgan Stanley upped their price target on Arcellx from $81.00 to $106.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 6th. Stifel Nicolaus upped their price target on Arcellx from $83.00 to $122.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. Needham & Company LLC restated a “buy” rating and set a $96.00 price target on shares of Arcellx in a research note on Wednesday, November 6th. Finally, Canaccord Genuity Group upped their price target on Arcellx from $85.00 to $115.00 and gave the stock a “buy” rating in a research note on Thursday, October 17th. Thirteen equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $103.08.

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).