Principal Financial Group Inc. Sells 33,334 Shares of Arcellx, Inc. (NASDAQ:ACLX)

Principal Financial Group Inc. cut its position in Arcellx, Inc. (NASDAQ:ACLX) by 89.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,018 shares of the company’s stock after selling 33,334 shares during the quarter. Principal Financial Group Inc.’s holdings in Arcellx were worth $336,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. First Turn Management LLC bought a new position in shares of Arcellx in the third quarter valued at approximately $17,896,000. Charles Schwab Investment Management Inc. raised its position in Arcellx by 4.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 328,093 shares of the company’s stock valued at $27,399,000 after purchasing an additional 14,200 shares during the last quarter. Harbor Capital Advisors Inc. raised its holdings in Arcellx by 37.0% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 27,896 shares of the company’s stock worth $2,330,000 after purchasing an additional 7,534 shares in the last quarter. Lord Abbett & CO. LLC grew its holdings in shares of Arcellx by 2.1% during the 3rd quarter. Lord Abbett & CO. LLC now owns 891,848 shares of the company’s stock worth $74,478,000 after acquiring an additional 18,004 shares during the period. Finally, Intech Investment Management LLC bought a new stake in shares of Arcellx during the 3rd quarter valued at $800,000. Hedge funds and other institutional investors own 96.03% of the company’s stock.

Arcellx Price Performance

ACLX stock opened at $75.01 on Tuesday. The business has a 50-day moving average price of $85.95 and a 200 day moving average price of $75.49. The company has a market capitalization of $4.06 billion, a P/E ratio of -105.65 and a beta of 0.33. Arcellx, Inc. has a 1-year low of $47.88 and a 1-year high of $107.37.

Arcellx (NASDAQ:ACLX) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.48) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.54) by $0.06. Arcellx had a negative net margin of 25.94% and a negative return on equity of 8.28%. The business had revenue of $26.03 million for 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 fiscal year.

Analyst Ratings Changes

ACLX has been the subject of several recent analyst reports. Barclays raised Arcellx to a “strong-buy” rating in a research report on Friday, November 29th. Stifel Nicolaus raised their price objective on Arcellx from $83.00 to $122.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. Bank of America increased their target price on Arcellx from $84.00 to $100.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Redburn Atlantic started coverage on Arcellx in a research note on Tuesday, October 8th. They set a “buy” rating and a $109.00 price target for the company. Finally, Truist Financial boosted their price objective on Arcellx from $87.00 to $136.00 and gave the stock a “buy” rating in a research note on Tuesday, November 12th. Thirteen analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $105.93.

Insider Buying and Selling

In related news, Director Kavita Patel sold 1,500 shares of Arcellx stock in a transaction that occurred on Tuesday, December 24th. The stock was sold at an average price of $76.97, for a total transaction of $115,455.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Christopher Heery sold 3,061 shares of Arcellx stock in a transaction on Monday, January 6th. The shares were sold at an average price of $77.17, for a total transaction of $236,217.37. Following the completion of the transaction, the insider now directly owns 32,456 shares of the company’s stock, valued at $2,504,629.52. The trade was a 8.62 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 59,863 shares of company stock worth $6,016,710 in the last 90 days. Insiders own 6.24% of the company’s stock.

Arcellx Company 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).