Principal Financial Group Inc. Trims Stake in Arcellx, Inc. (NASDAQ:ACLX)

Principal Financial Group Inc. cut its stake in Arcellx, Inc. (NASDAQ:ACLX) by 8.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,679 shares of the company’s stock after selling 339 shares during the quarter. Principal Financial Group Inc.’s holdings in Arcellx were worth $282,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. KBC Group NV increased its holdings in shares of Arcellx by 37.3% in the 4th quarter. KBC Group NV now owns 1,388 shares of the company’s stock valued at $106,000 after acquiring an additional 377 shares during the period. Quarry LP purchased a new position in shares of Arcellx in the 3rd quarter valued at $125,000. Quest Partners LLC increased its holdings in shares of Arcellx by 210.1% in the 3rd quarter. Quest Partners LLC now owns 1,532 shares of the company’s stock valued at $128,000 after acquiring an additional 1,038 shares during the period. Covestor Ltd increased 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 valued at $135,000 after acquiring an additional 1,613 shares during the period. Finally, Avanza Fonder AB purchased a new position in shares of Arcellx in the 4th quarter valued at $184,000. 96.03% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Needham & Company LLC reiterated a “buy” rating and issued a $105.00 price target on shares of Arcellx in a report on Monday, December 9th. HC Wainwright restated a “buy” rating and set a $115.00 target price on shares of Arcellx in a research note on Tuesday, December 10th. Truist Financial boosted their target price on Arcellx from $87.00 to $136.00 and gave the stock a “buy” rating in a research note on Tuesday, November 12th. Piper Sandler boosted their target price on Arcellx from $91.00 to $115.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Finally, UBS Group boosted their target price on Arcellx from $106.00 to $114.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. Thirteen investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Arcellx presently has an average rating of “Buy” and an average target price of $108.46.

Insider Activity

In other news, insider Christopher Heery sold 3,061 shares of the business’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $77.17, for a total value of $236,217.37. Following the completion of the transaction, the insider now 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 sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Kavita Patel sold 1,500 shares of the business’s stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $76.97, for a total value of $115,455.00. The disclosure for this sale can be found here. Insiders sold a total of 64,370 shares of company stock valued at $4,189,641 in the last quarter. 6.24% of the stock is currently owned by company insiders.

Arcellx Stock Performance

Shares of ACLX opened at $70.74 on Friday. The stock has a 50-day moving average of $67.61 and a two-hundred day moving average of $77.47. Arcellx, Inc. has a one year low of $47.88 and a one year high of $107.37. The stock has a market cap of $3.89 billion, a P/E ratio of -99.63 and a beta of 0.32.

Arcellx (NASDAQ:ACLX) last issued its quarterly earnings data on Thursday, February 27th. The company reported ($0.87) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.63) by ($0.24). The company had revenue of $15.27 million during the quarter, compared to analyst estimates of $27.42 million. Arcellx had a negative net margin of 25.94% and a negative return on equity of 8.28%. Analysts predict that Arcellx, Inc. will post -1.58 EPS for the current fiscal year.

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).