Zurcher Kantonalbank Zurich Cantonalbank Increases Stock Position in Arcellx, Inc. (NASDAQ:ACLX)

Zurcher Kantonalbank Zurich Cantonalbank increased its position in Arcellx, Inc. (NASDAQ:ACLX) by 9.6% in the fourth quarter, Holdings Channel.com reports. The fund owned 9,836 shares of the company’s stock after purchasing an additional 858 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Arcellx were worth $754,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. raised its holdings in Arcellx by 4.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 328,093 shares of the company’s stock worth $27,399,000 after acquiring an additional 14,200 shares during the last quarter. Lord Abbett & CO. LLC raised its stake in Arcellx by 2.1% during the 3rd quarter. Lord Abbett & CO. LLC now owns 891,848 shares of the company’s stock valued at $74,478,000 after buying an additional 18,004 shares during the last quarter. Intech Investment Management LLC purchased a new stake in Arcellx during the 3rd quarter valued at $800,000. Geode Capital Management LLC raised its stake in Arcellx by 4.3% during the 3rd quarter. Geode Capital Management LLC now owns 974,967 shares of the company’s stock valued at $81,434,000 after buying an additional 39,781 shares during the last quarter. Finally, Citigroup Inc. raised its stake in Arcellx by 97.1% during the 3rd quarter. Citigroup Inc. now owns 43,154 shares of the company’s stock valued at $3,604,000 after buying an additional 21,262 shares during the last quarter. 96.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Arcellx news, Director Kavita Patel sold 1,500 shares of the stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $76.97, for a total transaction of $115,455.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Rami Elghandour sold 38,300 shares of the stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $62.02, for a total transaction of $2,375,366.00. Following the transaction, the insider now directly owns 149,186 shares of the company’s stock, valued at $9,252,515.72. This trade represents a 20.43 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 65,870 shares of company stock valued at $4,297,101. Company insiders own 6.24% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have weighed in on ACLX. Needham & Company LLC reiterated a “buy” rating and set a $105.00 target price on shares of Arcellx in a research note on Monday, December 9th. UBS Group boosted their target price on shares of Arcellx from $106.00 to $114.00 and gave the company a “buy” rating in a research note on Tuesday, December 10th. HC Wainwright reiterated a “buy” rating and set a $115.00 target price on shares of Arcellx in a research note on Tuesday, December 10th. Finally, Barclays upgraded shares of Arcellx to a “strong-buy” rating in a research note on Friday, November 29th. Thirteen equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Arcellx has an average rating of “Buy” and a consensus target price of $108.46.

Arcellx Stock Performance

Shares of Arcellx stock opened at $69.33 on Friday. The company has a market capitalization of $3.81 billion, a P/E ratio of -97.65 and a beta of 0.32. The company has a fifty day moving average of $66.56 and a 200 day moving average of $77.67. Arcellx, Inc. has a fifty-two week low of $47.88 and a fifty-two week high of $107.37.

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

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).