Allspring Global Investments Holdings LLC Grows Stock Position in Arcellx, Inc. (NASDAQ:ACLX)

Allspring Global Investments Holdings LLC boosted its position in Arcellx, Inc. (NASDAQ:ACLX) by 37.8% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 15,928 shares of the company’s stock after purchasing an additional 4,372 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Arcellx were worth $879,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Plato Investment Management Ltd purchased a new position in shares of Arcellx in the first quarter worth about $51,000. Advisory Alpha LLC acquired a new position in shares of Arcellx during the 1st quarter worth approximately $209,000. Simplicity Wealth LLC purchased a new stake in shares of Arcellx in the first quarter valued at approximately $232,000. Bleakley Financial Group LLC acquired a new stake in shares of Arcellx in the first quarter valued at approximately $232,000. Finally, Advisors Asset Management Inc. lifted its position in Arcellx by 951.9% during the first quarter. Advisors Asset Management Inc. now owns 4,197 shares of the company’s stock worth $292,000 after buying an additional 3,798 shares in the last quarter. Institutional investors and hedge funds own 96.03% of the company’s stock.

Arcellx Price Performance

Shares of NASDAQ:ACLX opened at $65.46 on Thursday. The firm has a market capitalization of $3.50 billion, a PE ratio of -63.55 and a beta of 0.23. Arcellx, Inc. has a 1 year low of $30.88 and a 1 year high of $75.10. The firm’s 50-day moving average is $61.31 and its two-hundred day moving average is $59.65.

Arcellx (NASDAQ:ACLX) last announced its earnings results on Thursday, August 8th. The company reported ($0.51) earnings per share for the quarter, topping the consensus estimate of ($0.52) by $0.01. Arcellx had a negative net margin of 37.23% and a negative return on equity of 12.42%. The firm had revenue of $27.38 million for the quarter, compared to the consensus estimate of $22.04 million. The firm’s revenue was up 91.5% on a year-over-year basis. Analysts expect that Arcellx, Inc. will post -1.64 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have issued reports on ACLX shares. Stifel Nicolaus raised their target price on Arcellx from $82.00 to $83.00 and gave the stock a “buy” rating in a research note on Wednesday, May 15th. Cantor Fitzgerald assumed coverage on shares of Arcellx in a research note on Tuesday. They set an “overweight” rating on the stock. Needham & Company LLC reissued a “buy” rating and issued a $81.00 price target on shares of Arcellx in a research note on Friday, August 9th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $85.00 price target on shares of Arcellx in a research report on Monday, July 22nd. Finally, Truist Financial reiterated a “buy” rating and issued a $87.00 price objective on shares of Arcellx in a research report on Tuesday, June 18th. Fourteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $78.00.

Insider Activity

In other Arcellx news, Director Kavita Patel sold 1,500 shares of the company’s stock in a transaction dated Tuesday, July 9th. The stock was sold at an average price of $56.63, for a total transaction of $84,945.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Arcellx news, Director Kavita Patel sold 1,500 shares of the stock in a transaction that occurred on Tuesday, July 9th. The shares were sold at an average price of $56.63, for a total value of $84,945.00. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Christopher Heery sold 20,000 shares of the business’s stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $55.13, for a total transaction of $1,102,600.00. Following the transaction, the insider now owns 9,278 shares of the company’s stock, valued at approximately $511,496.14. The disclosure for this sale can be found here. Over the last three months, insiders have sold 129,584 shares of company stock worth $7,936,834. Corporate insiders own 6.24% of the company’s stock.

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).