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

Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Arcellx, Inc. (NASDAQ:ACLX) by 34.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 6,811 shares of the company’s stock after buying an additional 1,740 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Arcellx were worth $376,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. Plato Investment Management Ltd purchased a new stake in shares of Arcellx during the first quarter valued at about $51,000. Advisory Alpha LLC acquired a new stake in Arcellx in the first quarter valued at approximately $209,000. Simplicity Wealth LLC purchased a new position in Arcellx in the first quarter worth $232,000. Bleakley Financial Group LLC acquired a new position in shares of Arcellx during the first quarter worth $232,000. Finally, Advisors Asset Management Inc. increased its position in shares of 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 purchasing an additional 3,798 shares in the last quarter. Institutional investors own 96.03% of the company’s stock.

Insiders Place Their Bets

In other news, insider Christopher Heery sold 27,451 shares of Arcellx stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $67.03, for a total transaction of $1,840,040.53. Following the completion of the transaction, the insider now directly owns 9,278 shares of the company’s stock, valued at approximately $621,904.34. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Arcellx news, CFO Michelle Gilson sold 12,877 shares of the stock in a transaction that occurred on Wednesday, June 26th. The stock was sold at an average price of $53.70, for a total transaction of $691,494.90. Following the transaction, the chief financial officer now owns 6,915 shares in the company, valued at $371,335.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Christopher Heery sold 27,451 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $67.03, for a total value of $1,840,040.53. Following the completion of the sale, the insider now directly owns 9,278 shares in the company, valued at $621,904.34. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 133,005 shares of company stock worth $8,176,372. Corporate insiders own 6.24% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on ACLX shares. Truist Financial reaffirmed a “buy” rating and set a $87.00 target price on shares of Arcellx in a research report on Tuesday, June 18th. Needham & Company LLC reaffirmed a “buy” rating and issued a $81.00 price objective on shares of Arcellx in a research report on Friday, August 9th. Canaccord Genuity Group reiterated a “buy” rating and issued a $85.00 target price on shares of Arcellx in a research note on Monday, July 22nd. Stifel Nicolaus upped their price target on shares of Arcellx from $82.00 to $83.00 and gave the company a “buy” rating in a research note on Wednesday, May 15th. Finally, Cantor Fitzgerald assumed coverage on shares of Arcellx in a research note on Tuesday, September 3rd. They set an “overweight” rating for the company. Fourteen equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $78.00.

Arcellx Price Performance

NASDAQ ACLX opened at $71.25 on Friday. Arcellx, Inc. has a 1 year low of $30.88 and a 1 year high of $75.10. The company has a market capitalization of $3.81 billion, a PE ratio of -69.17 and a beta of 0.23. The company has a fifty day moving average of $61.95 and a 200 day moving average of $59.79.

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

About Arcellx

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).