Eagle Asset Management Inc. Sells 68,275 Shares of Arcellx, Inc. (NASDAQ:ACLX)

Eagle Asset Management Inc. reduced its position in Arcellx, Inc. (NASDAQ:ACLX) by 35.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 122,329 shares of the company’s stock after selling 68,275 shares during the quarter. Eagle Asset Management Inc.’s holdings in Arcellx were worth $10,216,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. Quest Partners LLC bought a new stake in Arcellx in the second quarter valued at about $27,000. Plato Investment Management Ltd acquired a new stake in Arcellx during the first quarter valued at approximately $51,000. Decheng Capital LLC bought a new stake in shares of Arcellx in the 2nd quarter valued at approximately $65,000. National Bank of Canada FI raised its holdings in shares of Arcellx by 50.0% in the 2nd quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock worth $80,000 after buying an additional 500 shares in the last quarter. Finally, Covestor Ltd lifted its position in shares of Arcellx by 53,766.7% during the 3rd quarter. Covestor Ltd now owns 1,616 shares of the company’s stock worth $135,000 after buying an additional 1,613 shares during the period. Institutional investors and hedge funds own 96.03% of the company’s stock.

Insider Buying and Selling

In other Arcellx news, Director Kavita Patel sold 1,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $74.41, for a total value of $111,615.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Michelle Gilson sold 15,000 shares of Arcellx stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $77.73, for a total transaction of $1,165,950.00. Following the transaction, the chief financial officer now directly owns 6,915 shares in the company, valued at approximately $537,502.95. This represents a 68.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 119,557 shares of company stock valued at $10,163,933 over the last three months. Company insiders own 6.24% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on ACLX shares. Cantor Fitzgerald reiterated an “overweight” rating on shares of Arcellx in a research report on Monday, September 9th. Stifel Nicolaus increased their target price on shares of Arcellx from $83.00 to $122.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. Redburn Atlantic assumed coverage on shares of Arcellx in a research report on Tuesday, October 8th. They issued a “buy” rating and a $109.00 price target on the stock. Morgan Stanley raised their price objective on shares of Arcellx from $81.00 to $106.00 and gave the stock an “overweight” rating in a report on Wednesday, November 6th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $96.00 target price on shares of Arcellx in a research note on Wednesday, November 6th. Thirteen equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $103.08.

Arcellx Trading Up 3.7 %

Shares of NASDAQ:ACLX opened at $90.44 on Friday. The stock has a market capitalization of $4.89 billion, a P/E ratio of -127.38 and a beta of 0.27. Arcellx, Inc. has a 1-year low of $46.42 and a 1-year high of $107.37. The business has a 50-day moving average price of $87.29 and a two-hundred day moving average price of $68.77.

Arcellx (NASDAQ:ACLX) last released its earnings results on Thursday, November 7th. The company reported ($0.48) EPS for the quarter, topping analysts’ consensus estimates of ($0.54) by $0.06. The firm had revenue of $26.03 million during the quarter, compared to analyst estimates of $35.21 million. Arcellx had a negative net margin of 25.94% and a negative return on equity of 8.28%. As a group, equities analysts predict that Arcellx, Inc. will post -1.49 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).