The Manufacturers Life Insurance Company Increases Position in Arcellx, Inc. (NASDAQ:ACLX)

The Manufacturers Life Insurance Company grew its position in Arcellx, Inc. (NASDAQ:ACLX - Free Report) by 15.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 84,839 shares of the company's stock after purchasing an additional 11,507 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.16% of Arcellx worth $7,085,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. First Turn Management LLC acquired a new stake in Arcellx in the third quarter valued at $17,896,000. Harbor Capital Advisors Inc. raised its position in shares of Arcellx by 37.0% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 27,896 shares of the company's stock worth $2,330,000 after acquiring an additional 7,534 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in Arcellx during the second quarter worth approximately $1,494,000. Intech Investment Management LLC acquired a new position in Arcellx in the third quarter valued at approximately $800,000. Finally, Charles Schwab Investment Management Inc. increased its stake in Arcellx by 4.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 328,093 shares of the company's stock valued at $27,399,000 after purchasing an additional 14,200 shares during the last quarter. 96.03% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Arcellx

In related news, Director Kavita Patel sold 1,500 shares of the company's stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $91.88, for a total value of $137,820.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Michelle Gilson sold 15,000 shares of the stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $77.73, for a total value of $1,165,950.00. Following the sale, the chief financial officer now owns 6,915 shares in the company, valued at approximately $537,502.95. This trade represents a 68.45 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 68,501 shares of company stock valued at $6,680,008. Insiders own 6.24% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on ACLX. Canaccord Genuity Group upped their target price on shares of Arcellx from $85.00 to $115.00 and gave the company a "buy" rating in a report on Thursday, October 17th. Morgan Stanley lifted their price target on Arcellx from $81.00 to $106.00 and gave the stock an "overweight" rating in a research report on Wednesday, November 6th. HC Wainwright increased their price objective on Arcellx from $80.00 to $95.00 and gave the company a "buy" rating in a report on Wednesday, November 6th. Barclays raised shares of Arcellx to a "strong-buy" rating in a report on Friday, November 29th. Finally, Redburn Atlantic began coverage on shares of Arcellx in a research report on Tuesday, October 8th. They set a "buy" rating and a $109.00 price objective on the stock. Twelve analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $103.08.

Arcellx Trading Up 0.7 %

ACLX stock traded up $0.57 on Thursday, reaching $86.42. 423,214 shares of the company's stock were exchanged, compared to its average volume of 477,631. The stock has a fifty day moving average of $88.38 and a 200-day moving average of $71.01. Arcellx, Inc. has a twelve month low of $46.42 and a twelve month high of $107.37.

Arcellx (NASDAQ:ACLX - Get Free Report) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.48) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.54) by $0.06. Arcellx had a negative net margin of 25.94% and a negative return on equity of 8.28%. The business had revenue of $26.03 million during the quarter, compared to the consensus estimate of $35.21 million. As a group, sell-side analysts forecast that Arcellx, Inc. will post -1.49 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).