Eagle Asset Management Inc. Lowers Stock Position in Arcellx, Inc. (NASDAQ:ACLX)

Eagle Asset Management Inc. reduced its holdings in Arcellx, Inc. (NASDAQ:ACLX - Free Report) by 35.8% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 122,329 shares of the company's stock after selling 68,275 shares during the quarter. Eagle Asset Management Inc. owned about 0.23% of Arcellx worth $10,216,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. increased its holdings in shares of Arcellx by 4.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 328,093 shares of the company's stock valued at $27,399,000 after acquiring an additional 14,200 shares in the last quarter. HealthInvest Partners AB raised its holdings in Arcellx by 78.8% during the third quarter. HealthInvest Partners AB now owns 40,230 shares of the company's stock worth $3,360,000 after buying an additional 17,734 shares during the last quarter. Intech Investment Management LLC acquired a new position in Arcellx during the third quarter worth $800,000. Advisors Asset Management Inc. grew its holdings in shares of Arcellx by 13.1% during the third quarter. Advisors Asset Management Inc. now owns 6,196 shares of the company's stock valued at $517,000 after buying an additional 720 shares during the last quarter. Finally, First Turn Management LLC bought a new stake in shares of Arcellx during the third quarter worth about $17,896,000. 96.03% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Kavita Patel sold 33,763 shares of the stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $104.14, for a total transaction of $3,516,078.82. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Christopher Heery sold 27,451 shares of the firm's stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $67.03, for a total value of $1,840,040.53. Following the completion of the transaction, the insider now owns 9,278 shares of the company's stock, valued at approximately $621,904.34. This represents a 74.74 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 119,557 shares of company stock worth $10,163,933 over the last 90 days. Corporate insiders own 6.24% of the company's stock.

Arcellx Stock Up 3.7 %

ACLX traded up $3.22 during trading hours on Friday, hitting $90.44. The stock had a trading volume of 348,813 shares, compared to its average volume of 654,770. The stock has a market cap of $4.89 billion, a PE 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 company's fifty day simple moving average is $87.29 and its 200 day simple moving average is $68.89.

Arcellx (NASDAQ:ACLX - Get Free Report) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.48) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.54) by $0.06. The company had revenue of $26.03 million for 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 expect that Arcellx, Inc. will post -1.49 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Piper Sandler lifted their price target on Arcellx from $91.00 to $115.00 and gave the company an "overweight" rating in a research note on Friday, November 8th. Canaccord Genuity Group raised their price objective on Arcellx from $85.00 to $115.00 and gave the company a "buy" rating in a research note on Thursday, October 17th. Redburn Atlantic initiated coverage on shares of Arcellx in a research note on Tuesday, October 8th. They issued a "buy" rating and a $109.00 target price for the company. Bank of America raised their price target on shares of Arcellx from $84.00 to $100.00 and gave the company a "buy" rating in a research report on Wednesday, November 6th. Finally, Morgan Stanley upped their price objective on shares of Arcellx from $81.00 to $106.00 and gave the stock an "overweight" rating in a research report on Wednesday, November 6th. Thirteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Arcellx currently has a consensus rating of "Buy" and an average target price of $103.08.

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).