UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Decreases Stake in Arcellx, Inc. (NASDAQ:ACLX)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC cut its stake in shares of Arcellx, Inc. (NASDAQ:ACLX - Free Report) by 8.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 282,855 shares of the company's stock after selling 27,527 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned approximately 0.52% of Arcellx worth $23,621,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. First Turn Management LLC acquired a new stake in shares of Arcellx during the third quarter worth $17,896,000. Great Point Partners LLC grew its holdings in Arcellx by 64.0% during the 2nd quarter. Great Point Partners LLC now owns 492,000 shares of the company's stock worth $27,153,000 after acquiring an additional 192,000 shares during the period. Affinity Asset Advisors LLC raised its position in shares of Arcellx by 53.3% in the 2nd quarter. Affinity Asset Advisors LLC now owns 460,000 shares of the company's stock worth $25,387,000 after acquiring an additional 160,000 shares in the last quarter. abrdn plc acquired a new position in shares of Arcellx in the 3rd quarter valued at about $4,242,000. Finally, Victory Capital Management Inc. boosted its position in shares of Arcellx by 20.4% during the 2nd quarter. Victory Capital Management Inc. now owns 283,872 shares of the company's stock valued at $15,667,000 after purchasing an additional 48,006 shares in the last quarter. 96.03% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Arcellx

In other news, Director Kavita Patel sold 33,763 shares of the company's stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $104.14, for a total value of $3,516,078.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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 value of $1,165,950.00. Following the sale, the chief financial officer now owns 6,915 shares in the company, valued at $537,502.95. This trade represents a 68.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 68,501 shares of company stock worth $6,680,008. Insiders own 6.24% of the company's stock.

Arcellx Trading Down 2.2 %

Arcellx stock traded down $1.87 during trading on Friday, hitting $84.55. 303,028 shares of the company were exchanged, compared to its average volume of 476,891. The company has a market capitalization of $4.57 billion, a P/E ratio of -119.08 and a beta of 0.25. The business's 50 day moving average is $88.46 and its 200 day moving average is $71.33. Arcellx, Inc. has a 52 week low of $46.42 and a 52 week high of $107.37.

Arcellx (NASDAQ:ACLX - Get Free Report) last posted its earnings results on Thursday, November 7th. The company reported ($0.48) earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $26.03 million during the quarter, compared to analyst estimates of $35.21 million. Equities analysts expect that Arcellx, Inc. will post -1.49 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on ACLX. Truist Financial lifted their target price on Arcellx from $87.00 to $136.00 and gave the stock a "buy" rating in a report on Tuesday, November 12th. Redburn Atlantic began coverage on shares of Arcellx in a research note on Tuesday, October 8th. They issued a "buy" rating and a $109.00 price objective for the company. Piper Sandler increased their target price on shares of Arcellx from $91.00 to $115.00 and gave the stock an "overweight" rating in a research note on Friday, November 8th. Cantor Fitzgerald reiterated an "overweight" rating on shares of Arcellx in a report on Monday, September 9th. Finally, HC Wainwright raised their target price on Arcellx from $80.00 to $95.00 and gave the company a "buy" rating in a research note on Wednesday, November 6th. Twelve analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Buy" and an average price target of $103.08.

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).