First Turn Management LLC Makes New Investment in Arcellx, Inc. (NASDAQ:ACLX)

First Turn Management LLC purchased a new stake in Arcellx, Inc. (NASDAQ:ACLX - Free Report) in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 214,298 shares of the company's stock, valued at approximately $17,896,000. Arcellx makes up about 2.8% of First Turn Management LLC's investment portfolio, making the stock its 13th biggest holding. First Turn Management LLC owned about 0.40% of Arcellx at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Quest Partners LLC bought a new stake in Arcellx in the second quarter worth about $27,000. Plato Investment Management Ltd purchased a new position in shares of Arcellx in the 1st quarter worth $51,000. Decheng Capital LLC bought a new stake in Arcellx during the 2nd quarter worth approximately $65,000. National Bank of Canada FI lifted its stake in 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 purchasing an additional 500 shares in the last quarter. Finally, Covestor Ltd lifted its position in Arcellx by 53,766.7% in the third 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 last quarter. Institutional investors own 96.03% of the company's stock.

Arcellx Trading Down 0.7 %

ACLX traded down $0.63 on Tuesday, hitting $87.59. 498,216 shares of the company's stock were exchanged, compared to its average volume of 481,967. The stock has a market cap of $4.74 billion, a price-to-earnings ratio of -123.36 and a beta of 0.27. Arcellx, Inc. has a fifty-two week low of $46.42 and a fifty-two week high of $107.37. The firm has a 50-day moving average price of $86.52 and a 200-day moving average price of $68.25.

Arcellx (NASDAQ:ACLX - Get Free Report) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.48) EPS for the quarter, beating the consensus estimate of ($0.54) by $0.06. Arcellx had a negative return on equity of 8.28% and a negative net margin of 25.94%. The firm had revenue of $26.03 million during the quarter, compared to the consensus estimate of $35.21 million. On average, equities analysts predict that Arcellx, Inc. will post -1.49 EPS for the current year.

Insider Buying and Selling

In other news, insider Christopher Heery sold 27,451 shares of the business's stock in a transaction dated Tuesday, September 3rd. The stock was 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 in the company, valued at approximately $621,904.34. The trade was a 74.74 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kavita Patel sold 1,500 shares of the company's stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $74.41, for a total value of $111,615.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 119,557 shares of company stock valued at $10,163,933. Insiders own 6.24% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Morgan Stanley boosted their price target on Arcellx from $81.00 to $106.00 and gave the company an "overweight" rating in a report on Wednesday, November 6th. Bank of America raised their price target on Arcellx from $84.00 to $100.00 and gave the stock a "buy" rating in a report on Wednesday, November 6th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Arcellx in a report on Monday, September 9th. Needham & Company LLC reaffirmed a "buy" rating and set a $96.00 price target on shares of Arcellx in a research report on Wednesday, November 6th. Finally, HC Wainwright increased their price target on Arcellx from $80.00 to $95.00 and gave the stock a "buy" rating in a research report 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. Based on data from MarketBeat.com, Arcellx has a consensus rating of "Buy" and a consensus 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).