Arcellx, Inc. (NASDAQ:ACLX) Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. cut its position in Arcellx, Inc. (NASDAQ:ACLX - Free Report) by 13.3% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 250,123 shares of the company's stock after selling 38,336 shares during the period. JPMorgan Chase & Co. owned approximately 0.46% of Arcellx worth $20,888,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. First Turn Management LLC purchased a new stake in Arcellx in the third quarter valued at approximately $17,896,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of Arcellx by 4.5% in the 3rd 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 during the last quarter. Harbor Capital Advisors Inc. boosted its holdings in shares of Arcellx by 37.0% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 27,896 shares of the company's stock valued at $2,330,000 after acquiring an additional 7,534 shares during the last quarter. Lord Abbett & CO. LLC increased its stake in shares of Arcellx by 2.1% in the third quarter. Lord Abbett & CO. LLC now owns 891,848 shares of the company's stock worth $74,478,000 after acquiring an additional 18,004 shares during the period. Finally, Intech Investment Management LLC purchased a new position in shares of Arcellx during the third quarter worth $800,000. 96.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Arcellx

In other Arcellx news, Director Kavita Patel sold 15,238 shares of the firm's stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $105.92, for a total value of $1,614,008.96. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Christopher Heery sold 3,061 shares of the business's stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $77.17, for a total value of $236,217.37. Following the transaction, the insider now owns 32,456 shares in the company, valued at approximately $2,504,629.52. This represents a 8.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 59,863 shares of company stock worth $6,016,710. Corporate insiders own 6.24% of the company's stock.

Arcellx Stock Performance

Shares of ACLX traded down $4.79 during mid-day trading on Thursday, hitting $72.26. 884,285 shares of the company were exchanged, compared to its average volume of 646,095. The stock has a market cap of $3.91 billion, a price-to-earnings ratio of -101.77 and a beta of 0.33. Arcellx, Inc. has a 1-year low of $47.88 and a 1-year high of $107.37. The company has a 50 day moving average of $85.45 and a 200-day moving average of $75.61.

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

Analyst Ratings Changes

Several equities research analysts have weighed in on ACLX shares. Robert W. Baird increased their price target on Arcellx from $77.00 to $106.00 and gave the stock an "outperform" rating in a research report on Wednesday, November 6th. Morgan Stanley raised their target price on Arcellx from $81.00 to $106.00 and gave the stock an "overweight" rating in a report on Wednesday, November 6th. UBS Group boosted their price target on Arcellx from $106.00 to $114.00 and gave the company a "buy" rating in a report on Tuesday, December 10th. Redburn Atlantic initiated coverage on shares of Arcellx in a research note on Tuesday, October 8th. They set a "buy" rating and a $109.00 price objective on the stock. Finally, HC Wainwright reaffirmed a "buy" rating and set a $115.00 target price on shares of Arcellx in a report on Tuesday, December 10th. Thirteen investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, Arcellx presently has a consensus rating of "Buy" and a consensus price target of $105.93.

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).