Principal Financial Group Inc. Sells 33,334 Shares of Arcellx, Inc. (NASDAQ:ACLX)

Principal Financial Group Inc. lowered its position in shares of Arcellx, Inc. (NASDAQ:ACLX - Free Report) by 89.2% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,018 shares of the company's stock after selling 33,334 shares during the quarter. Principal Financial Group Inc.'s holdings in Arcellx were worth $336,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Sei Investments Co. raised its position in shares of Arcellx by 36.3% during the 1st quarter. Sei Investments Co. now owns 14,836 shares of the company's stock valued at $1,032,000 after acquiring an additional 3,951 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Arcellx by 8.1% in the 1st quarter. Vanguard Group Inc. now owns 2,228,856 shares of the company's stock worth $155,017,000 after buying an additional 167,037 shares during the last quarter. Acadian Asset Management LLC boosted its holdings in shares of Arcellx by 153.6% in the 1st quarter. Acadian Asset Management LLC now owns 7,882 shares of the company's stock valued at $548,000 after buying an additional 4,774 shares during the period. Advisors Asset Management Inc. grew its position in shares of Arcellx by 951.9% during the 1st quarter. Advisors Asset Management Inc. now owns 4,197 shares of the company's stock valued at $292,000 after buying an additional 3,798 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its stake in Arcellx by 6.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,344,553 shares of the company's stock worth $93,514,000 after acquiring an additional 84,373 shares during the period. Institutional investors own 96.03% of the company's stock.

Arcellx Stock Performance

Shares of NASDAQ:ACLX traded down $1.03 during mid-day trading on Monday, hitting $89.41. The stock had a trading volume of 531,481 shares, compared to its average volume of 480,198. The company's 50 day moving average is $87.29 and its 200-day moving average is $69.00. Arcellx, Inc. has a 12-month low of $46.42 and a 12-month high of $107.37. The company has a market cap of $4.84 billion, a PE ratio of -130.11 and a beta of 0.27.

Arcellx (NASDAQ:ACLX - Get Free Report) last announced its 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 the consensus estimate of $35.21 million. Arcellx had a negative net margin of 25.94% and a negative return on equity of 8.28%. On average, equities research analysts predict that Arcellx, Inc. will post -1.49 EPS for the current fiscal year.

Insiders Place Their Bets

In other Arcellx news, Director Kavita Patel sold 1,500 shares of the stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $74.41, for a total value of $111,615.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Michelle Gilson sold 15,000 shares of Arcellx stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $77.73, for a total transaction of $1,165,950.00. Following the sale, the chief financial officer now directly owns 6,915 shares of the company's stock, valued at $537,502.95. This trade represents a 68.45 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 97,873 shares of company stock worth $8,621,767. 6.24% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on ACLX shares. Morgan Stanley boosted their price objective on Arcellx from $81.00 to $106.00 and gave the company an "overweight" rating in a research report on Wednesday, November 6th. Canaccord Genuity Group boosted their target price on Arcellx from $85.00 to $115.00 and gave the stock a "buy" rating in a report on Thursday, October 17th. Bank of America upped their target price on Arcellx from $84.00 to $100.00 and gave the stock a "buy" rating in a research report on Wednesday, November 6th. Cantor Fitzgerald reiterated an "overweight" rating on shares of Arcellx in a research report on Monday, September 9th. Finally, Truist Financial upped their price objective on Arcellx from $87.00 to $136.00 and gave the company a "buy" rating in a report on Tuesday, November 12th. Thirteen research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus 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).