Principal Financial Group Inc. Reduces Holdings in Arcellx, Inc. (NASDAQ:ACLX)

Principal Financial Group Inc. decreased its holdings in shares of Arcellx, Inc. (NASDAQ:ACLX - Free Report) by 89.2% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 4,018 shares of the company's stock after selling 33,334 shares during the period. Principal Financial Group Inc.'s holdings in Arcellx were worth $336,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the stock. Bank of New York Mellon Corp grew its stake in Arcellx by 21.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 147,198 shares of the company's stock valued at $8,124,000 after purchasing an additional 26,134 shares during the last quarter. Rhumbline Advisers increased its holdings in Arcellx by 14.3% in the 2nd quarter. Rhumbline Advisers now owns 60,570 shares of the company's stock worth $3,343,000 after buying an additional 7,568 shares during the period. TD Asset Management Inc raised its position in Arcellx by 36.9% during the 2nd quarter. TD Asset Management Inc now owns 123,118 shares of the company's stock worth $6,795,000 after buying an additional 33,200 shares during the last quarter. National Bank of Canada FI lifted its stake in Arcellx by 50.0% during the 2nd quarter. National Bank of Canada FI now owns 1,500 shares of the company's stock valued at $80,000 after acquiring an additional 500 shares during the period. Finally, Victory Capital Management Inc. lifted its stake in 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 acquiring an additional 48,006 shares during the period. Institutional investors and hedge funds own 96.03% of the company's stock.

Insider Activity at Arcellx

In related news, insider Christopher Heery sold 3,301 shares of the company's stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $79.55, for a total transaction of $262,594.55. Following the completion of the sale, the insider now owns 35,517 shares of the company's stock, valued at approximately $2,825,377.35. This represents a 8.50 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kavita Patel sold 1,500 shares of the firm's stock in a transaction that occurred on Tuesday, December 24th. The stock was sold at an average price of $76.97, for a total transaction of $115,455.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 59,863 shares of company stock valued at $6,016,710. 6.24% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on ACLX. Redburn Atlantic assumed coverage on shares of Arcellx in a report on Tuesday, October 8th. They set a "buy" rating and a $109.00 target price for the company. Piper Sandler lifted their price objective 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 boosted their price objective on Arcellx from $85.00 to $115.00 and gave the company a "buy" rating in a report on Thursday, October 17th. Truist Financial raised 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. Finally, Needham & Company LLC reissued a "buy" rating and issued a $105.00 price target on shares of Arcellx in a report on Monday, December 9th. Thirteen investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $105.93.

Arcellx Stock Up 2.7 %

Shares of NASDAQ ACLX traded up $2.04 during trading on Tuesday, hitting $77.05. The company had a trading volume of 527,388 shares, compared to its average volume of 586,560. Arcellx, Inc. has a fifty-two week low of $47.88 and a fifty-two week high of $107.37. The stock has a fifty day simple moving average of $85.75 and a two-hundred day simple moving average of $75.64. The firm has a market capitalization of $4.17 billion, a price-to-earnings ratio of -108.52 and a beta of 0.33.

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, topping the consensus estimate of ($0.54) by $0.06. The company had revenue of $26.03 million during the quarter, compared to analyst estimates of $35.21 million. Arcellx had a negative return on equity of 8.28% and a negative net margin of 25.94%. On average, analysts anticipate that Arcellx, Inc. will post -1.49 earnings per share for the current year.

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).