Suvretta Capital Management LLC Sells 826,304 Shares of Arcellx, Inc. (NASDAQ:ACLX)

Suvretta Capital Management LLC lowered its position in shares of Arcellx, Inc. (NASDAQ:ACLX - Free Report) by 54.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 689,950 shares of the company's stock after selling 826,304 shares during the period. Arcellx makes up approximately 1.8% of Suvretta Capital Management LLC's portfolio, making the stock its 15th largest position. Suvretta Capital Management LLC owned approximately 1.28% of Arcellx worth $57,618,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in shares of Arcellx by 8.1% during the 1st quarter. Vanguard Group Inc. now owns 2,228,856 shares of the company's stock valued at $155,017,000 after acquiring an additional 167,037 shares during the last quarter. Great Point Partners LLC lifted its position in Arcellx by 64.0% during the second quarter. Great Point Partners LLC now owns 492,000 shares of the company's stock valued at $27,153,000 after purchasing an additional 192,000 shares during the period. Affinity Asset Advisors LLC boosted its holdings in Arcellx by 53.3% in the second quarter. Affinity Asset Advisors LLC now owns 460,000 shares of the company's stock worth $25,387,000 after purchasing an additional 160,000 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Arcellx by 4.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 328,093 shares of the company's stock worth $27,399,000 after purchasing an additional 14,200 shares during the period. Finally, Victory Capital Management Inc. raised 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 buying an additional 48,006 shares during the last quarter. 96.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Arcellx

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

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Morgan Stanley raised their price target on Arcellx from $81.00 to $106.00 and gave the stock an "overweight" rating in a research note on Wednesday, November 6th. Stifel Nicolaus raised their target price on Arcellx from $83.00 to $122.00 and gave the stock a "buy" rating in a research report on Friday, October 18th. Bank of America upped their price target on shares of Arcellx from $84.00 to $100.00 and gave the company a "buy" rating in a research report on Wednesday, November 6th. Cantor Fitzgerald reissued an "overweight" rating on shares of Arcellx in a report on Monday, September 9th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $96.00 target price on shares of Arcellx in a report on Wednesday, November 6th. Thirteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $103.08.

Arcellx Stock Down 1.1 %

Shares of ACLX traded down $1.00 during trading hours on Friday, reaching $88.07. 219,462 shares of the stock traded hands, compared to its average volume of 478,538. The company's 50-day moving average price is $88.04 and its two-hundred day moving average price is $69.82. 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 announced 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 business had revenue of $26.03 million for the quarter, compared to the consensus estimate of $35.21 million. On average, sell-side analysts forecast that Arcellx, Inc. will post -1.49 earnings per share for the current fiscal year.

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).