Arcellx, Inc. (NASDAQ:ACLX) Shares Sold by Congress Asset Management Co.

Congress Asset Management Co. trimmed its stake in shares of Arcellx, Inc. (NASDAQ:ACLX) by 1.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 22,735 shares of the company’s stock after selling 247 shares during the period. Congress Asset Management Co.’s holdings in Arcellx were worth $1,899,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Quest Partners LLC purchased a new stake in Arcellx in the 2nd quarter worth approximately $27,000. Plato Investment Management Ltd acquired a new position in shares of Arcellx in the 1st quarter valued at $51,000. Decheng Capital LLC acquired a new position in shares of Arcellx in the 2nd quarter valued at $65,000. National Bank of Canada FI boosted its holdings in Arcellx by 50.0% during the second quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock worth $80,000 after buying an additional 500 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its position in Arcellx by 21.7% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,944 shares of the company’s stock valued at $161,000 after buying an additional 347 shares during the period. 96.03% of the stock is owned by institutional investors and hedge funds.

Arcellx Stock Up 2.3 %

Shares of NASDAQ ACLX opened at $86.17 on Friday. The firm has a 50-day simple moving average of $80.27 and a 200-day simple moving average of $64.33. The stock has a market capitalization of $4.63 billion, a price-to-earnings ratio of -82.86 and a beta of 0.25. Arcellx, Inc. has a 52 week low of $35.01 and a 52 week high of $97.54.

Arcellx (NASDAQ:ACLX) last released its earnings results on Thursday, August 8th. The company reported ($0.51) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.52) by $0.01. The business had revenue of $27.38 million for the quarter, compared to analyst estimates of $22.04 million. Arcellx had a negative net margin of 37.23% and a negative return on equity of 12.42%. The firm’s revenue for the quarter was up 91.5% compared to the same quarter last year. As a group, equities research analysts expect that Arcellx, Inc. will post -1.65 EPS for the current year.

Insiders Place Their Bets

In other news, insider Christopher Heery sold 27,451 shares of Arcellx stock in a transaction on 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 transaction, the insider now owns 9,278 shares in the company, valued at $621,904.34. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Christopher Heery sold 27,451 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $67.03, for a total transaction of $1,840,040.53. Following the completion of the sale, the insider now owns 9,278 shares in the company, valued at $621,904.34. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kavita Patel sold 1,500 shares of the company’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $74.41, for a total transaction of $111,615.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 70,556 shares of company stock valued at $5,033,845. Insiders own 6.24% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on ACLX. Canaccord Genuity Group increased their target price on shares of Arcellx from $85.00 to $115.00 and gave the stock a “buy” rating in a research note on Thursday, October 17th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Arcellx in a research report on Monday, September 9th. Redburn Atlantic began coverage on Arcellx in a research report on Tuesday, October 8th. They issued a “buy” rating and a $109.00 price objective for the company. Needham & Company LLC reaffirmed a “buy” rating and set a $96.00 target price on shares of Arcellx in a research note on Thursday. Finally, Stifel Nicolaus lifted their price target on shares of Arcellx from $83.00 to $122.00 and gave the company a “buy” rating in a research note on Friday, October 18th. Twelve research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $89.75.

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).