Sector Gamma AS Invests $2.30 Million in Arcellx, Inc. (NASDAQ:ACLX)

Sector Gamma AS purchased a new position in shares of Arcellx, Inc. (NASDAQ:ACLX) during the 1st quarter, Holdings Channel.com reports. The institutional investor purchased 35,000 shares of the company’s stock, valued at approximately $2,296,000.

Several other institutional investors have also modified their holdings of the company. E Fund Management Co. Ltd. boosted its stake in shares of Arcellx by 8.3% during the 1st quarter. E Fund Management Co. Ltd. now owns 5,468 shares of the company’s stock worth $359,000 after acquiring an additional 419 shares in the last quarter. Knott David M Jr purchased a new stake in shares of Arcellx during the 1st quarter worth approximately $984,000. Nuveen LLC purchased a new stake in shares of Arcellx during the 1st quarter worth approximately $7,333,000. Invesco Ltd. boosted its stake in shares of Arcellx by 13.9% during the 1st quarter. Invesco Ltd. now owns 30,242 shares of the company’s stock worth $1,984,000 after acquiring an additional 3,692 shares in the last quarter. Finally, Covestor Ltd raised its position in shares of Arcellx by 47.6% during the 1st quarter. Covestor Ltd now owns 2,137 shares of the company’s stock worth $140,000 after purchasing an additional 689 shares during the last quarter. Hedge funds and other institutional investors own 96.03% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently issued reports on ACLX shares. Citigroup started coverage on Arcellx in a research report on Tuesday, June 17th. They set a “buy” rating and a $110.00 price objective for the company. HC Wainwright restated a “buy” rating and set a $115.00 price objective on shares of Arcellx in a research report on Monday, June 16th. Scotiabank lifted their price objective on Arcellx from $93.00 to $133.00 and gave the stock a “sector outperform” rating in a research report on Thursday, July 31st. Finally, Cantor Fitzgerald upgraded Arcellx to a “strong-buy” rating in a research report on Monday, August 4th. Thirteen analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $114.31.

Arcellx Stock Performance

Shares of ACLX opened at $71.86 on Friday. The stock has a fifty day moving average of $68.03 and a two-hundred day moving average of $65.40. The company has a market capitalization of $3.99 billion, a PE ratio of -21.01 and a beta of 0.28. Arcellx, Inc. has a fifty-two week low of $47.86 and a fifty-two week high of $107.37.

Arcellx (NASDAQ:ACLX) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.94) earnings per share for the quarter, beating the consensus estimate of ($1.03) by $0.09. The company had revenue of $7.55 million during the quarter, compared to the consensus estimate of $16.76 million. Arcellx had a negative return on equity of 43.04% and a negative net margin of 329.93%. As a group, equities research analysts forecast that Arcellx, Inc. will post -1.58 earnings per share for the current fiscal year.

Insider Activity at Arcellx

In other news, Director Kavita Patel sold 1,500 shares of the company’s stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $67.36, for a total transaction of $101,040.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 8.35% of the stock is currently owned by insiders.

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).