Arcellx, Inc. (NASDAQ:ACLX) Shares Sold by Suvretta Capital Management LLC

Suvretta Capital Management LLC reduced its holdings in shares of Arcellx, Inc. (NASDAQ:ACLX) by 54.5% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 689,950 shares of the company’s stock after selling 826,304 shares during the quarter. Arcellx makes up approximately 1.8% of Suvretta Capital Management LLC’s holdings, making the stock its 15th largest holding. Suvretta Capital Management LLC’s holdings in Arcellx were worth $57,618,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Mirae Asset Global Investments Co. Ltd. increased its position in Arcellx by 21.7% during the 3rd 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 in the last quarter. Quest Partners LLC acquired a new position in Arcellx during the 2nd quarter valued at about $27,000. National Bank of Canada FI increased its position 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 buying an additional 500 shares in the last quarter. High Net Worth Advisory Group LLC increased its position in Arcellx by 6.3% during the 3rd quarter. High Net Worth Advisory Group LLC now owns 8,500 shares of the company’s stock valued at $710,000 after buying an additional 500 shares in the last quarter. Finally, Principal Financial Group Inc. increased its position in Arcellx by 1.4% during the 2nd quarter. Principal Financial Group Inc. now owns 37,352 shares of the company’s stock valued at $2,061,000 after buying an additional 517 shares in the last quarter. 96.03% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Arcellx news, insider Christopher Heery sold 27,451 shares of the stock in a transaction that occurred 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 approximately $621,904.34. This represents a 74.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Kavita Patel sold 15,238 shares of the stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $105.92, for a total value of $1,614,008.96. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 97,873 shares of company stock worth $8,621,767. 6.24% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

ACLX has been the topic of several recent analyst reports. HC Wainwright upped their target price on Arcellx from $80.00 to $95.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Truist Financial boosted their price target on Arcellx from $87.00 to $136.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. Morgan Stanley boosted their price target on Arcellx from $81.00 to $106.00 and gave the company an “overweight” rating in a research note on Wednesday, November 6th. Canaccord Genuity Group boosted their price target on Arcellx from $85.00 to $115.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. Finally, Robert W. Baird boosted their price target on Arcellx from $77.00 to $106.00 and gave the company an “outperform” rating in a research note on Wednesday, November 6th. Thirteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $103.08.

Arcellx Trading Down 2.1 %

Shares of ACLX stock opened at $89.07 on Friday. The company has a market capitalization of $4.82 billion, a P/E ratio of -125.45 and a beta of 0.27. The business’s 50 day moving average is $88.04 and its two-hundred day moving average is $69.82. Arcellx, Inc. has a 12-month low of $46.42 and a 12-month high of $107.37.

Arcellx (NASDAQ:ACLX) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.48) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 return on equity of 8.28% and a negative net margin of 25.94%. On average, research analysts predict that Arcellx, Inc. will post -1.49 earnings per share for the current fiscal 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).