Victory Capital Management Inc. Trims Stock Position in Arcellx, Inc. (NASDAQ:ACLX)

Victory Capital Management Inc. lowered its holdings in shares of Arcellx, Inc. (NASDAQ:ACLX) by 19.9% in the 3rd quarter, Holdings Channel.com reports. The firm owned 227,419 shares of the company’s stock after selling 56,453 shares during the quarter. Victory Capital Management Inc.’s holdings in Arcellx were worth $18,992,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Entropy Technologies LP purchased a new stake in shares of Arcellx during the 3rd quarter valued at about $293,000. Covestor Ltd increased its position in shares of Arcellx by 53,766.7% during the 3rd quarter. Covestor Ltd now owns 1,616 shares of the company’s stock valued at $135,000 after purchasing an additional 1,613 shares during the last quarter. Harbor Capital Advisors Inc. increased its position in shares of Arcellx by 37.0% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 27,896 shares of the company’s stock valued at $2,330,000 after purchasing an additional 7,534 shares during the last quarter. US Bancorp DE increased its position in shares of Arcellx by 60.0% during the 3rd quarter. US Bancorp DE now owns 7,603 shares of the company’s stock valued at $635,000 after purchasing an additional 2,851 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. increased its holdings in Arcellx by 64.5% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 10,339 shares of the company’s stock worth $863,000 after acquiring an additional 4,052 shares in the last quarter. Hedge funds and other institutional investors own 96.03% of the company’s stock.

Arcellx Stock Performance

NASDAQ ACLX opened at $88.22 on Tuesday. The company has a market capitalization of $4.77 billion, a P/E ratio of -124.25 and a beta of 0.27. Arcellx, Inc. has a one year low of $46.42 and a one year high of $107.37. The stock has a 50 day moving average price of $85.97 and a 200-day moving average price of $67.76.

Arcellx (NASDAQ:ACLX) last posted its earnings results on Thursday, November 7th. The company reported ($0.48) EPS for the quarter, beating analysts’ consensus estimates of ($0.54) by $0.06. The firm had revenue of $26.03 million during 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%. As a group, equities analysts predict that Arcellx, Inc. will post -1.49 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Christopher Heery sold 27,451 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $67.03, for a total value of $1,840,040.53. Following the completion of the sale, the insider now directly owns 9,278 shares in the company, valued at $621,904.34. This trade represents a 74.74 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kavita Patel sold 15,238 shares of the firm’s stock in a transaction 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. Insiders sold a total of 119,557 shares of company stock worth $10,163,933 over the last three months. 6.24% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research firms recently issued reports on ACLX. HC Wainwright increased their target price on shares of Arcellx from $80.00 to $95.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. Robert W. Baird increased their target price on shares of Arcellx from $77.00 to $106.00 and gave the stock an “outperform” rating in a report on Wednesday, November 6th. Bank of America increased their target price on shares of Arcellx from $84.00 to $100.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. Needham & Company LLC reissued a “buy” rating and issued a $96.00 target price on shares of Arcellx in a report on Wednesday, November 6th. Finally, Piper Sandler upped their price target on Arcellx from $91.00 to $115.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Thirteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Arcellx currently has a consensus rating of “Buy” and a consensus price target of $103.08.

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).