Kazazian Asset Management LLC Acquires Shares of 2,660 Arcellx, Inc. (NASDAQ:ACLX)

Kazazian Asset Management LLC acquired a new stake in Arcellx, Inc. (NASDAQ:ACLX) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 2,660 shares of the company’s stock, valued at approximately $204,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of ACLX. Quest Partners LLC boosted its stake in Arcellx by 210.1% in the third quarter. Quest Partners LLC now owns 1,532 shares of the company’s stock valued at $128,000 after acquiring an additional 1,038 shares during the last quarter. First Turn Management LLC bought a new position in Arcellx in the third quarter valued at approximately $17,896,000. Advisors Asset Management Inc. boosted its stake in Arcellx by 13.1% in the third quarter. Advisors Asset Management Inc. now owns 6,196 shares of the company’s stock valued at $517,000 after acquiring an additional 720 shares during the last quarter. Intech Investment Management LLC bought a new position in Arcellx in the third quarter valued at approximately $800,000. Finally, HealthInvest Partners AB grew its holdings in shares of Arcellx by 78.8% in the 3rd quarter. HealthInvest Partners AB now owns 40,230 shares of the company’s stock valued at $3,360,000 after buying an additional 17,734 shares during the period. 96.03% of the stock is owned by institutional investors.

Arcellx Price Performance

Shares of NASDAQ:ACLX opened at $69.87 on Wednesday. The company’s 50-day moving average price is $66.59 and its two-hundred day moving average price is $77.76. Arcellx, Inc. has a one year low of $47.88 and a one year high of $107.37. The stock has a market capitalization of $3.84 billion, a PE ratio of -98.41 and a beta of 0.32.

Arcellx (NASDAQ:ACLX) last issued its quarterly earnings results on Thursday, February 27th. The company reported ($0.87) EPS for the quarter, missing the consensus estimate of ($0.63) by ($0.24). Arcellx had a negative return on equity of 8.28% and a negative net margin of 25.94%. The business had revenue of $15.27 million for the quarter, compared to the consensus estimate of $27.42 million. On average, analysts anticipate that Arcellx, Inc. will post -1.58 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on ACLX. Needham & Company LLC reissued a “buy” rating and issued a $105.00 price target on shares of Arcellx in a report on Monday, December 9th. UBS Group boosted their price target on shares of Arcellx from $106.00 to $114.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. HC Wainwright reaffirmed a “buy” rating and issued a $115.00 target price on shares of Arcellx in a research note on Tuesday, December 10th. Finally, Barclays raised shares of Arcellx to a “strong-buy” rating in a research note on Friday, November 29th. Thirteen investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $108.46.

Insiders Place Their Bets

In other news, insider Rami Elghandour sold 38,300 shares of the company’s stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $62.02, for a total value of $2,375,366.00. Following the sale, the insider now directly owns 149,186 shares of the company’s stock, valued at approximately $9,252,515.72. This represents a 20.43 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Christopher Heery sold 3,301 shares of the company’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $79.55, for a total transaction of $262,594.55. Following the completion of the sale, the insider now directly owns 35,517 shares in the company, valued at approximately $2,825,377.35. The trade was a 8.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 65,870 shares of company stock valued at $4,297,101 in the last three months. 6.24% of the stock is currently owned by corporate insiders.

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).