The Manufacturers Life Insurance Company Acquires 13,475 Shares of Arcellx, Inc. (NASDAQ:ACLX)

The Manufacturers Life Insurance Company raised its stake in Arcellx, Inc. (NASDAQ:ACLX - Free Report) by 15.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 98,314 shares of the company's stock after buying an additional 13,475 shares during the period. The Manufacturers Life Insurance Company owned 0.18% of Arcellx worth $7,540,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the stock. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Arcellx by 9.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,836 shares of the company's stock worth $754,000 after acquiring an additional 858 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Arcellx by 156.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 305,088 shares of the company's stock valued at $23,400,000 after purchasing an additional 186,013 shares in the last quarter. Gilead Sciences Inc. bought a new stake in Arcellx during the fourth quarter worth $515,418,000. Swiss National Bank boosted its holdings in Arcellx by 0.8% during the fourth quarter. Swiss National Bank now owns 63,400 shares of the company's stock worth $4,862,000 after purchasing an additional 500 shares during the last quarter. Finally, Invesco Ltd. lifted its position in shares of Arcellx by 15.7% during the 4th quarter. Invesco Ltd. now owns 26,550 shares of the company's stock worth $2,036,000 after buying an additional 3,610 shares in the last quarter. 96.03% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Scotiabank reduced their price objective on shares of Arcellx from $133.00 to $93.00 and set a "sector outperform" rating for the company in a research note on Friday. Thirteen analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $109.31.

Arcellx Stock Performance

Shares of NASDAQ ACLX traded up $2.61 during mid-day trading on Monday, hitting $60.16. The stock had a trading volume of 88,880 shares, compared to its average volume of 575,233. The business has a 50 day moving average price of $64.30 and a two-hundred day moving average price of $72.59. Arcellx, Inc. has a 1 year low of $47.86 and a 1 year high of $107.37. The firm has a market cap of $3.31 billion, a P/E ratio of -85.30 and a beta of 0.34.

Arcellx (NASDAQ:ACLX - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported ($1.13) EPS for the quarter, missing analysts' consensus estimates of ($0.84) by ($0.29). The business had revenue of $8.13 million for the quarter, compared to the consensus estimate of $19.51 million. Arcellx had a negative net margin of 25.94% and a negative return on equity of 8.28%. Equities research analysts predict that Arcellx, Inc. will post -1.58 EPS for the current fiscal year.

Insider Activity

In other Arcellx news, insider Christopher Heery sold 10,155 shares of the firm's stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $63.79, for a total transaction of $647,787.45. Following the completion of the transaction, the insider now owns 37,486 shares of the company's stock, valued at approximately $2,391,231.94. This trade represents a 21.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Rami Elghandour sold 38,300 shares of Arcellx stock in a transaction on 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 transaction, the insider now owns 149,186 shares of the company's stock, valued at $9,252,515.72. The trade was a 20.43% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 54,455 shares of company stock valued at $3,407,903. Corporate insiders own 6.24% of the company's stock.

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).