Knott David M Jr Makes New Investment in Arcellx, Inc. (NASDAQ:ACLX)

Key Points

• Knott David M Jr acquired 15,000 shares of Arcellx, Inc. for approximately $984,000, reflecting confidence in the company's future growth.
• Arcellx's stock is currently valued at $70.50 with a market capitalization of $3.89 billion, and it has a 52-week high of $107.37.
• Equities analysts have given Arcellx a consensus rating of "Buy", with target prices ranging from $110.00 to $133.00.

Knott David M Jr acquired a new stake in Arcellx, Inc. (NASDAQ:ACLX - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The fund acquired 15,000 shares of the company's stock, valued at approximately $984,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Amalgamated Bank grew its position in Arcellx by 12.0% during the first quarter. Amalgamated Bank now owns 1,508 shares of the company's stock worth $99,000 after buying an additional 161 shares in the last quarter. GAMMA Investing LLC boosted its holdings in shares of Arcellx by 104.1% in the 1st quarter. GAMMA Investing LLC now owns 494 shares of the company's stock worth $32,000 after purchasing an additional 252 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Arcellx by 156.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 305,088 shares of the company's stock worth $23,400,000 after buying an additional 186,013 shares during the period. Allspring Global Investments Holdings LLC raised its stake in Arcellx by 54.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 7,702 shares of the company's stock valued at $468,000 after buying an additional 2,702 shares during the last quarter. Finally, Millennium Management LLC boosted its holdings in shares of Arcellx by 123.7% during the 4th quarter. Millennium Management LLC now owns 22,370 shares of the company's stock valued at $1,716,000 after purchasing an additional 12,370 shares during the last quarter. 96.03% of the stock is owned by institutional investors and hedge funds.

Arcellx Price Performance

NASDAQ ACLX traded up $0.15 during trading on Friday, reaching $72.01. The company's stock had a trading volume of 185,069 shares, compared to its average volume of 659,981. The firm has a fifty day moving average of $68.03 and a 200 day moving average of $65.40. Arcellx, Inc. has a one year low of $47.86 and a one year high of $107.37. The stock has a market capitalization of $3.99 billion, a PE ratio of -21.02 and a beta of 0.28.

Arcellx (NASDAQ:ACLX - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported ($0.94) EPS for the quarter, topping analysts' consensus estimates of ($1.03) by $0.09. Arcellx had a negative return on equity of 43.04% and a negative net margin of 329.93%. The company had revenue of $7.55 million for the quarter, compared to the consensus estimate of $16.76 million. Research analysts expect that Arcellx, Inc. will post -1.58 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

ACLX has been the subject of a number of research reports. HC Wainwright restated a "buy" rating and set a $115.00 target price on shares of Arcellx in a research report on Monday, June 16th. Scotiabank increased their price target on shares of Arcellx from $93.00 to $133.00 and gave the stock a "sector outperform" rating in a research note on Thursday, July 31st. Cantor Fitzgerald upgraded shares of Arcellx to a "strong-buy" rating in a research report on Monday, August 4th. Finally, Citigroup assumed coverage on shares of Arcellx in a research note on Tuesday, June 17th. They set a "buy" rating and a $110.00 target price for the company. Thirteen investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $114.31.

Insider Buying and Selling at Arcellx

In related news, Director Kavita Patel sold 1,500 shares of the stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $67.36, for a total value of $101,040.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 8.35% of the company's stock.

Arcellx 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).