New York State Common Retirement Fund Cuts Stock Holdings in Arcellx, Inc. (NASDAQ:ACLX)

Key Points

• The New York State Common Retirement Fund significantly reduced its stake in Arcellx, Inc. by 34.2% in the first quarter, leaving them with approximately $874,000 worth of shares.
• Arcellx's stock has shown volatility, with a 12-month low of $47.86 and a high of $107.37, while currently trading around $71.31.
• Recent analyst ratings for Arcellx have mostly been positive, with fourteen analysts recommending a "buy" and an average target price of $111.23.

New York State Common Retirement Fund lowered its holdings in Arcellx, Inc. (NASDAQ:ACLX - Free Report) by 34.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 13,323 shares of the company's stock after selling 6,920 shares during the quarter. New York State Common Retirement Fund's holdings in Arcellx were worth $874,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of ACLX. GAMMA Investing LLC lifted its stake in Arcellx by 104.1% during the 1st quarter. GAMMA Investing LLC now owns 494 shares of the company's stock valued at $32,000 after acquiring an additional 252 shares in the last quarter. Headlands Technologies LLC bought a new position in Arcellx during the 4th quarter valued at $41,000. GF Fund Management CO. LTD. bought a new position in Arcellx during the 4th quarter valued at $87,000. Amalgamated Bank lifted its stake in Arcellx by 12.0% during the 1st quarter. Amalgamated Bank now owns 1,508 shares of the company's stock valued at $99,000 after acquiring an additional 161 shares in the last quarter. Finally, Landscape Capital Management L.L.C. bought a new position in Arcellx during the 4th quarter valued at $214,000. Institutional investors and hedge funds own 96.03% of the company's stock.

Arcellx Stock Down 0.5%

Arcellx stock traded down $0.33 during midday trading on Tuesday, reaching $70.26. The stock had a trading volume of 33,783 shares, compared to its average volume of 667,211. Arcellx, Inc. has a 12 month low of $47.86 and a 12 month high of $107.37. The firm's 50-day moving average price is $66.10 and its 200 day moving average price is $64.90. The firm has a market capitalization of $3.87 billion, a PE ratio of -23.50 and a beta of 0.28.

Arcellx (NASDAQ:ACLX - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($1.13) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.84) by ($0.29). The firm had revenue of $8.13 million during the quarter, compared to the consensus estimate of $19.51 million. Arcellx had a negative net margin of 211.46% and a negative return on equity of 35.27%. Equities research analysts expect that Arcellx, Inc. will post -1.58 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts have weighed in on ACLX shares. HC Wainwright restated a "buy" rating and set a $115.00 price objective on shares of Arcellx in a research note on Monday, June 16th. Scotiabank lowered their target price on Arcellx from $133.00 to $93.00 and set a "sector outperform" rating on the stock in a research note on Friday, May 9th. Finally, Citigroup initiated coverage on Arcellx in a research note on Tuesday, June 17th. They set a "buy" rating and a $110.00 target price on the stock. Fourteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, Arcellx has an average rating of "Buy" and a consensus target price of $111.23.

Insiders Place Their Bets

In other Arcellx news, Director Kavita Patel sold 1,500 shares of Arcellx stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $67.36, for a total transaction of $101,040.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 8.35% of the stock is owned by insiders.

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).