Lord Abbett & CO. LLC Sells 310,306 Shares of Arcellx, Inc. $ACLX

Key Points

• Lord Abbett & CO. LLC has reduced its holdings in Arcellx, Inc. by 31.8%, owning now 664,526 shares, valued at approximately $43.6 million.
• A majority of institutional investors hold 96.03% of Arcellx's stock, highlighting significant institutional interest in the company.
• Several analysts have issued favorable ratings for Arcellx, including a "strong-buy" from Cantor Fitzgerald and a target price increase from Scotiabank to $133.00, indicating bullish sentiment in the market.

Lord Abbett & CO. LLC lessened its holdings in Arcellx, Inc. (NASDAQ:ACLX - Free Report) by 31.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 664,526 shares of the company's stock after selling 310,306 shares during the quarter. Lord Abbett & CO. LLC owned approximately 1.21% of Arcellx worth $43,593,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Amalgamated Bank grew its holdings in Arcellx by 12.0% during the 1st quarter. Amalgamated Bank now owns 1,508 shares of the company's stock worth $99,000 after acquiring an additional 161 shares during the last quarter. Xponance Inc. grew its holdings in Arcellx by 6.2% during the 1st quarter. Xponance Inc. now owns 3,278 shares of the company's stock worth $215,000 after acquiring an additional 190 shares during the last quarter. GF Fund Management CO. LTD. grew its holdings in Arcellx by 21.9% during the 1st quarter. GF Fund Management CO. LTD. now owns 1,384 shares of the company's stock worth $91,000 after acquiring an additional 249 shares during the last quarter. GAMMA Investing LLC grew its holdings in Arcellx by 104.1% during the 1st quarter. GAMMA Investing LLC now owns 494 shares of the company's stock worth $32,000 after acquiring an additional 252 shares during the last quarter. Finally, E Fund Management Co. Ltd. grew its holdings in Arcellx by 8.3% during the 1st quarter. E Fund Management Co. Ltd. now owns 5,468 shares of the company's stock worth $359,000 after acquiring an additional 419 shares during the last quarter. 96.03% of the stock is currently owned by institutional investors and hedge funds.

Arcellx Price Performance

Shares of Arcellx stock traded down $2.26 during trading on Monday, reaching $71.82. 674,665 shares of the company traded hands, compared to its average volume of 662,800. Arcellx, Inc. has a 1-year low of $47.86 and a 1-year high of $107.37. The company has a 50 day moving average price of $68.25 and a 200-day moving average price of $65.48. The firm has a market capitalization of $3.98 billion, a PE ratio of -21.00 and a beta of 0.28.

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

Analyst Ratings Changes

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

Insiders Place Their Bets

In other Arcellx news, Director Kavita Patel sold 1,500 shares of the company's stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $67.36, for a total transaction of $101,040.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 8.35% 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).