Atle Fund Management AB Sells 18,439 Shares of Arcellx, Inc. $ACLX

Key Points

• Atle Fund Management AB reduced its stake in Arcellx, Inc. by 41.7%, holding 25,732 shares valued at $1.69 million after selling 18,439 shares in the second quarter.
• Institutional investors own 96.03% of Arcellx stock, with notable increases from several firms, including Voya Investment Management, which boosted its holdings by 103.4%.
• Arcellx reported a quarterly loss of ($0.94) EPS, beating estimates, despite a revenue of $7.55 million, which fell short of analysts' expectations of $16.76 million.

Atle Fund Management AB cut its stake in shares of Arcellx, Inc. (NASDAQ:ACLX - Free Report) by 41.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 25,732 shares of the company's stock after selling 18,439 shares during the quarter. Atle Fund Management AB's holdings in Arcellx were worth $1,694,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. GAMMA Investing LLC raised its holdings in shares of Arcellx by 104.1% during the first quarter. GAMMA Investing LLC now owns 494 shares of the company's stock valued at $32,000 after purchasing an additional 252 shares during the period. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of Arcellx in the 1st quarter valued at about $50,000. GF Fund Management CO. LTD. bought a new stake in Arcellx in the 4th quarter valued at about $87,000. Amalgamated Bank raised its stake 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 buying an additional 161 shares during the period. Finally, Covestor Ltd raised its stake in Arcellx by 47.6% during the 1st quarter. Covestor Ltd now owns 2,137 shares of the company's stock worth $140,000 after buying an additional 689 shares during the period. 96.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ACLX has been the subject of several recent research reports. Scotiabank boosted their price objective on Arcellx from $93.00 to $133.00 and gave the company a "sector outperform" rating in a report on Thursday, July 31st. Citigroup initiated coverage on shares of Arcellx in a research report on Tuesday, June 17th. They issued a "buy" rating and a $110.00 price target for the company. HC Wainwright restated a "buy" rating and set a $115.00 price target on shares of Arcellx in a research note on Monday, June 16th. Finally, Cantor Fitzgerald upgraded shares of Arcellx to a "strong-buy" rating in a report on Monday, August 4th. Two equities research analysts have rated the stock with a Strong Buy rating and thirteen have assigned a Buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $114.31.

Insider Activity at Arcellx

In other news, insider Christopher Heery sold 3,343 shares of the stock in a transaction on Thursday, September 18th. The stock was sold at an average price of $80.01, for a total transaction of $267,473.43. Following the completion of the transaction, the insider owned 34,427 shares in the company, valued at approximately $2,754,504.27. This represents a 8.85% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 8.35% of the stock is owned by corporate insiders.

Arcellx Price Performance

Shares of Arcellx stock traded up $0.20 on Tuesday, reaching $78.42. 118,824 shares of the company traded hands, compared to its average volume of 640,796. The company has a 50 day moving average of $71.85 and a 200 day moving average of $66.85. Arcellx, Inc. has a 52 week low of $47.86 and a 52 week high of $107.37. The firm has a market capitalization of $4.35 billion, a PE ratio of -22.97 and a beta of 0.28.

Arcellx (NASDAQ:ACLX - Get Free Report) last posted its quarterly 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 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 analysts' expectations of $16.76 million. As a group, analysts anticipate that Arcellx, Inc. will post -1.58 earnings per share for the current year.

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).