Arcellx, Inc. $ACLX Shares Sold by Candriam S.C.A.

Key Points

• Candriam S.C.A. has reduced its stake in Arcellx, Inc. by 63.8%, selling 124,458 shares during the first quarter, leaving it with only 70,538 shares valued at approximately $4.6 million.
• Arcellx recently reported earnings results, with an EPS of -$0.94 for the quarter, which exceeded analyst expectations, although the revenue of $7.55 million fell short of estimates of $16.76 million.
• Despite recent institutional selling, 96.03% of Arcellx’s stock is now owned by institutional investors, highlighting strong ongoing interest from large financial entities.

Candriam S.C.A. cut its position in Arcellx, Inc. (NASDAQ:ACLX - Free Report) by 63.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 70,538 shares of the company's stock after selling 124,458 shares during the period. Candriam S.C.A. owned about 0.13% of Arcellx worth $4,627,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. GAMMA Investing LLC raised its position 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 buying an additional 252 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S purchased a new position in Arcellx during the first quarter valued at $50,000. GF Fund Management CO. LTD. bought a new stake in Arcellx in the 4th quarter valued at $87,000. Amalgamated Bank lifted its stake in Arcellx by 12.0% in the 1st quarter. Amalgamated Bank now owns 1,508 shares of the company's stock worth $99,000 after purchasing an additional 161 shares in the last quarter. Finally, Covestor Ltd lifted its stake in Arcellx by 47.6% in the 1st quarter. Covestor Ltd now owns 2,137 shares of the company's stock worth $140,000 after purchasing an additional 689 shares in the last quarter. 96.03% of the stock is currently owned by institutional investors.

Arcellx Price Performance

ACLX stock traded down $0.53 during mid-day trading on Thursday, reaching $69.38. The company had a trading volume of 30,240 shares, compared to its average volume of 646,846. The firm has a 50 day moving average of $69.02 and a 200 day moving average of $65.67. Arcellx, Inc. has a 12 month low of $47.86 and a 12 month high of $107.37. The company has a market capitalization of $3.85 billion, a PE ratio of -20.29 and a beta of 0.28.

Arcellx (NASDAQ:ACLX - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported ($0.94) earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $7.55 million during the quarter, compared to analysts' expectations of $16.76 million. Analysts anticipate that Arcellx, Inc. will post -1.58 EPS for the current year.

Insider Buying and Selling at Arcellx

In related news, Director Kavita Patel sold 1,500 shares of the company's stock in a transaction dated 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 legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 8.35% of the company's stock.

Analyst Upgrades and Downgrades

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

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).