Decheng Capital LLC Sells 34,377 Shares of Arcellx, Inc. (NASDAQ:ACLX)

Decheng Capital LLC decreased its position in shares of Arcellx, Inc. (NASDAQ:ACLX - Free Report) by 40.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 50,000 shares of the company's stock after selling 34,377 shares during the period. Arcellx comprises 0.9% of Decheng Capital LLC's portfolio, making the stock its 17th biggest position. Decheng Capital LLC owned about 0.09% of Arcellx worth $3,280,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of 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 period. 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 period. Dimensional Fund Advisors LP grew its holdings in Arcellx by 156.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 305,088 shares of the company's stock worth $23,400,000 after acquiring an additional 186,013 shares during the period. Allspring Global Investments Holdings LLC grew its holdings in Arcellx by 54.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 7,702 shares of the company's stock worth $468,000 after acquiring an additional 2,702 shares during the period. Finally, Millennium Management LLC grew its holdings in Arcellx by 123.7% during the 4th quarter. Millennium Management LLC now owns 22,370 shares of the company's stock worth $1,716,000 after acquiring an additional 12,370 shares during the period. Institutional investors and hedge funds own 96.03% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on ACLX. Scotiabank lifted 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. Citigroup began coverage on shares of Arcellx in a research report on Tuesday, June 17th. They set a "buy" rating and a $110.00 price target on the stock. Finally, HC Wainwright reissued a "buy" rating and set a $115.00 price target on shares of Arcellx in a research report on Monday, June 16th. Fourteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $114.31.

Insider Buying and Selling at Arcellx

In other news, Director Kavita Patel sold 1,500 shares of the 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. 8.35% of the stock is currently owned by company insiders.

Arcellx Stock Performance

Shares of Arcellx stock traded down $0.25 on Friday, reaching $71.14. 330,989 shares of the stock were exchanged, compared to its average volume of 666,167. The firm has a market cap of $3.92 billion, a PE ratio of -23.79 and a beta of 0.28. The firm's 50 day moving average is $66.40 and its 200-day moving average is $64.98. Arcellx, Inc. has a one year low of $47.86 and a one year high of $107.37.

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

Arcellx Company 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).