Invesco Ltd. Acquires 3,692 Shares of Arcellx, Inc. $ACLX

Key Points

• Invesco Ltd. increased its stake in Arcellx, Inc. by 13.9%, acquiring an additional 3,692 shares, bringing its total ownership to approximately 30,242 shares worth $1,984,000.
• Several analysts maintain a positive outlook on Arcellx, with a consensus rating of "Buy" and an average price target of $114.31, with Citigroup setting a price target of $110.00.
• Arcellx's recent quarterly earnings reported a loss of ($0.94) EPS, which was better than the expected loss of ($1.03), but revenue fell short at $7.55 million compared to analyst projections.

Invesco Ltd. boosted its stake in shares of Arcellx, Inc. (NASDAQ:ACLX - Free Report) by 13.9% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 30,242 shares of the company's stock after purchasing an additional 3,692 shares during the quarter. Invesco Ltd. owned approximately 0.05% of Arcellx worth $1,984,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in ACLX. GAMMA Investing LLC raised 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. GF Fund Management CO. LTD. acquired a new stake in shares of Arcellx during the fourth quarter worth $87,000. Amalgamated Bank raised its position in shares of Arcellx by 12.0% during the first quarter. Amalgamated Bank now owns 1,508 shares of the company's stock worth $99,000 after purchasing an additional 161 shares during the period. Covestor Ltd grew its holdings in shares of Arcellx by 47.6% during the first quarter. Covestor Ltd now owns 2,137 shares of the company's stock valued at $140,000 after buying an additional 689 shares in the last quarter. Finally, Xponance Inc. grew its holdings in shares of Arcellx by 6.2% during the first quarter. Xponance Inc. now owns 3,278 shares of the company's stock valued at $215,000 after buying an additional 190 shares in the last quarter. Institutional investors own 96.03% of the company's stock.

Insider Activity

In other news, Director Kavita Patel sold 1,500 shares of the stock in a transaction dated 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 SEC, which is accessible through the SEC website. 8.35% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of brokerages have commented on ACLX. Citigroup initiated coverage on Arcellx in a research note on Tuesday, June 17th. They issued a "buy" rating and a $110.00 target price on the stock. HC Wainwright reissued a "buy" rating and set a $115.00 price objective on shares of Arcellx in a research report on Monday, June 16th. Cantor Fitzgerald upgraded Arcellx to a "strong-buy" rating in a research note on Monday, August 4th. Finally, Scotiabank increased their price target on Arcellx from $93.00 to $133.00 and gave the stock a "sector outperform" rating in a research report on Thursday, July 31st. Two investment analysts have rated the stock with a Strong Buy rating and thirteen have issued a Buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $114.31.

Arcellx Stock Down 0.9%

Shares of NASDAQ:ACLX traded down $0.64 during trading on Thursday, hitting $70.59. 83,212 shares of the company were exchanged, compared to its average volume of 653,708. Arcellx, Inc. has a 1-year low of $47.86 and a 1-year high of $107.37. The company has a market capitalization of $3.91 billion, a P/E ratio of -20.60 and a beta of 0.28. The business's 50 day moving average is $69.67 and its 200-day moving average is $65.86.

Arcellx (NASDAQ:ACLX - Get Free Report) last issued its quarterly earnings data 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 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, sell-side analysts anticipate that Arcellx, Inc. will post -1.58 earnings per share for the current year.

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).