Neo Ivy Capital Management Takes $259,000 Position in Arcellx, Inc. (NASDAQ:ACLX)

Key Points

• Neo Ivy Capital Management invested approximately $259,000 in Arcellx, Inc. by acquiring 3,948 shares during the 1st quarter.
• Arcellx reported a loss of ($1.13) earnings per share for the quarter, significantly missing analysts' expectations and generated $8.13 million in revenue, well below the anticipated $19.51 million.
• Analysts have a consensus rating of "Buy" for Arcellx, with a consensus price target of $111.23, despite some firms adjusting their price targets downwards.

Neo Ivy Capital Management acquired a new position in Arcellx, Inc. (NASDAQ:ACLX - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 3,948 shares of the company's stock, valued at approximately $259,000.

Other hedge funds have also added to or reduced their stakes in the company. FMR LLC boosted its stake in shares of Arcellx by 22.8% during the fourth quarter. FMR LLC now owns 7,956,633 shares of the company's stock valued at $610,194,000 after purchasing an additional 1,477,360 shares during the period. Gilead Sciences Inc. purchased a new stake in Arcellx in the fourth quarter worth about $515,418,000. Vanguard Group Inc. lifted its stake in shares of Arcellx by 35.3% in the 4th quarter. Vanguard Group Inc. now owns 3,330,092 shares of the company's stock valued at $255,385,000 after purchasing an additional 867,996 shares during the period. RA Capital Management L.P. boosted its holdings in shares of Arcellx by 50.5% during the 4th quarter. RA Capital Management L.P. now owns 2,787,327 shares of the company's stock valued at $213,760,000 after buying an additional 935,848 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its stake in Arcellx by 11.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,121,322 shares of the company's stock worth $162,685,000 after acquiring an additional 220,711 shares in the last quarter. 96.03% of the stock is owned by institutional investors.

Arcellx Stock Up 4.5%

NASDAQ ACLX traded up $3.12 during trading hours on Wednesday, reaching $73.11. The company's stock had a trading volume of 301,048 shares, compared to its average volume of 667,085. The company has a market capitalization of $4.03 billion, a price-to-earnings ratio of -24.45 and a beta of 0.28. Arcellx, Inc. has a 1 year low of $47.86 and a 1 year high of $107.37. The firm's 50-day moving average price is $66.28 and its 200-day moving average price is $64.94.

Arcellx (NASDAQ:ACLX - Get Free Report) last issued its 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 return on equity of 35.27% and a negative net margin of 211.46%. The firm had revenue of $8.13 million during the quarter, compared to the consensus estimate of $19.51 million. Equities research analysts anticipate that Arcellx, Inc. will post -1.58 EPS for the current fiscal year.

Insider Transactions at Arcellx

In other Arcellx 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 8.35% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on ACLX shares. HC Wainwright reissued a "buy" rating and issued a $115.00 target price on shares of Arcellx in a research note on Monday, June 16th. Citigroup initiated coverage on Arcellx in a report on Tuesday, June 17th. They set a "buy" rating and a $110.00 price target on the stock. Finally, Scotiabank cut their target price on shares of Arcellx from $133.00 to $93.00 and set a "sector outperform" rating for the company in a research report on Friday, May 9th. Fourteen equities research 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, Arcellx presently has an average rating of "Buy" and an average price target of $111.23.

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).