Neo Ivy Capital Management Invests $259,000 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 bought a new stake in Arcellx, Inc. (NASDAQ:ACLX - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 3,948 shares of the company's stock, valued at approximately $259,000.

Several other large investors also recently made changes to their positions in ACLX. GAMMA Investing LLC increased 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 worth $32,000 after acquiring an additional 252 shares in the last quarter. Headlands Technologies LLC bought a new stake in shares of Arcellx during the fourth quarter worth $41,000. GF Fund Management CO. LTD. bought a new stake in shares of Arcellx during the fourth quarter worth $87,000. Amalgamated Bank increased 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 acquiring an additional 161 shares in the last quarter. Finally, Landscape Capital Management L.L.C. bought a new stake in shares of Arcellx during the fourth quarter worth $214,000. Institutional investors own 96.03% of the company's stock.

Arcellx Stock Down 1.0%

Shares of ACLX traded down $0.72 during trading hours on Monday, hitting $70.59. The company had a trading volume of 380,221 shares, compared to its average volume of 671,750. The firm has a market cap of $3.89 billion, a price-to-earnings ratio of -23.61 and a beta of 0.28. The business has a fifty day moving average of $65.85 and a 200-day moving average of $64.89. Arcellx, Inc. has a 12 month low of $47.86 and a 12 month high of $107.37.

Arcellx (NASDAQ:ACLX - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported ($1.13) EPS for the quarter, missing analysts' consensus estimates 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 business had revenue of $8.13 million for the quarter, compared to the consensus estimate of $19.51 million. On average, equities analysts expect that Arcellx, Inc. will post -1.58 EPS for the current fiscal year.

Insider Buying and Selling

In other Arcellx news, Director Kavita Patel sold 1,500 shares of the firm's stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $67.36, for a total value of $101,040.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Over the last 90 days, insiders have sold 4,500 shares of company stock valued at $284,985. 8.35% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. 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 objective for the company. Scotiabank reduced their target price on shares of Arcellx from $133.00 to $93.00 and set a "sector outperform" rating for the company in a report on Friday, May 9th. Finally, HC Wainwright restated a "buy" rating and set a $115.00 target price on shares of Arcellx in a report on Monday, June 16th. Fourteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Buy" and a consensus price target of $111.23.

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).