Price T Rowe Associates Inc. MD Has $120.68 Million Stake in Arcellx, Inc. $ACLX

Key Points

• Price T Rowe Associates Inc. reduced its stake in Arcellx, Inc. by 13.3%, selling 281,698 shares to hold a total of 1,839,624 shares valued at $120.68 million.
• Despite the reduction in shares by Price T Rowe, other hedge funds increased their stakes significantly, with T. Rowe Price Investment Management boosting its holdings by 135.9% in the same quarter.
• Arcellx reported a quarterly loss of $0.94 EPS, which exceeded analyst expectations of a loss of $1.03 EPS, though revenue fell short of estimates at $7.55 million compared to $16.76 million.

Price T Rowe Associates Inc. MD lessened its holdings in Arcellx, Inc. (NASDAQ:ACLX - Free Report) by 13.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,839,624 shares of the company's stock after selling 281,698 shares during the quarter. Price T Rowe Associates Inc. MD owned approximately 3.34% of Arcellx worth $120,680,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. GAMMA Investing LLC lifted its position in shares of Arcellx by 104.1% in the 1st quarter. GAMMA Investing LLC now owns 494 shares of the company's stock worth $32,000 after buying an additional 252 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in Arcellx during the first quarter worth about $50,000. GF Fund Management CO. LTD. bought a new position in Arcellx in the fourth quarter worth about $87,000. Amalgamated Bank lifted its holdings in Arcellx by 12.0% in the first quarter. Amalgamated Bank now owns 1,508 shares of the company's stock worth $99,000 after acquiring an additional 161 shares during the last quarter. Finally, Covestor Ltd boosted its stake in Arcellx by 47.6% in the first quarter. Covestor Ltd now owns 2,137 shares of the company's stock valued at $140,000 after acquiring an additional 689 shares during the period. 96.03% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Arcellx Price Performance

Shares of NASDAQ ACLX traded down $0.75 during trading hours on Friday, hitting $69.51. 183,857 shares of the stock were exchanged, compared to its average volume of 657,729. The firm has a market capitalization of $3.85 billion, a P/E ratio of -20.37 and a beta of 0.28. The company's 50 day moving average is $69.15 and its 200 day moving average is $65.70. 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 earnings results on Thursday, August 7th. The company reported ($0.94) earnings per share for the quarter, beating 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 firm had revenue of $7.55 million during the quarter, compared to the consensus estimate of $16.76 million. Research analysts anticipate that Arcellx, Inc. will post -1.58 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Kavita Patel sold 1,500 shares of the company's stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $67.36, for a total value of $101,040.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 8.35% of the stock is currently owned by company insiders.

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).