Rafferty Asset Management LLC Increases Stock Holdings in Arcellx, Inc. (NASDAQ:ACLX)

Rafferty Asset Management LLC grew its stake in shares of Arcellx, Inc. (NASDAQ:ACLX - Free Report) by 27.4% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 71,037 shares of the company's stock after purchasing an additional 15,293 shares during the period. Rafferty Asset Management LLC owned approximately 0.13% of Arcellx worth $5,448,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in ACLX. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Arcellx by 9.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,836 shares of the company's stock valued at $754,000 after buying an additional 858 shares in the last quarter. Dimensional Fund Advisors LP increased 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 valued at $23,400,000 after acquiring an additional 186,013 shares in the last quarter. Gilead Sciences Inc. purchased a new position in Arcellx during the 4th quarter valued at about $515,418,000. Invesco Ltd. raised its position in Arcellx by 15.7% during the fourth quarter. Invesco Ltd. now owns 26,550 shares of the company's stock worth $2,036,000 after acquiring an additional 3,610 shares during the last quarter. Finally, Swiss National Bank lifted its holdings in shares of Arcellx by 0.8% in the fourth quarter. Swiss National Bank now owns 63,400 shares of the company's stock valued at $4,862,000 after purchasing an additional 500 shares in the last quarter. 96.03% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Arcellx

In other news, Director Kavita Patel sold 1,500 shares of Arcellx stock in a transaction dated Tuesday, April 8th. The stock was sold at an average price of $57.50, for a total value of $86,250.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Rami Elghandour sold 38,300 shares of the business's stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $62.02, for a total transaction of $2,375,366.00. Following the sale, the insider now owns 149,186 shares of the company's stock, valued at approximately $9,252,515.72. This represents a 20.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 55,955 shares of company stock worth $3,495,548 in the last 90 days. 6.24% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Separately, Scotiabank dropped their price objective on shares of Arcellx from $133.00 to $93.00 and set a "sector outperform" rating for the company in a research note on Friday, May 9th. Thirteen research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Arcellx currently has a consensus rating of "Buy" and an average target price of $111.33.

Arcellx Stock Performance

NASDAQ ACLX traded up $5.00 during mid-day trading on Wednesday, reaching $65.54. 2,394,144 shares of the stock were exchanged, compared to its average volume of 594,110. The stock has a market capitalization of $3.61 billion, a PE ratio of -92.31 and a beta of 0.34. Arcellx, Inc. has a 1-year low of $47.86 and a 1-year high of $107.37. The business's fifty day simple moving average is $62.70 and its 200 day simple moving average is $71.39.

Arcellx (NASDAQ:ACLX - Get Free Report) last posted its quarterly earnings data 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). The business had revenue of $8.13 million for the quarter, compared to analyst estimates of $19.51 million. Arcellx had a negative return on equity of 8.28% and a negative net margin of 25.94%. On average, analysts anticipate that Arcellx, Inc. will post -1.58 EPS 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).