Rafferty Asset Management LLC Lowers Stock Position in Arcellx, Inc. $ACLX

Key Points

• Rafferty Asset Management LLC reduced its stake in Arcellx, Inc. by 17.6%, now owning 58,507 shares valued at approximately $3.84 million.
• Several institutional investors have increased their holdings in Arcellx, including GAMMA Investing, which boosted its position by 104.1%.
• Analysts have a consensus Buy rating for Arcellx, with a price target averaging $114.31, following recent coverage by firms such as Citigroup and HC Wainwright.

Rafferty Asset Management LLC decreased its holdings in Arcellx, Inc. (NASDAQ:ACLX - Free Report) by 17.6% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 58,507 shares of the company's stock after selling 12,530 shares during the period. Rafferty Asset Management LLC owned approximately 0.11% of Arcellx worth $3,838,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. T. Rowe Price Investment Management Inc. boosted its stake in Arcellx by 135.9% in the first quarter. T. Rowe Price Investment Management Inc. now owns 1,665,138 shares of the company's stock valued at $109,234,000 after buying an additional 959,216 shares in the last quarter. EntryPoint Capital LLC bought a new position in shares of Arcellx in the first quarter worth about $248,000. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of Arcellx in the 1st quarter valued at approximately $50,000. American Century Companies Inc. boosted its stake in shares of Arcellx by 84.5% in the 1st quarter. American Century Companies Inc. now owns 54,321 shares of the company's stock valued at $3,563,000 after purchasing an additional 24,875 shares in the last quarter. Finally, Sector Gamma AS bought a new stake in shares of Arcellx during the 1st quarter valued at approximately $2,296,000. Institutional investors and hedge funds own 96.03% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Scotiabank increased their price objective on shares of Arcellx from $93.00 to $133.00 and gave the company a "sector outperform" rating in a research note on Thursday, July 31st. Cantor Fitzgerald upgraded Arcellx to a "strong-buy" rating in a research note on Monday, August 4th. HC Wainwright restated a "buy" rating and set a $115.00 price objective on shares of Arcellx in a research report on Monday, June 16th. Finally, Citigroup started coverage on Arcellx in a report on Tuesday, June 17th. They issued a "buy" rating and a $110.00 target price for the company. Two research 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, the stock has an average rating of "Buy" and an average target price of $114.31.

Insiders Place Their Bets

In other news, Director Kavita Patel sold 1,500 shares of the firm's stock in a transaction dated 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 filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 8.35% of the company's stock.

Arcellx Stock Down 1.2%

ACLX traded down $0.83 during midday trading on Thursday, hitting $70.39. 49,845 shares of the company were exchanged, compared to its average volume of 653,490. The firm's 50 day moving average price is $69.67 and its 200-day moving average price is $65.86. Arcellx, Inc. has a 1-year low of $47.86 and a 1-year high of $107.37. The firm has a market capitalization of $3.90 billion, a P/E ratio of -20.59 and a beta of 0.28.

Arcellx (NASDAQ:ACLX - Get Free Report) last issued its quarterly 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 company had revenue of $7.55 million during the quarter, compared to analysts' expectations of $16.76 million. On average, sell-side analysts predict that Arcellx, Inc. will post -1.58 earnings per share for the current fiscal year.

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).