Readystate Asset Management LP Invests $2.96 Million in Arcellx, Inc. (NASDAQ:ACLX)

Readystate Asset Management LP purchased a new position in shares of 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 purchased 45,058 shares of the company's stock, valued at approximately $2,956,000. Readystate Asset Management LP owned about 0.08% of Arcellx as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Atle Fund Management AB increased its position in Arcellx by 5.0% during the first quarter. Atle Fund Management AB now owns 44,171 shares of the company's stock worth $2,898,000 after purchasing an additional 2,100 shares during the last quarter. Xponance Inc. increased its position in Arcellx by 6.2% during the first quarter. Xponance Inc. now owns 3,278 shares of the company's stock worth $215,000 after purchasing an additional 190 shares during the last quarter. GF Fund Management CO. LTD. increased its position in Arcellx by 21.9% during the first quarter. GF Fund Management CO. LTD. now owns 1,384 shares of the company's stock worth $91,000 after purchasing an additional 249 shares during the last quarter. Amalgamated Bank increased its position in Arcellx by 12.0% during the first quarter. Amalgamated Bank now owns 1,508 shares of the company's stock worth $99,000 after purchasing an additional 161 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its holdings in Arcellx by 54.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 7,702 shares of the company's stock valued at $468,000 after buying an additional 2,702 shares during the period. Institutional investors and hedge funds own 96.03% of the company's stock.

Analyst Upgrades and Downgrades

ACLX has been the subject of several research reports. Citigroup initiated coverage on shares of Arcellx in a research note on Tuesday, June 17th. They set a "buy" rating and a $110.00 price objective for the company. HC Wainwright reiterated a "buy" rating and set a $115.00 price objective on shares of Arcellx in a research note on Monday, June 16th. Finally, Scotiabank decreased 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. Fourteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $111.23.

Arcellx Stock Up 1.5%

Shares of ACLX traded up $1.04 during mid-day trading on Friday, reaching $71.31. 340,053 shares of the stock traded hands, compared to its average volume of 465,871. The firm has a market cap of $3.93 billion, a price-to-earnings ratio of -23.85 and a beta of 0.28. The stock has a fifty day simple moving average of $65.85 and a 200 day simple moving average of $64.94. 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 posted its quarterly earnings data on Thursday, May 8th. The company reported ($1.13) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.84) by ($0.29). The firm had revenue of $8.13 million for the quarter, compared to analysts' expectations of $19.51 million. Arcellx had a negative net margin of 211.46% and a negative return on equity of 35.27%. On average, equities research analysts expect that Arcellx, Inc. will post -1.58 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Kavita Patel sold 1,500 shares of Arcellx stock in a transaction that occurred 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 SEC, which is accessible through this link. Insiders have sold a total of 4,500 shares of company stock worth $284,985 in the last 90 days. Company insiders own 8.35% of the company's stock.

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).