Readystate Asset Management LP Takes Position in Arcellx, Inc. (NASDAQ:ACLX)

Readystate Asset Management LP bought a new position in Arcellx, Inc. (NASDAQ:ACLX - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 45,058 shares of the company's stock, valued at approximately $2,956,000. Readystate Asset Management LP owned 0.08% of Arcellx at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the stock. Atle Fund Management AB boosted its stake in Arcellx by 5.0% during the first quarter. Atle Fund Management AB now owns 44,171 shares of the company's stock valued at $2,898,000 after buying an additional 2,100 shares in the last quarter. Xponance Inc. lifted its holdings in shares of Arcellx by 6.2% during the first quarter. Xponance Inc. now owns 3,278 shares of the company's stock valued at $215,000 after purchasing an additional 190 shares during the last quarter. GF Fund Management CO. LTD. lifted its holdings in shares of Arcellx by 21.9% during the first quarter. GF Fund Management CO. LTD. now owns 1,384 shares of the company's stock valued at $91,000 after purchasing an additional 249 shares during the last quarter. Amalgamated Bank lifted its holdings in shares of Arcellx by 12.0% during the first quarter. Amalgamated Bank now owns 1,508 shares of the company's stock valued at $99,000 after purchasing an additional 161 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its holdings in shares of Arcellx by 54.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 7,702 shares of the company's stock valued at $468,000 after purchasing an additional 2,702 shares during the last quarter. 96.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on ACLX shares. Scotiabank reduced their target price on Arcellx from $133.00 to $93.00 and set a "sector outperform" rating for the company in a report on Friday, May 9th. HC Wainwright reissued a "buy" rating and issued a $115.00 price objective on shares of Arcellx in a research note on Monday, June 16th. Finally, Citigroup started coverage on Arcellx in a research note on Tuesday, June 17th. They issued a "buy" rating and a $110.00 price objective for the company. Fourteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $111.23.

Arcellx Price Performance

NASDAQ ACLX traded up $0.75 during trading on Friday, reaching $71.02. 194,720 shares of the company's stock were exchanged, compared to its average volume of 672,709. The business has a 50 day moving average price of $65.60 and a 200-day moving average price of $65.03. The stock has a market capitalization of $3.91 billion, a P/E ratio of -23.82 and a beta of 0.28. Arcellx, Inc. has a fifty-two week low of $47.86 and a fifty-two week high of $107.37.

Arcellx (NASDAQ:ACLX - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($1.13) earnings per share for the quarter, missing analysts' consensus estimates 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 35.27% and a negative net margin of 211.46%. On average, analysts forecast that Arcellx, Inc. will post -1.58 earnings per share for the current year.

Insiders Place Their Bets

In related 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 transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders sold 4,500 shares of company stock worth $284,985 in the last three months. 8.35% of the stock is owned by corporate insiders.

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).