Russell Investments Group Ltd. Sells 117,363 Shares of Arcellx, Inc. $ACLX

Key Points

• Russell Investments Group Ltd. has reduced its stake in Arcellx, Inc. by 43.6%, owning 152,023 shares worth approximately $9.97 million after selling 117,363 shares during the first quarter.
• A number of analysts, including Citigroup and Scotiabank, have set new price targets for Arcellx, with a consensus rating of "Buy" and a price target averaging around $114.31.
• Arcellx reported an earnings per share of ($0.94), exceeding expectations, but its revenue of $7.55 million fell short of the consensus estimate of $16.76 million for the quarter.

Russell Investments Group Ltd. lowered its position in shares of Arcellx, Inc. (NASDAQ:ACLX - Free Report) by 43.6% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 152,023 shares of the company's stock after selling 117,363 shares during the quarter. Russell Investments Group Ltd. owned 0.28% of Arcellx worth $9,973,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the company. Knott David M Jr acquired a new position in Arcellx during the first quarter valued at approximately $984,000. Nuveen LLC acquired a new position in Arcellx during the first quarter valued at approximately $7,333,000. Invesco Ltd. grew its holdings in Arcellx by 13.9% during the first quarter. Invesco Ltd. now owns 30,242 shares of the company's stock valued at $1,984,000 after purchasing an additional 3,692 shares during the period. Covestor Ltd grew its holdings in Arcellx by 47.6% during the first quarter. Covestor Ltd now owns 2,137 shares of the company's stock valued at $140,000 after purchasing an additional 689 shares during the period. Finally, Vanguard Group Inc. grew its holdings in Arcellx by 19.7% during the first quarter. Vanguard Group Inc. now owns 3,985,156 shares of the company's stock valued at $261,426,000 after purchasing an additional 655,064 shares during the period. Institutional investors and hedge funds own 96.03% of the company's stock.

Arcellx Stock Down 0.7%

Shares of ACLX stock traded down $0.49 during trading on Friday, reaching $71.28. The company's stock had a trading volume of 454,774 shares, compared to its average volume of 530,697. The business has a fifty day moving average price of $68.67 and a 200-day moving average price of $65.62. The company has a market cap of $3.95 billion, a price-to-earnings ratio of -20.84 and a beta of 0.28. 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 quarterly earnings data on Thursday, August 7th. The company reported ($0.94) EPS for the quarter, topping analysts' consensus estimates of ($1.03) by $0.09. The business had revenue of $7.55 million for the quarter, compared to analyst estimates of $16.76 million. Arcellx had a negative net margin of 329.93% and a negative return on equity of 43.04%. Research analysts anticipate that Arcellx, Inc. will post -1.58 EPS for the current year.

Wall Street Analyst Weigh In

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

Insider Activity at Arcellx

In other news, Director Kavita Patel sold 1,500 shares of the business's stock in a transaction on Tuesday, June 10th. The shares were 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 SEC, which is accessible through this link. 8.35% of the stock is currently owned by corporate insiders.

Arcellx 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).