T. Rowe Price Investment Management Inc. Buys 959,216 Shares of Arcellx, Inc. $ACLX

Key Points

• T. Rowe Price Investment Management Inc. increased its stake in Arcellx, Inc. by 135.9% during the first quarter, holding 1,665,138 shares valued at approximately $109 million.
• Several institutional investors also expanded their positions in Arcellx, resulting in 96.03% of the company's stock being owned by hedge funds and other institutional investors.
• Wall Street analysts maintain a strongly positive outlook on Arcellx, with a consensus rating of "Buy" and an average price target of $114.31.

T. Rowe Price Investment Management Inc. lifted its holdings in shares of Arcellx, Inc. (NASDAQ:ACLX - Free Report) by 135.9% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,665,138 shares of the company's stock after purchasing an additional 959,216 shares during the period. T. Rowe Price Investment Management Inc. owned 3.02% of Arcellx worth $109,234,000 as of its most recent filing with the SEC.

Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position 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 buying an additional 655,064 shares during the period. RA Capital Management L.P. increased its position in Arcellx by 50.5% during the 4th quarter. RA Capital Management L.P. now owns 2,787,327 shares of the company's stock valued at $213,760,000 after purchasing an additional 935,848 shares during the period. Price T Rowe Associates Inc. MD boosted its position in Arcellx by 11.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,121,322 shares of the company's stock valued at $162,685,000 after buying an additional 220,711 shares during the last quarter. Lord Abbett & CO. LLC lifted its position in shares of Arcellx by 9.3% during the 4th quarter. Lord Abbett & CO. LLC now owns 974,832 shares of the company's stock valued at $74,760,000 after buying an additional 82,984 shares in the last quarter. Finally, Northern Trust Corp increased its position in Arcellx by 6.9% during the fourth quarter. Northern Trust Corp now owns 410,733 shares of the company's stock worth $31,499,000 after purchasing an additional 26,625 shares during the last quarter. Institutional investors own 96.03% of the company's stock.

Insider Buying and Selling at Arcellx

In related news, Director Kavita Patel sold 1,500 shares of Arcellx stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $67.36, for a total transaction of $101,040.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 8.35% of the stock is currently owned by corporate insiders.

Arcellx Price Performance

Arcellx stock traded up $0.34 during midday trading on Wednesday, hitting $70.24. The company's stock had a trading volume of 44,075 shares, compared to its average volume of 649,330. Arcellx, Inc. has a 1-year low of $47.86 and a 1-year high of $107.37. The company has a market cap of $3.90 billion, a price-to-earnings ratio of -20.54 and a beta of 0.28. The company has a 50-day moving average price of $68.90 and a two-hundred day moving average price of $65.65.

Arcellx (NASDAQ:ACLX - Get Free Report) last released its quarterly earnings data 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 firm had revenue of $7.55 million during the quarter, compared to the consensus estimate of $16.76 million. Sell-side analysts forecast that Arcellx, Inc. will post -1.58 EPS for the current year.

Analyst Upgrades and Downgrades

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

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).