Arcellx, Inc. (NASDAQ:ACLX) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. cut its stake in Arcellx, Inc. (NASDAQ:ACLX - Free Report) by 3.3% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 178,110 shares of the company's stock after selling 6,073 shares during the quarter. Victory Capital Management Inc. owned about 0.32% of Arcellx worth $11,684,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of ACLX. Gilead Sciences Inc. acquired a new position in shares of Arcellx during the fourth quarter worth about $515,418,000. FMR LLC raised its stake in shares of Arcellx by 22.8% during the fourth quarter. FMR LLC now owns 7,956,633 shares of the company's stock worth $610,194,000 after purchasing an additional 1,477,360 shares during the last quarter. RA Capital Management L.P. raised its stake in shares of Arcellx by 50.5% during the fourth quarter. RA Capital Management L.P. now owns 2,787,327 shares of the company's stock worth $213,760,000 after purchasing an additional 935,848 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Arcellx by 35.3% during the fourth quarter. Vanguard Group Inc. now owns 3,330,092 shares of the company's stock worth $255,385,000 after purchasing an additional 867,996 shares during the last quarter. Finally, Capital World Investors acquired a new position in Arcellx during the fourth quarter worth $19,393,000. 96.03% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Arcellx news, Director Kavita Patel sold 1,500 shares of Arcellx stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $67.36, for a total transaction of $101,040.00. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Over the last 90 days, insiders sold 4,500 shares of company stock worth $284,985. 8.35% of the stock is owned by insiders.

Analyst Ratings Changes

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

Arcellx Price Performance

Shares of NASDAQ ACLX traded up $1.04 during mid-day trading on Friday, hitting $71.31. The company had a trading volume of 340,053 shares, compared to its average volume of 465,871. The stock has a market cap of $3.93 billion, a price-to-earnings ratio of -23.85 and a beta of 0.28. Arcellx, Inc. has a 12 month low of $47.86 and a 12 month high of $107.37. The firm's 50 day simple moving average is $65.85 and its two-hundred day simple moving average is $64.94.

Arcellx (NASDAQ:ACLX - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($1.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.84) by ($0.29). The company had revenue of $8.13 million during the quarter, compared to the consensus estimate of $19.51 million. Arcellx had a negative return on equity of 35.27% and a negative net margin of 211.46%. Equities analysts forecast that Arcellx, Inc. will post -1.58 earnings per share for the current year.

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).