Arcellx, Inc. (NASDAQ:ACLX) Position Lowered by Victory Capital Management Inc.

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

Several other institutional investors and hedge funds have also recently modified their holdings of the company. GAMMA Investing LLC boosted its position in shares of Arcellx by 104.1% during the 1st quarter. GAMMA Investing LLC now owns 494 shares of the company's stock worth $32,000 after purchasing an additional 252 shares in the last quarter. Headlands Technologies LLC acquired a new stake in shares of Arcellx in the fourth quarter worth approximately $41,000. GF Fund Management CO. LTD. purchased a new stake in Arcellx during the fourth quarter valued at about $87,000. Amalgamated Bank increased its holdings in Arcellx by 12.0% in the 1st quarter. Amalgamated Bank now owns 1,508 shares of the company's stock valued at $99,000 after purchasing an additional 161 shares in the last quarter. Finally, Landscape Capital Management L.L.C. acquired a new position in Arcellx in the 4th quarter worth $214,000. Institutional investors and hedge funds own 96.03% of the company's stock.

Arcellx Price Performance

ACLX stock traded up $1.04 during midday trading on Friday, hitting $71.31. The stock had a trading volume of 340,053 shares, compared to its average volume of 673,833. Arcellx, Inc. has a 52-week low of $47.86 and a 52-week high of $107.37. 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 business has a 50-day moving average of $65.60 and a two-hundred day moving average of $65.03.

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

Insider Buying and Selling at Arcellx

In other news, Director Kavita Patel sold 1,500 shares of the company's stock in a transaction on Tuesday, June 10th. The stock was 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 available at the SEC website. Insiders have sold a total of 4,500 shares of company stock valued at $284,985 in the last three months. Corporate insiders own 8.35% of the company's stock.

Analyst Upgrades and Downgrades

ACLX has been the topic of several research reports. Citigroup assumed coverage on shares of Arcellx in a research note on Tuesday, June 17th. They set a "buy" rating and a $110.00 price objective on the stock. Scotiabank reduced their price target 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. Finally, HC Wainwright restated a "buy" rating and issued a $115.00 target price on shares of Arcellx in a research report on Monday, June 16th. Fourteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Buy" and an average price target of $111.23.

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).