KLP Kapitalforvaltning AS Takes $506,000 Position in Arcellx, Inc. (NASDAQ:ACLX)

KLP Kapitalforvaltning AS acquired a new stake in shares of Arcellx, Inc. (NASDAQ:ACLX - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 6,600 shares of the company's stock, valued at approximately $506,000.

Other institutional investors have also modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Arcellx by 9.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,836 shares of the company's stock valued at $754,000 after acquiring an additional 858 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Arcellx by 4.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 328,093 shares of the company's stock worth $27,399,000 after purchasing an additional 14,200 shares during the last quarter. Lord Abbett & CO. LLC boosted its position in Arcellx by 2.1% during the 3rd quarter. Lord Abbett & CO. LLC now owns 891,848 shares of the company's stock valued at $74,478,000 after purchasing an additional 18,004 shares during the period. Geode Capital Management LLC grew its stake in Arcellx by 4.3% during the 3rd quarter. Geode Capital Management LLC now owns 974,967 shares of the company's stock worth $81,434,000 after buying an additional 39,781 shares during the last quarter. Finally, Citigroup Inc. increased its position in Arcellx by 97.1% in the third quarter. Citigroup Inc. now owns 43,154 shares of the company's stock worth $3,604,000 after buying an additional 21,262 shares during the period. Institutional investors own 96.03% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on ACLX. HC Wainwright restated a "buy" rating and set a $115.00 price target on shares of Arcellx in a research report on Tuesday, December 10th. Needham & Company LLC reissued a "buy" rating and set a $105.00 target price on shares of Arcellx in a research note on Monday, December 9th. Finally, UBS Group raised their price target on shares of Arcellx from $106.00 to $114.00 and gave the company a "buy" rating in a research note on Tuesday, December 10th. Twelve research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $110.67.

Insider Buying and Selling

In related news, insider Rami Elghandour sold 38,300 shares of Arcellx stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $62.02, for a total value of $2,375,366.00. Following the transaction, the insider now directly owns 149,186 shares in the company, valued at $9,252,515.72. The trade was a 20.43 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Kavita Patel sold 1,500 shares of the business's stock in a transaction on Tuesday, April 8th. The stock was sold at an average price of $57.50, for a total value of $86,250.00. The disclosure for this sale can be found here. Insiders have sold 59,508 shares of company stock worth $3,769,084 in the last ninety days. 6.24% of the stock is currently owned by corporate insiders.

Arcellx Stock Performance

Shares of ACLX stock traded down $3.05 during mid-day trading on Tuesday, hitting $53.60. 893,521 shares of the stock traded hands, compared to its average volume of 550,263. Arcellx, Inc. has a twelve month low of $47.88 and a twelve month high of $107.37. The company's 50-day simple moving average is $66.12 and its 200-day simple moving average is $76.64. The firm has a market cap of $2.94 billion, a price-to-earnings ratio of -75.49 and a beta of 0.33.

Arcellx (NASDAQ:ACLX - Get Free Report) last released its earnings results on Thursday, February 27th. The company reported ($0.87) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.63) by ($0.24). Arcellx had a negative return on equity of 8.28% and a negative net margin of 25.94%. The firm had revenue of $15.27 million for the quarter, compared to analyst estimates of $27.42 million. Analysts forecast that Arcellx, Inc. will post -1.58 earnings per share for the current year.

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).