Northern Trust Corp Raises Stake in Arcellx, Inc. (NASDAQ:ACLX)

Northern Trust Corp raised its stake in Arcellx, Inc. (NASDAQ:ACLX - Free Report) by 6.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 410,733 shares of the company's stock after buying an additional 26,625 shares during the period. Northern Trust Corp owned about 0.76% of Arcellx worth $31,499,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. FMR LLC grew its holdings in shares of Arcellx by 22.8% during the 4th quarter. FMR LLC now owns 7,956,633 shares of the company's stock valued at $610,194,000 after purchasing an additional 1,477,360 shares during the last quarter. Gilead Sciences Inc. purchased a new stake in shares of Arcellx in the 4th quarter worth about $515,418,000. Vanguard Group Inc. lifted its position in shares of Arcellx by 35.3% in the 4th 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 period. Price T Rowe Associates Inc. MD lifted its position in shares of Arcellx by 11.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,121,322 shares of the company's stock worth $162,685,000 after purchasing an additional 220,711 shares during the period. Finally, Geode Capital Management LLC increased its stake in shares of Arcellx by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 979,026 shares of the company's stock worth $75,098,000 after acquiring an additional 4,059 shares in the last quarter. Institutional investors own 96.03% of the company's stock.

Arcellx Price Performance

Shares of ACLX traded down $0.35 on Friday, reaching $58.10. The company's stock had a trading volume of 151,465 shares, compared to its average volume of 583,613. Arcellx, Inc. has a 12-month low of $47.86 and a 12-month high of $107.37. The stock has a market capitalization of $3.20 billion, a P/E ratio of -81.88 and a beta of 0.34. The stock's 50 day simple moving average is $63.39 and its two-hundred day simple moving average is $72.05.

Arcellx (NASDAQ:ACLX - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($1.13) earnings per share for the quarter, missing the consensus estimate of ($0.84) by ($0.29). Arcellx had a negative net margin of 25.94% and a negative return on equity of 8.28%. The firm had revenue of $8.13 million for the quarter, compared to analysts' expectations of $19.51 million. Analysts expect that Arcellx, Inc. will post -1.58 earnings per share for the current year.

Insider Transactions at Arcellx

In related news, insider Christopher Heery sold 10,155 shares of the business's stock in a transaction on Monday, February 24th. The shares were sold at an average price of $63.79, for a total value of $647,787.45. Following the sale, the insider now owns 37,486 shares in the company, valued at approximately $2,391,231.94. The trade was a 21.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Kavita Patel sold 1,500 shares of the business's stock in a transaction on Tuesday, March 18th. The shares were sold at an average price of $71.64, for a total transaction of $107,460.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 54,455 shares of company stock valued at $3,407,903. 6.24% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Separately, Scotiabank decreased 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. Thirteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $111.33.

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).