Paradigm Biocapital Advisors LP Sells 428,399 Shares of Arcellx, Inc. (NASDAQ:ACLX)

Paradigm Biocapital Advisors LP trimmed its holdings in shares of Arcellx, Inc. (NASDAQ:ACLX - Free Report) by 8.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,371,601 shares of the company's stock after selling 428,399 shares during the quarter. Arcellx accounts for approximately 11.7% of Paradigm Biocapital Advisors LP's investment portfolio, making the stock its 2nd largest holding. Paradigm Biocapital Advisors LP owned approximately 8.08% of Arcellx worth $335,258,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Headlands Technologies LLC bought a new stake in shares of Arcellx during the fourth quarter worth $41,000. KBC Group NV lifted its position in shares of Arcellx by 37.3% during the fourth quarter. KBC Group NV now owns 1,388 shares of the company's stock worth $106,000 after purchasing an additional 377 shares during the last quarter. Avanza Fonder AB bought a new stake in shares of Arcellx during the fourth quarter worth $184,000. Kazazian Asset Management LLC bought a new stake in shares of Arcellx during the fourth quarter worth $204,000. Finally, Landscape Capital Management L.L.C. bought a new stake in shares of Arcellx during the fourth quarter worth $214,000. 96.03% of the stock is currently owned by institutional investors.

Arcellx Stock Up 0.6%

ACLX stock traded up $0.33 on Friday, reaching $58.78. 626,744 shares of the company's stock were exchanged, compared to its average volume of 586,215. The stock has a fifty day moving average of $63.20 and a 200-day moving average of $71.75. Arcellx, Inc. has a twelve month low of $47.86 and a twelve month high of $107.37. The firm has a market cap of $3.24 billion, a PE ratio of -82.79 and a beta of 0.34.

Arcellx (NASDAQ:ACLX - Get Free Report) last posted its 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). The firm had revenue of $8.13 million for the quarter, compared to analysts' expectations of $19.51 million. Arcellx had a negative return on equity of 8.28% and a negative net margin of 25.94%. On average, equities research analysts predict that Arcellx, Inc. will post -1.58 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Christopher Heery sold 10,155 shares of the company's stock in a transaction on Monday, February 24th. The stock was sold at an average price of $63.79, for a total value of $647,787.45. Following the sale, the insider now directly owns 37,486 shares in the company, valued at $2,391,231.94. This represents a 21.32% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kavita Patel sold 1,500 shares of the company's stock in a transaction on Tuesday, April 29th. The shares were sold at an average price of $64.20, for a total value of $96,300.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 54,455 shares of company stock worth $3,407,903. 6.24% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Separately, Scotiabank decreased their price objective on Arcellx from $133.00 to $93.00 and set a "sector outperform" rating for the company in a report on Friday, May 9th. Thirteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $111.33.

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).