Principal Financial Group Inc. Decreases Stake in Arcellx, Inc. (NASDAQ:ACLX)

Principal Financial Group Inc. lowered its position in Arcellx, Inc. (NASDAQ:ACLX) by 89.2% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 4,018 shares of the company’s stock after selling 33,334 shares during the quarter. Principal Financial Group Inc.’s holdings in Arcellx were worth $336,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Quest Partners LLC bought a new stake in shares of Arcellx during the 2nd quarter valued at about $27,000. Plato Investment Management Ltd bought a new stake in Arcellx in the 1st quarter worth approximately $51,000. Decheng Capital LLC bought a new stake in Arcellx in the 2nd quarter worth approximately $65,000. National Bank of Canada FI lifted its position in Arcellx by 50.0% in the 2nd quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock worth $80,000 after buying an additional 500 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in Arcellx by 21.7% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,944 shares of the company’s stock worth $161,000 after buying an additional 347 shares during the last quarter. Hedge funds and other institutional investors own 96.03% of the company’s stock.

Arcellx Stock Performance

Shares of Arcellx stock opened at $90.44 on Monday. The firm has a market capitalization of $4.89 billion, a price-to-earnings ratio of -127.38 and a beta of 0.27. Arcellx, Inc. has a fifty-two week low of $46.42 and a fifty-two week high of $107.37. The stock has a 50 day moving average of $87.29 and a 200 day moving average of $68.89.

Arcellx (NASDAQ:ACLX) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.48) EPS for the quarter, topping analysts’ consensus estimates of ($0.54) by $0.06. The company had revenue of $26.03 million for the quarter, compared to analysts’ expectations of $35.21 million. Arcellx had a negative return on equity of 8.28% and a negative net margin of 25.94%. Analysts forecast that Arcellx, Inc. will post -1.49 EPS for the current year.

Insiders Place Their Bets

In other news, insider Christopher Heery sold 3,421 shares of Arcellx stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $70.02, for a total transaction of $239,538.42. Following the sale, the insider now owns 9,278 shares in the company, valued at approximately $649,645.56. The trade was a 26.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kavita Patel sold 15,238 shares of the business’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $105.92, for a total value of $1,614,008.96. The disclosure for this sale can be found here. Insiders sold 97,873 shares of company stock valued at $8,621,767 in the last ninety days. Insiders own 6.24% of the company’s stock.

Wall Street Analysts Forecast Growth

ACLX has been the subject of several recent research reports. Piper Sandler boosted their price objective on Arcellx from $91.00 to $115.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. Truist Financial boosted their price objective on Arcellx from $87.00 to $136.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. Canaccord Genuity Group boosted their target price on Arcellx from $85.00 to $115.00 and gave the company a “buy” rating in a research note on Thursday, October 17th. Robert W. Baird boosted their target price on Arcellx from $77.00 to $106.00 and gave the company an “outperform” rating in a research note on Wednesday, November 6th. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Arcellx in a research note on Monday, September 9th. Thirteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $103.08.

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).