JPMorgan Chase & Co. Sells 38,336 Shares of Arcellx, Inc. (NASDAQ:ACLX)

JPMorgan Chase & Co. trimmed its position in Arcellx, Inc. (NASDAQ:ACLX) by 13.3% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 250,123 shares of the company’s stock after selling 38,336 shares during the period. JPMorgan Chase & Co. owned approximately 0.46% of Arcellx worth $20,888,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Quest Partners LLC acquired a new stake in Arcellx in the second quarter valued at approximately $27,000. Decheng Capital LLC acquired a new stake in Arcellx in the 2nd quarter valued at $65,000. National Bank of Canada FI grew 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 valued at $80,000 after purchasing an additional 500 shares during the period. Quarry LP bought a new stake in Arcellx during the 3rd quarter valued at $125,000. Finally, Covestor Ltd raised its holdings in Arcellx by 53,766.7% during the third quarter. Covestor Ltd now owns 1,616 shares of the company’s stock worth $135,000 after buying an additional 1,613 shares during the last quarter. 96.03% of the stock is owned by institutional investors.

Insider Transactions at Arcellx

In related news, Director Kavita Patel sold 15,238 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $105.92, for a total value of $1,614,008.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Christopher Heery sold 3,061 shares of the stock in a transaction on Monday, January 6th. The stock was sold at an average price of $77.17, for a total value of $236,217.37. Following the sale, the insider now owns 32,456 shares in the company, valued at approximately $2,504,629.52. This represents a 8.62 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 59,863 shares of company stock worth $6,016,710 over the last quarter. Corporate insiders own 6.24% of the company’s stock.

Wall Street Analyst Weigh In

ACLX has been the subject of several recent research reports. Canaccord Genuity Group boosted their target price on shares of Arcellx from $85.00 to $115.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. Stifel Nicolaus boosted their price objective on Arcellx from $83.00 to $122.00 and gave the stock a “buy” rating in a report on Friday, October 18th. Needham & Company LLC reissued a “buy” rating and issued a $105.00 price objective on shares of Arcellx in a research note on Monday, December 9th. Redburn Atlantic assumed coverage on Arcellx in a research report on Tuesday, October 8th. They set a “buy” rating and a $109.00 target price on the stock. Finally, Barclays raised shares of Arcellx to a “strong-buy” rating in a report on Friday, November 29th. Thirteen research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $105.93.

Arcellx Trading Down 6.2 %

Arcellx stock opened at $72.26 on Thursday. The business’s 50 day simple moving average is $85.75 and its 200 day simple moving average is $75.64. Arcellx, Inc. has a 12 month low of $47.88 and a 12 month high of $107.37. The company has a market cap of $3.91 billion, a price-to-earnings ratio of -101.77 and a beta of 0.33.

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

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).