Arcellx, Inc. (NASDAQ:ACLX) Stake Lessened by Corebridge Financial Inc.

Corebridge Financial Inc. trimmed its stake in shares of Arcellx, Inc. (NASDAQ:ACLX) by 7.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 21,430 shares of the company’s stock after selling 1,617 shares during the quarter. Corebridge Financial Inc.’s holdings in Arcellx were worth $1,643,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. 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. Quarry LP bought a new position in Arcellx during the 3rd quarter worth approximately $125,000. Avanza Fonder AB acquired a new position in shares of Arcellx in the 4th quarter worth approximately $184,000. Kazazian Asset Management LLC bought a new stake in shares of Arcellx in the 4th quarter valued at approximately $204,000. Finally, Xponance Inc. raised its position in shares of Arcellx by 8.6% during the 4th quarter. Xponance Inc. now owns 3,088 shares of the company’s stock valued at $237,000 after acquiring an additional 244 shares in the last quarter. Institutional investors own 96.03% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on ACLX shares. HC Wainwright reaffirmed a “buy” rating and issued a $115.00 price objective on shares of Arcellx in a report on Tuesday, December 10th. Needham & Company LLC reaffirmed a “buy” rating and issued a $105.00 price target on shares of Arcellx in a report on Monday, December 9th. Finally, UBS Group increased their price objective on shares of Arcellx from $106.00 to $114.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. Thirteen analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Arcellx currently has an average rating of “Buy” and a consensus target price of $108.46.

Arcellx Price Performance

Shares of ACLX stock opened at $67.23 on Thursday. The business has a 50 day simple moving average of $66.82 and a 200 day simple moving average of $77.49. The firm has a market capitalization of $3.69 billion, a price-to-earnings ratio of -94.69 and a beta of 0.32. Arcellx, Inc. has a 12-month low of $47.88 and a 12-month high of $107.37.

Arcellx (NASDAQ:ACLX) last issued its quarterly earnings results on Thursday, February 27th. The company reported ($0.87) EPS for the quarter, missing analysts’ consensus estimates of ($0.63) by ($0.24). The business had revenue of $15.27 million for the quarter, compared to analyst estimates of $27.42 million. Arcellx had a negative net margin of 25.94% and a negative return on equity of 8.28%. On average, equities analysts anticipate that Arcellx, Inc. will post -1.58 EPS for the current fiscal year.

Insiders Place Their Bets

In other Arcellx news, insider Rami Elghandour sold 38,300 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the insider now directly owns 149,186 shares in the company, valued at $9,252,515.72. This represents a 20.43 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Kavita Patel sold 1,500 shares of Arcellx stock in a transaction on Tuesday, March 18th. The shares were sold at an average price of $71.64, for a total value of $107,460.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 64,370 shares of company stock worth $4,181,646. 6.24% of the stock is owned by corporate insiders.

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).