Principal Financial Group Inc. Trims Stock Holdings in Arcellx, Inc. (NASDAQ:ACLX)

Principal Financial Group Inc. lowered its holdings in shares of Arcellx, Inc. (NASDAQ:ACLX) by 8.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,679 shares of the company’s stock after selling 339 shares during the quarter. Principal Financial Group Inc.’s holdings in Arcellx were worth $282,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in ACLX. US Bancorp DE grew its position in shares of Arcellx by 60.0% during the third quarter. US Bancorp DE now owns 7,603 shares of the company’s stock worth $635,000 after purchasing an additional 2,851 shares in the last quarter. Covestor Ltd grew its position in shares of 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 purchasing an additional 1,613 shares in the last quarter. Entropy Technologies LP purchased a new stake in shares of Arcellx during the third quarter worth about $293,000. Quest Partners LLC grew its position in shares of Arcellx by 210.1% during the third quarter. Quest Partners LLC now owns 1,532 shares of the company’s stock worth $128,000 after purchasing an additional 1,038 shares in the last quarter. Finally, First Turn Management LLC purchased a new stake in shares of Arcellx during the third quarter worth about $17,896,000. Hedge funds and other institutional investors own 96.03% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. HC Wainwright restated a “buy” rating and set a $115.00 price target on shares of Arcellx in a report on Tuesday, December 10th. Needham & Company LLC restated a “buy” rating and set a $105.00 price target on shares of Arcellx in a report on Monday, December 9th. Truist Financial raised their price target on Arcellx from $87.00 to $136.00 and gave the company a “buy” rating in a report on Tuesday, November 12th. UBS Group raised their price target on Arcellx from $106.00 to $114.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. Finally, Barclays upgraded Arcellx to a “strong-buy” rating in a report on Friday, November 29th. Thirteen equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $108.46.

Insider Buying and Selling

In other Arcellx news, insider Rami Elghandour sold 38,300 shares of the firm’s stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $62.02, for a total transaction of $2,375,366.00. Following the transaction, the insider now directly owns 149,186 shares in the company, valued at $9,252,515.72. This trade represents a 20.43 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Christopher Heery sold 3,301 shares of the firm’s stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $79.55, for a total value of $262,594.55. Following the transaction, the insider now owns 35,517 shares in the company, valued at $2,825,377.35. The trade was a 8.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 64,370 shares of company stock valued at $4,189,641. Insiders own 6.24% of the company’s stock.

Arcellx Stock Performance

Shares of ACLX stock opened at $70.74 on Friday. Arcellx, Inc. has a 52-week low of $47.88 and a 52-week high of $107.37. The firm has a market capitalization of $3.89 billion, a P/E ratio of -99.63 and a beta of 0.32. The stock has a 50 day moving average price of $67.61 and a 200 day moving average price of $77.47.

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

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).