Mirae Asset Global Investments Co. Ltd. Raises Stock Holdings in Arcellx, Inc. (NASDAQ:ACLX)

Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Arcellx, Inc. (NASDAQ:ACLX) by 21.7% in the 3rd quarter, HoldingsChannel reports. The firm owned 1,944 shares of the company’s stock after purchasing an additional 347 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Arcellx were worth $161,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the stock. Quest Partners LLC purchased a new position in Arcellx in the second quarter worth $27,000. 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. High Net Worth Advisory Group LLC boosted its stake in Arcellx by 6.3% in the third quarter. High Net Worth Advisory Group LLC now owns 8,500 shares of the company’s stock worth $710,000 after buying an additional 500 shares in the last quarter. Principal Financial Group Inc. raised its stake in shares of Arcellx by 1.4% during the second quarter. Principal Financial Group Inc. now owns 37,352 shares of the company’s stock worth $2,061,000 after acquiring an additional 517 shares in the last quarter. Finally, Plato Investment Management Ltd bought a new stake in shares of Arcellx in the 1st quarter worth approximately $51,000. Institutional investors own 96.03% of the company’s stock.

Insider Buying and Selling

In other news, insider Christopher Heery sold 27,451 shares of Arcellx stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $67.03, for a total transaction of $1,840,040.53. Following the completion of the transaction, the insider now directly owns 9,278 shares in the company, valued at approximately $621,904.34. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Christopher Heery sold 27,451 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $67.03, for a total transaction of $1,840,040.53. Following the sale, the insider now directly owns 9,278 shares of the company’s stock, valued at approximately $621,904.34. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Kavita Patel sold 1,500 shares of the stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $74.41, for a total transaction of $111,615.00. The disclosure for this sale can be found here. Insiders have sold 70,556 shares of company stock valued at $5,033,845 over the last quarter. Corporate insiders own 6.24% of the company’s stock.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Cantor Fitzgerald reissued an “overweight” rating on shares of Arcellx in a research note on Monday, September 9th. Needham & Company LLC reiterated a “buy” rating and issued a $96.00 price objective on shares of Arcellx in a research report on Thursday, October 31st. Canaccord Genuity Group upped their price target on shares of Arcellx from $85.00 to $115.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Stifel Nicolaus raised their price target on shares of Arcellx from $83.00 to $122.00 and gave the stock a “buy” rating in a report on Friday, October 18th. Finally, Redburn Atlantic began coverage on shares of Arcellx in a research note on Tuesday, October 8th. They set a “buy” rating and a $109.00 price objective for the company. Twelve investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $89.75.

Arcellx Stock Performance

ACLX stock opened at $86.44 on Tuesday. Arcellx, Inc. has a fifty-two week low of $43.50 and a fifty-two week high of $97.54. The company has a market capitalization of $4.65 billion, a price-to-earnings ratio of -83.12 and a beta of 0.27. The business’s 50 day moving average price is $80.90 and its two-hundred day moving average price is $64.90.

Arcellx (NASDAQ:ACLX) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.51) EPS for the quarter, beating the consensus estimate of ($0.52) by $0.01. The business had revenue of $27.38 million during the quarter, compared to analyst estimates of $22.04 million. Arcellx had a negative return on equity of 12.42% and a negative net margin of 37.23%. The business’s quarterly revenue was up 91.5% compared to the same quarter last year. Sell-side analysts forecast that Arcellx, Inc. will post -1.65 earnings per share 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).