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

Principal Financial Group Inc. cut its holdings in Arcellx, Inc. (NASDAQ:ACLX) by 89.2% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 4,018 shares of the company’s stock after selling 33,334 shares during the period. Principal Financial Group Inc.’s holdings in Arcellx were worth $336,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of ACLX. Great Point Partners LLC raised its holdings in Arcellx by 64.0% in the 2nd quarter. Great Point Partners LLC now owns 492,000 shares of the company’s stock valued at $27,153,000 after acquiring an additional 192,000 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Arcellx by 8.1% during the 1st quarter. Vanguard Group Inc. now owns 2,228,856 shares of the company’s stock worth $155,017,000 after buying an additional 167,037 shares during the last quarter. Affinity Asset Advisors LLC increased its holdings in shares of Arcellx by 53.3% during the 2nd quarter. Affinity Asset Advisors LLC now owns 460,000 shares of the company’s stock worth $25,387,000 after buying an additional 160,000 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Arcellx by 6.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,344,553 shares of the company’s stock worth $93,514,000 after buying an additional 84,373 shares during the last quarter. Finally, abrdn plc acquired a new stake in shares of Arcellx during the 3rd quarter worth $4,242,000. 96.03% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Arcellx news, Director Kavita Patel sold 15,238 shares of the firm’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 sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Christopher Heery sold 27,451 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was 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 $621,904.34. This represents a 74.74 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 97,873 shares of company stock valued at $8,621,767 over the last quarter. Insiders own 6.24% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Redburn Atlantic assumed coverage on Arcellx in a report on Tuesday, October 8th. They set a “buy” rating and a $109.00 price objective for the company. Robert W. Baird upped their price objective on Arcellx from $77.00 to $106.00 and gave the stock an “outperform” rating in a report on Wednesday, November 6th. Cantor Fitzgerald restated an “overweight” rating on shares of Arcellx in a report on Monday, September 9th. Stifel Nicolaus upped 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. Finally, HC Wainwright upped their price objective on Arcellx from $80.00 to $95.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. Thirteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $103.08.

Arcellx Stock Performance

Shares of ACLX stock opened at $90.44 on Monday. Arcellx, Inc. has a one year low of $46.42 and a one year high of $107.37. The company’s 50-day simple moving average is $87.29 and its 200-day simple moving average is $68.89. The stock has a market capitalization of $4.89 billion, a price-to-earnings ratio of -127.38 and a beta of 0.27.

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

Arcellx 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).