Entropy Technologies LP Takes Position in Arcellx, Inc. (NASDAQ:ACLX)

Entropy Technologies LP bought a new position in Arcellx, Inc. (NASDAQ:ACLX) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 3,509 shares of the company’s stock, valued at approximately $293,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Quest Partners LLC acquired a new stake in Arcellx during the second quarter worth about $27,000. Plato Investment Management Ltd purchased a new stake in shares of Arcellx during the 1st quarter worth about $51,000. Decheng Capital LLC acquired a new stake in Arcellx during the 2nd quarter worth approximately $65,000. National Bank of Canada FI raised its holdings in Arcellx by 50.0% in the second quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock valued at $80,000 after buying an additional 500 shares during the period. Finally, Covestor Ltd lifted its position in Arcellx by 53,766.7% during the third quarter. Covestor Ltd now owns 1,616 shares of the company’s stock valued at $135,000 after buying an additional 1,613 shares in the last quarter. Institutional investors and hedge funds own 96.03% of the company’s stock.

Arcellx Trading Down 7.6 %

Shares of NASDAQ:ACLX opened at $87.83 on Friday. The firm has a market cap of $4.75 billion, a PE ratio of -123.70 and a beta of 0.27. The company has a fifty day simple moving average of $85.97 and a 200 day simple moving average of $67.65. Arcellx, Inc. has a 12-month low of $46.42 and a 12-month high of $107.37.

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

Insider Transactions at Arcellx

In related news, insider Christopher Heery sold 27,451 shares of the firm’s stock in a transaction on 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 transaction, the insider now directly owns 9,278 shares in the company, valued at $621,904.34. This trade represents a 74.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Kavita Patel sold 1,500 shares of the business’s stock in a transaction 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. In the last quarter, insiders sold 119,557 shares of company stock worth $10,163,933. 6.24% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on ACLX. Redburn Atlantic initiated coverage on shares of Arcellx in a research report on Tuesday, October 8th. They issued a “buy” rating and a $109.00 price objective for the company. Morgan Stanley increased their price target on Arcellx from $81.00 to $106.00 and gave the company an “overweight” rating in a report on Wednesday, November 6th. Piper Sandler boosted their price objective on Arcellx from $91.00 to $115.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Bank of America increased their target price on Arcellx from $84.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Finally, Canaccord Genuity Group raised their target price on Arcellx from $85.00 to $115.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Thirteen equities research 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, the stock has a consensus rating of “Buy” and a consensus target price of $103.08.

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).