Victory Capital Management Inc. Decreases Stock Holdings in Arcellx, Inc. (NASDAQ:ACLX)

Victory Capital Management Inc. trimmed its position in Arcellx, Inc. (NASDAQ:ACLX) by 19.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 227,419 shares of the company’s stock after selling 56,453 shares during the quarter. Victory Capital Management Inc. owned 0.42% of Arcellx worth $18,992,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Arcellx by 21.7% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,944 shares of the company’s stock worth $161,000 after buying an additional 347 shares during the period. Quest Partners LLC purchased a new position in shares of Arcellx in the second quarter worth $27,000. National Bank of Canada FI increased its stake in shares of Arcellx by 50.0% in the second 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 period. High Net Worth Advisory Group LLC increased its stake in shares of 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 during the period. Finally, Principal Financial Group Inc. boosted its holdings in Arcellx by 1.4% in the second quarter. Principal Financial Group Inc. now owns 37,352 shares of the company’s stock valued at $2,061,000 after acquiring an additional 517 shares in the last quarter. 96.03% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Arcellx news, insider Christopher Heery sold 21,684 shares of the business’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $71.12, for a total value of $1,542,166.08. Following the completion of the transaction, the insider now owns 9,278 shares of the company’s stock, valued at approximately $659,851.36. The trade was a 70.03 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Kavita Patel sold 15,238 shares of the business’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $105.92, for a total value of $1,614,008.96. The disclosure for this sale can be found here. Insiders have sold a total of 119,557 shares of company stock worth $10,163,933 in the last quarter. Corporate insiders own 6.24% of the company’s stock.

Arcellx Price Performance

Shares of Arcellx stock opened at $88.22 on Tuesday. The stock has a market cap of $4.77 billion, a price-to-earnings ratio of -124.25 and a beta of 0.27. The firm’s 50-day moving average is $85.97 and its 200 day moving average is $67.76. Arcellx, Inc. has a 1 year low of $46.42 and a 1 year high of $107.37.

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

Wall Street Analysts Forecast Growth

ACLX has been the topic of several recent analyst reports. Cantor Fitzgerald reiterated an “overweight” rating on shares of Arcellx in a report on Monday, September 9th. Bank of America lifted their price target on shares of Arcellx from $84.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. HC Wainwright lifted their price target on shares of Arcellx from $80.00 to $95.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Robert W. Baird lifted their price target on shares of Arcellx from $77.00 to $106.00 and gave the company an “outperform” rating in a report on Wednesday, November 6th. Finally, Canaccord Genuity Group lifted 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. Thirteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Arcellx has an average rating of “Buy” and an average 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).