Harbor Capital Advisors Inc. Lowers Stake in Arcellx, Inc. (NASDAQ:ACLX)

Harbor Capital Advisors Inc. trimmed its position in Arcellx, Inc. (NASDAQ:ACLX) by 15.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 23,465 shares of the company’s stock after selling 4,431 shares during the quarter. Harbor Capital Advisors Inc.’s holdings in Arcellx were worth $1,800,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Quest Partners LLC purchased a new stake in Arcellx during the 2nd quarter worth $27,000. Decheng Capital LLC purchased a new stake in shares of Arcellx in the second quarter worth about $65,000. National Bank of Canada FI grew 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 valued at $80,000 after buying an additional 500 shares in the last quarter. Quarry LP purchased a new stake in shares of Arcellx during the 3rd quarter valued at about $125,000. Finally, Covestor Ltd lifted its position in Arcellx by 53,766.7% during the 3rd quarter. Covestor Ltd now owns 1,616 shares of the company’s stock worth $135,000 after acquiring an additional 1,613 shares in the last quarter. 96.03% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have issued reports on ACLX shares. Piper Sandler increased their price objective on shares of Arcellx from $91.00 to $115.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. Stifel Nicolaus lifted their price target on shares of Arcellx from $83.00 to $122.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. 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. HC Wainwright reaffirmed a “buy” rating and set a $115.00 target price on shares of Arcellx in a research report on Tuesday, December 10th. Finally, Barclays raised Arcellx to a “strong-buy” rating in a report on Friday, November 29th. Thirteen investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Arcellx currently has an average rating of “Buy” and a consensus price target of $105.93.

Arcellx Stock Performance

Arcellx stock opened at $69.08 on Monday. Arcellx, Inc. has a 1 year low of $47.88 and a 1 year high of $107.37. The firm’s 50-day moving average is $84.87 and its 200-day moving average is $75.83. The company has a market cap of $3.74 billion, a P/E ratio of -97.29 and a beta of 0.33.

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, beating 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 company had revenue of $26.03 million during the quarter, compared to the consensus estimate of $35.21 million. As a group, sell-side analysts predict that Arcellx, Inc. will post -1.49 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Christopher Heery sold 3,553 shares of the stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $73.69, for a total value of $261,820.57. Following the completion of the transaction, the insider now owns 25,085 shares of the company’s stock, valued at approximately $1,848,513.65. This represents a 12.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Kavita Patel sold 15,238 shares of Arcellx stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $105.92, for a total transaction of $1,614,008.96. The disclosure for this sale can be found here. In the last 90 days, insiders sold 63,416 shares of company stock worth $6,278,530. Insiders own 6.24% of the company’s stock.

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).