Lord Abbett & CO. LLC Buys 18,004 Shares of Arcellx, Inc. (NASDAQ:ACLX)

Lord Abbett & CO. LLC raised its stake in shares of Arcellx, Inc. (NASDAQ:ACLX) by 2.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 891,848 shares of the company’s stock after acquiring an additional 18,004 shares during the period. Lord Abbett & CO. LLC’s holdings in Arcellx were worth $74,478,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Arcellx by 21.7% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,944 shares of the company’s stock worth $161,000 after acquiring an additional 347 shares in the last quarter. Quest Partners LLC purchased a new position in Arcellx during the second quarter worth about $27,000. National Bank of Canada FI grew 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 purchasing an additional 500 shares in the last quarter. High Net Worth Advisory Group LLC increased its stake in Arcellx by 6.3% in the 3rd quarter. High Net Worth Advisory Group LLC now owns 8,500 shares of the company’s stock valued at $710,000 after buying an additional 500 shares during the last quarter. Finally, Principal Financial Group Inc. increased its stake in Arcellx by 1.4% in the 2nd quarter. Principal Financial Group Inc. now owns 37,352 shares of the company’s stock valued at $2,061,000 after buying an additional 517 shares during the last quarter. 96.03% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Arcellx

In related news, Director Kavita Patel sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $89.69, for a total value of $134,535.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Michelle Gilson sold 15,000 shares of the business’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $77.73, for a total value of $1,165,950.00. Following the transaction, the chief financial officer now owns 6,915 shares in the company, valued at approximately $537,502.95. This represents a 68.45 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 67,001 shares of company stock valued at $6,568,393. Corporate insiders own 6.24% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Robert W. Baird boosted their target price on Arcellx from $77.00 to $106.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 6th. Canaccord Genuity Group boosted their price objective on Arcellx from $85.00 to $115.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. Morgan Stanley upped their price objective on Arcellx from $81.00 to $106.00 and gave the company an “overweight” rating in a research note on Wednesday, November 6th. Bank of America lifted their target price on Arcellx from $84.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. Finally, Truist Financial increased their price target on shares of Arcellx from $87.00 to $136.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. Thirteen analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $105.93.

Arcellx Stock Performance

Shares of Arcellx stock opened at $83.80 on Friday. The stock has a market capitalization of $4.53 billion, a P/E ratio of -118.03 and a beta of 0.25. Arcellx, Inc. has a 52-week low of $47.88 and a 52-week high of $107.37. The stock’s 50-day simple moving average is $88.93 and its 200 day simple moving average is $72.57.

Arcellx (NASDAQ:ACLX) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.48) EPS for the quarter, beating 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%. Equities research analysts forecast that Arcellx, Inc. will post -1.49 EPS for the current fiscal year.

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).