Suvretta Capital Management LLC Trims Holdings in Arcellx, Inc. (NASDAQ:ACLX)

Suvretta Capital Management LLC lowered its position in shares of Arcellx, Inc. (NASDAQ:ACLX) by 54.5% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 689,950 shares of the company’s stock after selling 826,304 shares during the quarter. Arcellx accounts for about 1.8% of Suvretta Capital Management LLC’s investment portfolio, making the stock its 15th largest position. Suvretta Capital Management LLC owned approximately 1.28% of Arcellx worth $57,618,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Quest Partners LLC bought a new position in Arcellx in the 2nd quarter worth $27,000. Plato Investment Management Ltd bought a new position in shares of Arcellx in the first quarter worth about $51,000. Decheng Capital LLC purchased a new stake in shares of Arcellx during the second quarter worth about $65,000. National Bank of Canada FI raised its stake in Arcellx by 50.0% during the 2nd quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock valued at $80,000 after purchasing an additional 500 shares during the period. Finally, Covestor Ltd raised its stake in Arcellx by 53,766.7% during the 3rd quarter. Covestor Ltd now owns 1,616 shares of the company’s stock valued at $135,000 after purchasing an additional 1,613 shares during the period. 96.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have issued reports on ACLX. Needham & Company LLC reaffirmed a “buy” rating and set a $96.00 price objective on shares of Arcellx in a report on Wednesday, November 6th. Canaccord Genuity Group upped their target price on shares of Arcellx from $85.00 to $115.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. Piper Sandler lifted their price target on shares of Arcellx from $91.00 to $115.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Bank of America boosted their price target on shares of Arcellx from $84.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Arcellx in a research report on Monday, September 9th. Thirteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $103.08.

Arcellx Stock Down 2.1 %

Shares of NASDAQ ACLX opened at $89.07 on Friday. The business has a fifty day simple moving average of $88.04 and a two-hundred day simple moving average of $69.82. The firm has a market cap of $4.82 billion, a PE ratio of -125.45 and a beta of 0.27. Arcellx, Inc. has a twelve month low of $46.42 and a twelve 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 for the quarter, beating analysts’ consensus estimates of ($0.54) by $0.06. The business had revenue of $26.03 million during the quarter, compared to analyst estimates of $35.21 million. Arcellx had a negative return on equity of 8.28% and a negative net margin of 25.94%. On average, research analysts expect that Arcellx, Inc. will post -1.49 earnings per share for the current year.

Insider Buying and Selling at Arcellx

In other news, insider Christopher Heery sold 27,451 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $67.03, for a total value of $1,840,040.53. Following the completion of the transaction, the insider now directly owns 9,278 shares of the company’s stock, valued at approximately $621,904.34. The trade was a 74.74 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Kavita Patel sold 1,500 shares of the business’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $74.41, for a total value of $111,615.00. The disclosure for this sale can be found here. Insiders sold a total of 97,873 shares of company stock valued at $8,621,767 in the last ninety days. Corporate insiders own 6.24% of the company’s stock.

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).