214,298 Shares in Arcellx, Inc. (NASDAQ:ACLX) Bought by First Turn Management LLC

First Turn Management LLC bought a new position in Arcellx, Inc. (NASDAQ:ACLX) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 214,298 shares of the company’s stock, valued at approximately $17,896,000. Arcellx comprises about 2.8% of First Turn Management LLC’s portfolio, making the stock its 13th largest position.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Great Point Partners LLC grew its position in shares of Arcellx by 64.0% during the second quarter. Great Point Partners LLC now owns 492,000 shares of the company’s stock worth $27,153,000 after purchasing an additional 192,000 shares in the last quarter. Bamco Inc. NY increased its position in Arcellx by 292.1% during the 1st quarter. Bamco Inc. NY now owns 248,993 shares of the company’s stock valued at $17,317,000 after buying an additional 185,493 shares in the last quarter. Vanguard Group Inc. grew its stake in Arcellx by 8.1% during the 1st quarter. Vanguard Group Inc. now owns 2,228,856 shares of the company’s stock valued at $155,017,000 after purchasing an additional 167,037 shares during the last quarter. Affinity Asset Advisors LLC boosted its stake in shares of Arcellx by 53.3% in the second quarter. Affinity Asset Advisors LLC now owns 460,000 shares of the company’s stock worth $25,387,000 after buying an additional 160,000 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its position in Arcellx by 6.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,344,553 shares of the company’s stock worth $93,514,000 after purchasing an additional 84,373 shares in the last quarter. 96.03% of the stock is owned by institutional investors.

Arcellx Price Performance

ACLX opened at $88.22 on Tuesday. Arcellx, Inc. has a fifty-two week low of $46.42 and a fifty-two week high of $107.37. The firm has a market capitalization of $4.77 billion, a price-to-earnings ratio of -124.25 and a beta of 0.27. The company’s 50 day moving average price is $85.97 and its two-hundred day moving average price is $67.76.

Arcellx (NASDAQ:ACLX) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.48) earnings per share for the quarter, topping the consensus estimate of ($0.54) by $0.06. The firm had revenue of $26.03 million for the quarter, compared to the consensus estimate 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 predict that Arcellx, Inc. will post -1.49 EPS for the current year.

Insider Buying and Selling at Arcellx

In other Arcellx news, insider Christopher Heery sold 21,684 shares of the firm’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $71.12, for a total transaction 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. This trade represents a 70.03 % decrease in their ownership of the stock. The sale was disclosed in a filing 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 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 119,557 shares of company stock worth $10,163,933 over the last ninety days. Insiders own 6.24% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Piper Sandler increased their price target on Arcellx from $91.00 to $115.00 and gave the company an “overweight” rating in a report on Friday, November 8th. HC Wainwright lifted their target price on Arcellx from $80.00 to $95.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Robert W. Baird boosted their price target on Arcellx from $77.00 to $106.00 and gave the company an “outperform” rating in a research report on Wednesday, November 6th. Canaccord Genuity Group boosted their price target on Arcellx from $85.00 to $115.00 and gave the stock a “buy” rating in a research note on Thursday, October 17th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $96.00 target price on shares of Arcellx in a research note on Wednesday, November 6th. Thirteen equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average price target 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).