Congress Asset Management Co. Has $1.65 Million Stock Position in Arcellx, Inc. (NASDAQ:ACLX)

Congress Asset Management Co. reduced its position in shares of Arcellx, Inc. (NASDAQ:ACLX) by 0.8% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 25,107 shares of the company’s stock after selling 214 shares during the quarter. Congress Asset Management Co.’s holdings in Arcellx were worth $1,647,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Arcellx by 9.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,836 shares of the company’s stock worth $754,000 after buying an additional 858 shares during the period. Dimensional Fund Advisors LP raised its stake in Arcellx by 156.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 305,088 shares of the company’s stock worth $23,400,000 after buying an additional 186,013 shares during the period. Millennium Management LLC raised its stake in Arcellx by 123.7% during the 4th quarter. Millennium Management LLC now owns 22,370 shares of the company’s stock worth $1,716,000 after buying an additional 12,370 shares during the period. Gilead Sciences Inc. purchased a new stake in shares of Arcellx in the fourth quarter worth approximately $515,418,000. Finally, Invesco Ltd. raised its stake in shares of Arcellx by 15.7% in the fourth quarter. Invesco Ltd. now owns 26,550 shares of the company’s stock worth $2,036,000 after purchasing an additional 3,610 shares during the last quarter. 96.03% of the stock is owned by institutional investors and hedge funds.

Arcellx Trading Up 2.8%

Shares of ACLX opened at $68.10 on Monday. The company has a market capitalization of $3.75 billion, a price-to-earnings ratio of -95.91 and a beta of 0.28. The stock has a 50 day moving average of $61.34 and a 200 day moving average of $68.58. Arcellx, Inc. has a 12 month low of $47.86 and a 12 month high of $107.37.

Arcellx (NASDAQ:ACLX) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($1.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.84) by ($0.29). The business had revenue of $8.13 million for the quarter, compared to analysts’ expectations of $19.51 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 -1.58 earnings per share for the current year.

Insider Activity at Arcellx

In other Arcellx news, Director Kavita Patel sold 1,500 shares of the firm’s stock in a transaction on Tuesday, April 8th. The stock was sold at an average price of $57.50, for a total value of $86,250.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Over the last three months, insiders sold 6,000 shares of company stock valued at $377,655. 8.35% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Separately, Scotiabank lowered their price objective on Arcellx from $133.00 to $93.00 and set a “sector outperform” rating for the company in a research note on Friday, May 9th. Thirteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $111.33.

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).