Bank of New York Mellon Corp Cuts Position in Arcellx, Inc. (NASDAQ:ACLX)

Bank of New York Mellon Corp decreased its position in Arcellx, Inc. (NASDAQ:ACLX) by 0.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 143,617 shares of the company’s stock after selling 792 shares during the quarter. Bank of New York Mellon Corp owned 0.26% of Arcellx worth $9,421,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in ACLX. Swiss National Bank grew its holdings in shares of Arcellx by 0.8% in the 4th quarter. Swiss National Bank now owns 63,400 shares of the company’s stock worth $4,862,000 after acquiring an additional 500 shares during the last quarter. Cibc World Markets Corp purchased a new stake in shares of Arcellx during the fourth quarter worth $309,000. Thrivent Financial for Lutherans raised its holdings in shares of Arcellx by 44.0% during the fourth quarter. Thrivent Financial for Lutherans now owns 69,461 shares of the company’s stock worth $5,327,000 after acquiring an additional 21,221 shares in the last quarter. Xponance Inc. raised its holdings in shares of Arcellx by 8.6% during the fourth quarter. Xponance Inc. now owns 3,088 shares of the company’s stock worth $237,000 after acquiring an additional 244 shares in the last quarter. Finally, Teacher Retirement System of Texas increased its position in Arcellx by 18.7% during the fourth quarter. Teacher Retirement System of Texas now owns 9,556 shares of the company’s stock worth $733,000 after buying an additional 1,505 shares during the last quarter. Institutional investors and hedge funds own 96.03% of the company’s stock.

Arcellx Price Performance

NASDAQ ACLX opened at $69.39 on Tuesday. Arcellx, Inc. has a 1 year low of $47.86 and a 1 year high of $107.37. The stock has a market capitalization of $3.82 billion, a PE ratio of -23.21 and a beta of 0.28. The company’s 50 day simple moving average is $64.75 and its two-hundred day simple moving average is $65.08.

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). Arcellx had a negative return on equity of 35.27% and a negative net margin of 211.46%. The company had revenue of $8.13 million during the quarter, compared to the consensus estimate of $19.51 million. On average, research analysts anticipate that Arcellx, Inc. will post -1.58 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Scotiabank cut their price target on shares of Arcellx from $133.00 to $93.00 and set a “sector outperform” rating on the stock in a research note on Friday, May 9th. Citigroup began coverage on Arcellx in a report on Tuesday, June 17th. They set a “buy” rating and a $110.00 price target for the company. Finally, HC Wainwright reiterated a “buy” rating and set a $115.00 price objective on shares of Arcellx in a research report on Monday, June 16th. Fourteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Arcellx presently has a consensus rating of “Buy” and a consensus price target of $111.23.

Insiders Place Their Bets

In other Arcellx news, Director Kavita Patel sold 1,500 shares of the business’s stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $67.36, for a total transaction of $101,040.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Over the last three months, insiders have sold 4,500 shares of company stock worth $284,985. Corporate insiders own 8.35% 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).