Charles Schwab Investment Management Inc. Reduces Stake in Arcellx, Inc. $ACLX

Charles Schwab Investment Management Inc. trimmed its stake in shares of Arcellx, Inc. (NASDAQ:ACLX) by 1.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 336,949 shares of the company’s stock after selling 6,136 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.61% of Arcellx worth $22,104,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Amalgamated Bank lifted its position in Arcellx by 12.0% during the 1st quarter. Amalgamated Bank now owns 1,508 shares of the company’s stock worth $99,000 after acquiring an additional 161 shares during the period. GAMMA Investing LLC lifted its position in Arcellx by 104.1% during the 1st quarter. GAMMA Investing LLC now owns 494 shares of the company’s stock worth $32,000 after acquiring an additional 252 shares during the period. Dimensional Fund Advisors LP lifted its position 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 acquiring an additional 186,013 shares during the period. Allspring Global Investments Holdings LLC lifted its position in Arcellx by 54.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 7,702 shares of the company’s stock worth $468,000 after acquiring an additional 2,702 shares during the period. Finally, Millennium Management LLC lifted its position 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 acquiring an additional 12,370 shares during the period. 96.03% of the stock is owned by institutional investors and hedge funds.

Arcellx Price Performance

NASDAQ ACLX opened at $71.77 on Friday. Arcellx, Inc. has a 1-year low of $47.86 and a 1-year high of $107.37. The company has a market capitalization of $3.98 billion, a P/E ratio of -20.99 and a beta of 0.28. The business has a 50 day moving average price of $68.57 and a 200 day moving average price of $65.62.

Arcellx (NASDAQ:ACLX) last released its quarterly earnings data on Thursday, August 7th. The company reported ($0.94) earnings per share for the quarter, beating the consensus estimate of ($1.03) by $0.09. Arcellx had a negative return on equity of 43.04% and a negative net margin of 329.93%.The firm had revenue of $7.55 million during the quarter, compared to the consensus estimate of $16.76 million. On average, research analysts expect that Arcellx, Inc. will post -1.58 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

ACLX has been the subject of a number of recent research reports. Scotiabank increased their price objective on Arcellx from $93.00 to $133.00 and gave the stock a “sector outperform” rating in a research report on Thursday, July 31st. Cantor Fitzgerald raised Arcellx to a “strong-buy” rating in a research note on Monday, August 4th. Citigroup assumed coverage on Arcellx in a research note on Tuesday, June 17th. They set a “buy” rating and a $110.00 target price for the company. Finally, HC Wainwright reissued a “buy” rating and set a $115.00 target price on shares of Arcellx in a research note on Monday, June 16th. Two investment analysts have rated the stock with a Strong Buy rating and thirteen have issued a Buy rating to the company’s stock. According to data from MarketBeat.com, Arcellx currently has a consensus rating of “Buy” and an average price target of $114.31.

Insiders Place Their Bets

In related news, Director Kavita Patel sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $67.36, for a total value of $101,040.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 8.35% of the stock is owned by insiders.

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).